Home Entertainment - Singapore

Singapore

Revenue in the Home Entertainment market is projected to reach US$22.7m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 7.47%, resulting in a projected market volume of US$30.2m by 2028.
In the Home Entertainment market, the number of active households is expected to amount to 1,000.0k users by 2028.
Household penetration will be 23.0% in 2024 and is expected to hit 61.0% by 2028.
The average revenue per installed Smart Home currently is expected to amount to US$65.45.

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Analyst Opinion

The Home Entertainment market in Singapore has been experiencing significant growth in recent years.

Customer preferences: Singaporeans have shown a strong preference for home entertainment options that offer convenience, flexibility, and high-quality content. With busy lifestyles and limited leisure time, consumers are increasingly turning to home entertainment solutions that allow them to enjoy their favorite movies, TV shows, and music from the comfort of their own homes. Streaming services have become particularly popular, as they provide a wide range of content that can be accessed anytime, anywhere. Additionally, Singaporeans also value home entertainment systems that offer immersive and high-definition viewing experiences, such as large-screen televisions and surround sound systems.

Trends in the market: One of the key trends in the Home Entertainment market in Singapore is the growing popularity of streaming services. Online platforms like Netflix, Amazon Prime Video, and Disney+ have gained a strong foothold in the market, offering a vast library of movies, TV shows, and documentaries. This trend is driven by the convenience and flexibility that streaming services provide, allowing consumers to access their favorite content on-demand and across multiple devices. As a result, traditional forms of home entertainment, such as DVD and Blu-ray rentals, have declined in popularity. Another trend in the market is the increasing demand for smart home entertainment systems. Singaporeans are embracing smart technology in their homes, and this extends to their entertainment systems as well. Smart TVs, which offer internet connectivity and access to streaming services, are becoming more prevalent in households. Additionally, voice-controlled devices, such as smart speakers, are also gaining traction, allowing users to control their home entertainment systems with simple voice commands.

Local special circumstances: Singapore's small geographical size and high population density have contributed to the growth of the Home Entertainment market. With limited space for outdoor activities, many Singaporeans turn to home entertainment options as a primary source of leisure and relaxation. Additionally, the country's high internet penetration rate and advanced telecommunications infrastructure make it easy for consumers to access streaming services and other online entertainment platforms.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have also played a role in the growth of the Home Entertainment market. As consumers have more purchasing power, they are willing to invest in high-quality home entertainment systems and subscriptions to streaming services. Furthermore, the government's push towards digitalization and the development of smart cities have created an environment that is conducive to the growth of the Home Entertainment market. In conclusion, the Home Entertainment market in Singapore is experiencing growth due to customer preferences for convenience and high-quality content, the popularity of streaming services, the demand for smart home entertainment systems, the local special circumstances of limited space and high internet penetration, and the underlying macroeconomic factors of a strong economy and high disposable income levels.

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.