Skip to main content
  1. Market Insights
  2. Consumer
  3. Smart Home

Home Entertainment - Nordics

Nordics
  • Revenue in the Home Entertainment market is projected to reach US$405.1m in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.66%, resulting in a projected market volume of US$461.9m by 2029.
  • In the Home Entertainment market, the number of active households is expected to amount to 7.0m users by 2029.
  • Household penetration will be 21.2% in 2024 and is expected to hit 48.3% by 2029.
  • The average revenue per installed Smart Home currently is expected to amount to US$135.60.

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.

In-Scope

  • 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

Out-Of-Scope

  • 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)
Home Entertainment: market data & analysis - Cover

Market Insights report

Home Entertainment: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Key Players

    Most recent update: Mar 2024

    Source: Statista Market Insights

    Product Types

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Analyst Opinion

    The Home Entertainment market in Nordics has been experiencing significant growth in recent years, driven by changing customer preferences and advancements in technology. Customer preferences in the Nordics have shifted towards more immersive and interactive home entertainment experiences.

    Consumers are increasingly seeking high-quality audio and video systems, as well as smart home integration, to enhance their entertainment experiences. This has led to a rise in demand for home theater systems, soundbars, and smart TVs. Additionally, there is a growing interest in gaming consoles and virtual reality devices, as consumers look for new ways to engage with entertainment content.

    One of the key trends in the Home Entertainment market in the Nordics is the increasing popularity of streaming services. With the widespread availability of high-speed internet and the convenience of on-demand content, consumers are moving away from traditional cable and satellite TV subscriptions. Streaming services such as Netflix, HBO Nordic, and Viaplay have gained significant traction, offering a wide range of movies, TV shows, and original content.

    This trend is expected to continue as more streaming platforms enter the market and offer exclusive content. Another trend in the market is the integration of voice control and smart home technology. Virtual assistants such as Amazon Alexa and Google Assistant are becoming increasingly popular, allowing consumers to control their home entertainment systems with voice commands.

    This integration enables seamless access to content, as well as the ability to control other smart devices in the home. As consumers become more accustomed to this technology, the demand for voice-controlled home entertainment systems is expected to rise. In the Nordics, there are also some local special circumstances that are influencing the Home Entertainment market.

    The region has a strong tradition of design and innovation, which is reflected in the products available in the market. Nordic consumers value sleek and minimalist designs, and are willing to pay a premium for products that offer both style and functionality. This has led to the emergence of local brands that cater to these preferences, offering high-end audio and video equipment that seamlessly blends into the home environment.

    Underlying macroeconomic factors are also contributing to the growth of the Home Entertainment market in the Nordics. The region has a high disposable income and a strong economy, which allows consumers to invest in premium home entertainment products. Additionally, the Nordics have a high internet penetration rate, which enables easy access to streaming services and online content.

    These factors create a favorable environment for the growth of the Home Entertainment market in the region. Overall, the Home Entertainment market in the Nordics is experiencing growth due to changing customer preferences, advancements in technology, and favorable macroeconomic conditions. The increasing popularity of streaming services, integration of voice control and smart home technology, and the emphasis on design and innovation are driving the market forward.

    With continued advancements in technology and the introduction of new products and services, the Home Entertainment market in the Nordics is expected to continue its growth trajectory in the coming years.

    Methodology

    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.

    Consumer

    Access more Market Insights on Consumer topics with our featured report

    Home Entertainment: market data & analysis - BackgroundHome Entertainment: market data & analysis - Cover

    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Explore more high-quality data on related topic

    Smart home - statistics & facts

    Smart homes use connected devices and appliances to perform actions, tasks, and automated routines to save money, time, and energy. They are the ongoing revolution of the humble home appliance mixed with AI, robotics, and improvement in IoT technologies. AI in particular, speeding up response times and working as an automation bridge between homeowner and home is already having an impact.
    More data on the topic

    Explore more high-quality data on related topic

    Entertainment devices - statistics & facts

    After a day spent working or studying, everybody needs to relax: be it watching movies, listening to music, or playing games. Today, consumers can choose from an array of technological products to perform such activities. Known as entertainment devices, they can be defined as devices used for viewing and playing various types of media. As part of the consumer electronics industry, entertainment devices include TVs and streaming devices, smartphones, laptops, tablets, gaming consoles, and extended reality (XR) devices, such as virtual reality headsets.
    More data on the topic

    Contact

    Get in touch with us. We are happy to help.