Home Entertainment - Myanmar | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$14.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 10.66%, resulting in a projected market volume of US$24.4m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 621.0k users by 2029.
Household penetration will be 3.0% in 2024 and is expected to hit 5.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$44.28.

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 Myanmar has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Myanmar have shifted towards home entertainment, as consumers seek convenient and immersive experiences.

With advancements in technology and the increasing availability of affordable devices, more people are opting to enjoy entertainment in the comfort of their own homes. This has led to a rise in demand for products such as smart TVs, home theater systems, and streaming services. Trends in the market indicate a shift towards digital content consumption.

Streaming services have gained popularity, providing consumers with a wide range of entertainment options at their fingertips. This trend is expected to continue as internet penetration improves and more households gain access to high-speed internet connections. Additionally, there has been an increase in the adoption of smart TVs, which allow users to access online content directly on their televisions.

Local special circumstances also play a role in the development of the Home Entertainment market in Myanmar. The country has undergone significant political and economic reforms in recent years, leading to increased foreign investment and economic growth. This has resulted in a rising middle class with higher purchasing power, creating a larger consumer base for home entertainment products.

Additionally, the government has implemented policies to promote digital infrastructure development, including the expansion of internet connectivity and the introduction of digital payment systems. These initiatives have further facilitated the growth of the Home Entertainment market in Myanmar. Underlying macroeconomic factors also contribute to the development of the Home Entertainment market in Myanmar.

The country's GDP has been steadily increasing, leading to higher disposable incomes and greater consumer spending. Additionally, Myanmar has a young and tech-savvy population, which is driving demand for innovative home entertainment products. Furthermore, the government's focus on promoting tourism has led to an increase in the number of hotels and resorts, creating opportunities for the installation of advanced entertainment systems.

In conclusion, the Home Entertainment market in Myanmar is experiencing growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. As consumers seek convenient and immersive entertainment experiences, the demand for home entertainment products and services is expected to continue to rise. With the ongoing development of digital infrastructure and the increasing purchasing power of the middle class, the market is poised for further expansion in the coming years.

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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