Originally Published on: technavio |Remotes Market by Application, Type, and Geography - Forecast and Analysis 2023-2027
The remote control market is expected to experience steady growth, with a projected Compound Annual Growth Rate (CAGR) of 1.95% between 2022 and 2027, resulting in an increase of 73.85 million units in market size. Several factors are contributing to this growth, including the increasing popularity of smart TVs, the availability of versatile gaming consoles, and the rising number of subscribers to pay-TV services.
Market Segmentation:
Application: The market is divided based on application into TVs, set-top boxes, and gaming consoles.
Type: The types of remote controls include standard, motion-controlled, and voice-controlled.
Geography: The market is analyzed across different regions, including APAC, North America, Europe, South America, and the Middle East and Africa.
Key Market Drivers:
Multifunctional Gaming Consoles: The availability of multifunctional gaming consoles is a significant driver for market growth. These consoles offer not only gaming but also functions such as video streaming, music playback, and internet browsing. Gaming console providers are continuously enhancing their products, which encourages consumer adoption and drives the demand for remotes.
Motion Control Technology: As consumers increasingly prefer single-user interface motion control for operating home entertainment devices, the demand for gaming consoles remains high. Remote vendors can capitalize on this trend by offering motion control technology for controlling electronic devices like TVs. This is expected to fuel market growth.
Key Market Trends:
Low-Power Remotes: A primary trend in the market is the development of low-power remotes. To improve user experience and reduce the need for frequent battery replacements, remote manufacturers are integrating technologies and components that consume less power. This includes technologies such as the ZigBee RF4CE specification, which is expected to lead to a significant increase in the production of low-power remotes during the forecast period.
Key Market Challenge:
Increasing Use of Universal Remotes: The increasing use of universal remotes poses a significant challenge to market growth. Universal remotes are preferred by customers for their enhanced capabilities and functionalities. They can control multiple devices and eliminate the need for separate remotes. This trend, which is prominent in aftermarket sales, can hinder the growth of single-device remotes, impacting OEM vendors and the market as a whole.
Key Customer Landscape:
The report includes an analysis of the customer lifecycle, from innovators to laggards, focusing on adoption rates in different regions based on penetration. Additionally, it covers key purchase criteria and drivers of price sensitivity to assist companies in evaluating and developing their growth strategies.
Major Market Vendors:
Razer Inc.: Razer offers remotes with context-aware buttons that adjust based on the task at hand, such as watching TV or listening to music.
Other vendors in the market include Bose Corp, Crestron Electronics Inc, Logitech International SA, Sony Group Corp, and more.
Fastest-Growing Segment:
The TV segment is expected to experience significant growth during the forecast period, primarily due to the increasing demand for smart TVs. With consumers favoring smart TVs over standard ones, remote vendors are likely to rely more on OEM sales than aftermarket sales for TV remotes.
Key Regions for Market Growth:
APAC is expected to contribute 80% of the market by 2027. The region's strong growth potential is attributed to being a manufacturing hub for Ultra-High-Definition (UHD) TVs and the increased demand for end-users, particularly in China. Additionally, the demand for set-top boxes is rising in developing countries within APAC.
The report offers a comprehensive overview of the remote control market, providing insights into drivers, trends, challenges, and regional dynamics, enabling businesses and stakeholders to effectively navigate this market.
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