Home Entertainment - Panama

Panama

The Home Entertainment market in Panama is forecasted to generate a revenue of US$2.7m in 2024.
This revenue is projected to experience a compound annual growth rate (CAGR 2024-2028) of 11.07%, resulting in a market volume of US$4.1m by 2028.
By 2028, the number of active households in the Home Entertainment market is expected to reach 96.5k users in Panama.
The household penetration rate is anticipated to grow from 4.5% in 2024 to 7.4% by 2028.
Currently, the average revenue per installed Smart_Home in Panama is estimated to be US$50.85.
When comparing the global market, it is noteworthy that 0 generates the highest revenue in the Home Entertainment market, with 0 projected in 2024.
With the rising popularity of streaming services in Panama, the demand for home entertainment systems has significantly decreased in recent years.

Key regions: United States, Australia, United Kingdom, Germany, South Korea

Market

Region

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Currency

Analyst Opinion

Products in the Home Entertainment segment are multi-room music devices, remote controls dedicated to entertainment use cases and streaming devices. By definition we exclude smart TVs, since only a small share of their revenue is related to their ability to connect to the internet. The competitors for multi-room music devices in the market are both traditional companies with a focus on audio devices such as Bose, Sony or Panasonic, as well as young companies such as Sonos or Klipsch. The smart speaker trend already took a considerable share of the Entertainment segment. Companies have to adopt and integrate smart assistants. Also streaming devices could see potential losses in the future when more and more smart TVs will integrate similar features.

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 segment. 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 digital products and services 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 twice a year in case market dynamics change.