Home Entertainment - Vietnam | Statista Market Forecast

Revenue in the Home Entertainment market is projected to reach US$35.3m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.73%, resulting in a projected market volume of US$44.5m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 4.4m users by 2029.
Household penetration will be 9.6% in 2024 and is expected to hit 19.5% by 2029.
The average revenue per installed Smart Home currently is expected to amount to US$17.00.

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 Vietnam has been experiencing significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in Vietnam have shifted towards home entertainment due to several factors.

Firstly, the increasing availability of affordable and high-quality home entertainment systems has made it more accessible to a wider range of consumers. Additionally, the convenience and comfort of enjoying entertainment in the privacy of one's own home have become increasingly appealing to Vietnamese consumers. Furthermore, the COVID-19 pandemic has further accelerated this trend, as people spend more time at home and seek out entertainment options that can be enjoyed within their own households.

Trends in the market reflect these changing customer preferences. Sales of televisions, sound systems, and gaming consoles have seen a significant increase in Vietnam. Consumers are investing in larger and more advanced televisions to enhance their viewing experience, while sound systems are being sought after to create a more immersive environment.

The popularity of gaming consoles has also grown, as more Vietnamese consumers engage in gaming as a form of entertainment. Local special circumstances in Vietnam have also contributed to the development of the Home Entertainment market. The rapid urbanization and rising disposable incomes in the country have led to an expansion of the middle class, who are increasingly willing to spend on leisure and entertainment.

Additionally, the growing number of young consumers in Vietnam, who are tech-savvy and value entertainment experiences, has further boosted the demand for home entertainment products. Underlying macroeconomic factors have also played a role in the growth of the Home Entertainment market in Vietnam. The country's strong economic growth, coupled with a stable political environment, has created a favorable business environment for companies operating in the market.

Furthermore, the government's efforts to improve infrastructure and increase access to internet services have facilitated the adoption of home entertainment technologies. In conclusion, the Home Entertainment market in Vietnam is experiencing significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The increasing availability of affordable and high-quality home entertainment systems, coupled with the convenience and comfort of enjoying entertainment at home, has driven the demand for televisions, sound systems, and gaming consoles.

The rapid urbanization, rising disposable incomes, and growing number of young consumers in Vietnam have also contributed to the development of the market. Additionally, the country's strong economic growth and stable political environment have created a favorable business environment for companies operating in the Home Entertainment market.

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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