Home Entertainment - Thailand

Thailand

Revenue in the Home Entertainment market is projected to reach €22.1m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.24%, resulting in a projected market volume of €31.4m by 2029.
In the Home Entertainment market, the number of active households is expected to amount to 3.5m users by 2029.
Household penetration will be 10.8% in 2024 and is expected to hit 20.7% by 2029.
The average revenue per installed Smart Home currently is expected to amount to €12.36.

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Analyst Opinion

The Home Entertainment market in Thailand is experiencing significant growth and development in recent years.

Customer preferences: Thai consumers have shown a strong preference for home entertainment products, particularly in the form of televisions and audio systems. The demand for larger and more advanced televisions with high-definition displays and smart capabilities has been on the rise. Additionally, there is a growing interest in audio systems that provide immersive and high-quality sound experiences. The popularity of streaming services and online content consumption has also contributed to the demand for home entertainment products, as consumers seek to enhance their viewing and listening experiences at home.

Trends in the market: One of the key trends in the Home Entertainment market in Thailand is the increasing adoption of smart TVs. These televisions offer internet connectivity and access to a wide range of online content and streaming services. With the growing popularity of streaming platforms such as Netflix and Disney+, consumers are seeking smart TVs that can provide seamless access to these services. This trend is expected to continue as more consumers become accustomed to the convenience and flexibility of streaming content at home. Another trend in the market is the demand for high-quality audio systems. Thai consumers are increasingly looking for audio products that can deliver immersive and powerful sound experiences. This includes soundbars, surround sound systems, and wireless speakers. The rise of home theater setups and the desire to recreate a cinematic experience at home have contributed to the popularity of these audio systems.

Local special circumstances: Thailand has a strong and vibrant entertainment industry, with a rich tradition of music, movies, and television shows. This cultural context has influenced the preferences of Thai consumers, who value high-quality audio and visual experiences. Additionally, the country's growing middle class and increasing disposable income have made home entertainment products more affordable and accessible to a larger segment of the population.

Underlying macroeconomic factors: Thailand's economic growth and stability have played a significant role in the development of the Home Entertainment market. As the economy expands, consumers have more purchasing power and are willing to invest in home entertainment products. The government's efforts to promote digitalization and technological advancements have also created a favorable environment for the market to thrive. Furthermore, the increasing urbanization and modernization of Thai society have led to a greater emphasis on leisure and entertainment activities, driving the demand for home entertainment products.

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 category. 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 innovative products 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 once a year, in case market dynamics change we do more frequent updates.