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The remotes market size is forecast to increase by USD 1.65 billion, at a CAGR of 3.3% between 2023 and 2028. The accelerated growth of the market is by various factors, including the increasing sales of smart TVs, the availability of multifunctional gaming consoles, and the increasing number of pay-tv subscribers.
The report offers extensive research analysis on the market, with a categorization based on Application, including TVs, set-top boxes, and gaming consoles. It further segments the market by Type, encompassing standard, voice-controlled, and motion controlled. Additionally, the report provides Region segmentation, covering APAC, Europe, North America, Middle East and Africa, and South America. Market size, historical data (2018-2022), and future projections are presented in terms of value (in USD billion) for all the mentioned segments
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth is the increasing number of pay-tv subscribers. Pay-TV provides subscription-based TV services. In addition, pay TV offers new platforms based on satellite and cable distribution technologies, coupled with wider options of content, thereby driving the market.
Moreover, it offers a large number of choices to the subscribers for selecting the channels. In addition, digitalization is expected to increase the subscription to Pay TV. Hence, such factors are positively impacting the market which in turn drives the market growth during the forecast period.
A key factor shaping the market growth is the introduction of voice-controlled TV remotes. Voice recognition refers to software that can convert and decode the human voice into speech that can be easily understood by a computer. In addition, it refers to the ability of a machine to receive, understand, and dictate spoken commands. For example, in September 2022, Amazon.com launched the Alexa Voice Remote Pro, Fire TV, and Fire Cube.
Moreover, the remote enables the user to change the channel and control the volume with voice control. In addition, voice recognition has become a very popular personal assistant app on smartphones and is now gaining traction in TV remotes as well. Furthermore, not much of an impact is expected from voice-controlled TV remotes in the coming years as they are right now available only in the US, and it might take more than five years for them to penetrate other countries. Hence, such factors are driving the market growth during the forecast period.
Availability of counterfeit remotes is one of the key challenges hindering the market growth. Counterfeit remotes pose a major threat to the global market, particularly in terms of aftermarket remotes sales, as they are less costly than branded remotes and have similar functionality as the original remotes. In addition, counterfeit remotes also have a strong sales and distribution network, especially in developing countries like India and China, which greatly affects the aftermarket sales of original, branded remotes.
Therefore, it increases the risks for market players as they are highly dependent on aftermarket sales for their revenue. In addition, it becomes difficult for companies to compete with counterfeit brands in the market due to the vast difference in product pricing. Hence, such factors are hindering the market growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Bose Corp: The company offers remotes such as Bose soundbar 500 universal remote, and Bose soundbar 700 universal remote.
The research report also includes detailed analyses of the competitive landscape of the market and information about 23 market companies, including:
Qualitative and quantitative market growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The TVs segment is estimated to witness significant growth during the forecast period. In 2023, the TVs segment captured a significant share of the market, due to the increasing demand for TVs. In addition, TV OEMs are the major buyers in the market. However, it is expected that the demand for standards will decrease due to the increasing adoption of smart TVs. Therefore, companies primarily rely on OEM sales rather than aftermarket sales of TV remotes.
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The TVs segment was the largest segment and was valued at USD 4.35 billion in 2018. Moreover, in terms of both features and content, 8K Ultra-high-definition television (UHD) TVs are gaining significant traction in the TV industry as they exhibit superior performance compared with standard (SD) and high-definition (HD) TVs. In addition, features such as a wide field of view, better resolution, sharp pictures, enhanced motion portrayal (progressive scan at high frame rates), and extended color range are the unique selling propositions (USPs) of these TVs. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
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APAC is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The market growth in APAC is fuelled by the presence of a large number of consumer electronics providers that offer TVs and gaming consoles. In addition, LG Corp., Samsung Electronics, Panasonic Holdings Corp., Sony Group Corp., and several others are some of the major companies that offer TVs. Moreover, there is a high demand for remotes in APAC, mainly generated by consumer electronics providers as they ship their packaged products to end-consumers with remotes. In addition, TVs in APAC have high growth opportunities in the upcoming years. Furthermore, this growth is attributed to the region being a manufacturing hub for UHD TVs and is, therefore, witnessing an increased demand from end-users in China. Hence, such factors are driving the market growth in APAC during the forecast period.
The market report forecasts market growth by revenue at global, regional & country levels and provides a market research and growth analysis of the latest market trends and analysis and growth opportunities from 2018 to 2028.
Remotes Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.3% |
Market Growth 2024-2028 |
USD 1.65 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
2.56 |
Regional analysis |
APAC, North America, Europe, South America, and the Middle East and Africa |
Performing market contribution |
APAC at 41% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Crestron Electronics Inc., dreamGEAR LLC, Dusun Electron Ltd., Infrared Remote Solutions Inc., Koninklijke Philips N.V., LG Electronics Inc., Logitech International SA, Microsoft Corp., Razer Inc., ruwido Austria GmbH, Samsung Electronics Co. Ltd., SMK Corp., Sony Group Corp., Universal Electronics Inc., Laxmi Remote India Pvt Ltd., Reliable Technologies, Remote Source, Wybor, and Riot Labz Pvt. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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