Home Entertainment - Slovakia | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$9.2m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 5.94%, resulting in a projected market volume of US$12.3m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 247.2k users by 2029.
Household penetration will be 7.7% in 2024 and is expected to hit 12.9% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$61.03.

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 Slovakia has been experiencing significant growth in recent years.

Customer preferences: Customers in Slovakia have shown a strong preference for home entertainment products that offer convenience and high-quality audiovisual experiences. This has led to a surge in demand for smart TVs, home theater systems, and streaming devices. With the increasing availability of online streaming platforms and digital content, consumers are increasingly looking for devices that can provide seamless access to a wide range of entertainment options.

Trends in the market: One of the key trends in the Home Entertainment market in Slovakia is the growing popularity of smart TVs. These devices offer internet connectivity and allow users to stream content from various online platforms directly on their televisions. This trend is driven by the increasing availability of high-speed internet connections and the rising demand for on-demand content. Smart TVs also offer features such as voice control and integration with other smart home devices, making them an attractive option for tech-savvy consumers. Another trend in the market is the increasing adoption of streaming devices such as media players and streaming sticks. These devices allow users to access streaming services on their existing televisions, without the need to purchase a new smart TV. This trend is fueled by the growing number of streaming platforms available in Slovakia, offering a wide range of content options including movies, TV shows, and live sports events.

Local special circumstances: One of the factors contributing to the growth of the Home Entertainment market in Slovakia is the increasing disposable income of consumers. As the economy continues to grow, consumers have more money to spend on leisure and entertainment activities. This has led to an increase in the demand for home entertainment products and services. Another special circumstance in Slovakia is the strong presence of international electronics manufacturers and retailers. These companies have been actively promoting their home entertainment products in the market, offering competitive prices and a wide range of options to consumers. This has contributed to the increased availability and affordability of home entertainment devices in the country.

Underlying macroeconomic factors: The growth of the Home Entertainment market in Slovakia is also influenced by several macroeconomic factors. The country has been experiencing steady economic growth, with improving living standards and increasing consumer confidence. This has created a favorable environment for the sales of home entertainment products. In addition, the rapid technological advancements in the home entertainment industry have made products more accessible and affordable to a wider range of consumers. The decreasing prices of smart TVs, streaming devices, and other home entertainment products have made them more affordable, leading to an increase in demand. Furthermore, the COVID-19 pandemic has also played a role in driving the growth of the Home Entertainment market in Slovakia. With people spending more time at home due to lockdowns and social distancing measures, the demand for home entertainment products has surged. Consumers are looking for ways to entertain themselves and their families at home, leading to increased sales of televisions, sound systems, and other home entertainment devices. Overall, the Home Entertainment market in Slovakia is experiencing significant growth due to customer preferences for convenience and high-quality audiovisual experiences, the increasing availability of online streaming platforms, the strong presence of international electronics manufacturers and retailers, and the favorable macroeconomic factors such as economic growth and technological advancements.

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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