Home Entertainment - Mexico | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$217.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.17%, resulting in a projected market volume of US$280.0m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 12.0m users by 2029.
Household penetration will be 11.1% in 2024 and is expected to hit 41.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$70.72.

Definition:

Home Entertainmentmarket comprises the sale of products for multi-room entertainment (e.g., sound systems) as well as connected remote controls and streaming devices (e.g., Amazon Fire TV stick, Google Chromecast).
General, freely programmable buttons and switches (see Control & Connectivity) or light bulbs for different lighting scenarios (see Comfort & Lighting) are not included. Smart TVs are also not considered here because their functions are, in most cases, not directly controlled via the Internet but networking is primarily used for the retrieval of media content.

Additional Information:

The market comprises revenue, average revenue per smart home, number of smart homes so as the household penetration rate by smart home, and key players. Figures are generated through both online and offline sales channels and include exclusive spending by consumers (B2C). Market leaders include Amazon, Google, Harman Kardon, Samsung, Bose, and other brands renowned for their innovation, brand recognition, and expansive distribution channels within their respective categories. For more information on the data displayed, use the info button right next to the boxes.

Digitally connected and controlled devices for entertainment purposes
Various multiroom entertainment systems (audio and/or video) with a primary focus on entertainment (e.g., Juke 6& 8, Sonos Era 100 Arc 5.1 Heimkino Set)
Streaming devices (e.g., Amazon Fire TV stick, Google Chromecast)
Entertainment remotes

Classical entertainment devices without smart home connection
Smart TVs and receivers without smart home integration
Smart speakers with a primary focus on Control & Connectivity (Amazon Echo, Google Home etc.)
B2B/C2C sales of any kind (e.g. to hotels or office buildings)

The Home Entertainment market in Mexico has been experiencing significant growth in recent years, driven by changing customer preferences and the introduction of new technologies. Customer preferences in the Home Entertainment market in Mexico have shifted towards more immersive and interactive experiences.

Consumers are increasingly seeking out products and services that allow them to enjoy high-quality audio and visual content in the comfort of their own homes. This has led to a surge in demand for products such as smart TVs, home theater systems, and gaming consoles. Additionally, there is a growing interest in streaming services and online content platforms, as consumers look for convenient and on-demand access to a wide range of entertainment options.

One of the key trends in the Home Entertainment market in Mexico is the increasing adoption of smart home technology. Smart TVs, which allow users to access streaming services, browse the internet, and control other connected devices, have become increasingly popular. This trend is expected to continue as more households upgrade their home entertainment systems to include smart features.

Another trend is the rise of subscription-based streaming services, which offer a vast library of movies, TV shows, and original content. These services have gained traction among consumers who prefer the convenience and flexibility of streaming over traditional cable or satellite TV. In addition to changing customer preferences, there are several local special circumstances that are driving the growth of the Home Entertainment market in Mexico.

The country has a large and young population, with a high proportion of tech-savvy consumers who are eager to adopt new technologies. Furthermore, the increasing availability of high-speed internet and the growing penetration of smartphones have made it easier for consumers to access and consume digital content. These factors have created a favorable environment for the growth of the Home Entertainment market in Mexico.

Underlying macroeconomic factors also play a role in the development of the Home Entertainment market in Mexico. The country's economy has been growing steadily, leading to an increase in disposable income and consumer spending. This has allowed more consumers to afford home entertainment products and services.

Additionally, the government has implemented policies to promote investment in the technology sector, which has attracted international companies and fostered innovation in the Home Entertainment market. Overall, the Home Entertainment market in Mexico is poised for continued growth as consumer preferences shift towards immersive and interactive experiences. The adoption of smart home technology and the rise of streaming services are expected to be key drivers of this growth.

With favorable local circumstances and a strong macroeconomic environment, Mexico presents a promising market for companies operating in the Home Entertainment industry.

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market category. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting innovative products due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated once a year, in case market dynamics change we do more frequent updates.

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

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