US Home Entertainment Technology: Hardware and Services Market Report 2021
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Providing the most comprehensive and up-to-date information and analysis of the US Home Entertainment Technology: Hardware & Services market, including the behaviors, preferences, and habits of the consumer.
Consumer spending on home entertainment technology is estimated at about one quarter of a trillion dollars in 2021. Spending for both hardware and services has grown consistently, though is expected to increase even more rapidly vs historical estimates, with an overall annual increase of 11.2% for 2021 for the category, overall. The COVID-19 pandemic has changed consumer priorities and altered consumer behavior that is driving overall spending on the category.
Growth in home entertainment hardware spending for 2021 will be driven largely through spending on new televisions. More than half of consumers say their households purchased a new TV within the past two years, and there has been an increase in high-end TV purchases. Young adults are a key segment as these more tech savvy consumers are embracing the suite of tech products available to elevate the home entertainment experience, whether it is high-end TV models, next-generation video game consoles, or wireless speakers.
Services spending has also grown significantly as consumers shift toward more digital-based entertainment like on-demand video and audio streaming, as well as vMVPD services like YouTubeTV and Sling. Even as the economy recovers, businesses reopen and outside the home leisure activities return, the growing consumer focus on the home will continue to drive overall growth in home entertainment spending.
Read on to discover more about the US Home Entertainment Technology: Hardware & Services consumer market and home entertainment technology trends, read our US Home Office and Classroom Technology: Hardware & Services Market Report 2021, or take a look at our other Technology And Telecoms Industry research reports.
Brands include: WarnerMedia, Disney, Oculus Quest, PlayStation 5, Xbox, HBO, YouTube TV, Sling, Sony, Samsung, LG, Steam, Netflix, Disney+, ESPN+, Hulu, Fox Entertainment, Microsoft, AT&T, WarnerMedia, Discovery, Blaston, Bulgari, Chromecast, Amazon Fire Stick, Apple TV, Amazon Echo, Google Home.
This report, written by Buddy Lo, a leading analyst in the Technology and Consumer Electronics sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The COVID-19 pandemic forced consumers to re-evaluate their relationships with their homes and has spurred wider investment into their home entertainment devices and services. From ultra-high-definition TVs, next-gen video game consoles to wireless speaker systems, consumers are embracing new digital innovations that elevate the home experience and will continue to seek new solutions that will improve the time spent at home for both themselves and future guests.
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