Home Entertainment - Sri Lanka

Sri Lanka

The Home Entertainment market in Sri Lanka is set to experience significant growth in the coming years.
According to projections, the revenue in this segment is expected to reach US$15.1m by 2024.
Furthermore, the market volume is predicted to grow at an annual growth rate of 10.21% (CAGR 2024-2028), resulting in a projected market volume of US$22.3m by 2028.
In terms of consumer adoption, the number of active households in the Home Entertainment market is expected to reach 500.5k users by 2028.
This indicates a growing interest and demand for home entertainment products and services among Sri_Lankan households.
The household penetration rate, which measures the percentage of households with access to home entertainment, is projected to increase from 3.0% in 2024 to 5.1% by 2028.
This suggests that more households in Sri Lanka will be embracing home entertainment as a form of leisure and recreation in the coming years.
When it comes to revenue generation, the average revenue per installed Smart_Home currently stands at US$54.40.
This figure represents the average amount of revenue generated per household with a Smart_Home setup.
In a global comparison, it is worth noting that 0 leads the way in terms of revenue generation in the Home Entertainment market.
In 2024, 0 is projected to generate 0 in revenue, showcasing its dominance in the market.
"Sri Lanka has seen a surge in demand for smart TVs, with consumers increasingly seeking immersive home entertainment experiences."

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

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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.