Home Entertainment - Romania | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$48.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.08%, resulting in a projected market volume of US$61.7m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 1.6m users by 2029.
Household penetration will be 7.3% in 2024 and is expected to hit 21.1% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$85.31.

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 Romania has been experiencing significant growth in recent years, driven by changing customer preferences and technological advancements.

Customer preferences: Romanian consumers have shown a growing interest in home entertainment products, such as televisions, audio systems, and gaming consoles. This can be attributed to several factors, including an increasing disposable income and a desire for high-quality entertainment experiences at home. Additionally, the COVID-19 pandemic has further accelerated the demand for home entertainment products as people spent more time indoors.

Trends in the market: One of the key trends in the Romanian Home Entertainment market is the shift towards larger and more advanced televisions. Consumers are increasingly opting for larger screen sizes, driven by the desire for a more immersive viewing experience. This trend is also supported by the availability of high-resolution content and the growing popularity of streaming services. Another important trend is the integration of smart technology in home entertainment products. Smart TVs, for example, allow consumers to access online streaming platforms directly from their televisions, eliminating the need for additional devices. This trend is driven by the increasing popularity of streaming services and the convenience they offer. Gaming consoles have also gained popularity in the Romanian market. With the rise of e-sports and online gaming, more consumers are investing in gaming consoles to enhance their gaming experiences. This trend is expected to continue as new gaming consoles with advanced features and graphics capabilities are introduced to the market.

Local special circumstances: Romania has a relatively young population, with a high percentage of tech-savvy individuals. This demographic factor contributes to the growing demand for home entertainment products, as younger consumers are more likely to adopt new technologies and embrace digital entertainment experiences. Additionally, the country has witnessed an increase in urbanization, which has led to the development of modern housing complexes with ample space for home entertainment setups.

Underlying macroeconomic factors: The Romanian economy has been growing steadily in recent years, with an increasing GDP per capita. This has resulted in higher disposable incomes for consumers, enabling them to spend more on home entertainment products. Furthermore, the government has implemented policies to promote digitalization and technological innovation, which has created a favorable environment for the growth of the Home Entertainment market. In conclusion, the Home Entertainment market in Romania is experiencing significant growth due to changing customer preferences, including a desire for larger and more advanced televisions, the integration of smart technology, and the popularity of gaming consoles. These trends are supported by local special circumstances such as a young and tech-savvy population, as well as underlying macroeconomic factors including increasing disposable incomes and government policies promoting digitalization.

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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