Global Connected Living Room Market is valued at approximately USD 48.81 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 8.70% over the forecast period 2022-2029. A connected living room is one that has all the key electronics used in a home, including tablets, televisions, Blu-ray players, home theatre projectors, cellphones, laptops, set-top boxes, home audio systems, and gaming consoles, covered by some sort of technology. The major driving factor for the market is the rising demand for connected home devices. The market for connected living rooms is also benefited from urbanization, digitization, lifestyle changes, rising disposable income, and increased demand for cutting-edge systems. Furthermore, during the projection period of 2021 to 2029, improvements in better resolutions, smart homes, intelligent & connected homes, and linked living rooms offer lucrative prospects to market participants.
According to the MarTech, the United States is the world leader in smart speakers installation; in 2020, 1 in every 4 adults owned a smart speaker in the region. Along with this, the penetration of smart home devices for the years 2019 to 2021 in the United States is also increasing. According to Statista, in 2019, 33 per cent of the U.S population owned at least one smart home device and this figure increased to 43 per cent in the year 2021. Along with this, according to Statista, the penetration of smart TVs in the United Kingdom from the year 2014 to 2021. The penetration of smart TVs has increased significantly and at an increasing rate in the region. As the penetration percentage in 2014 was only 11% which reached 67% in the year 2021. However, the high cost of Connected Living Rooms stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Connected Living Room Market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America dominated the market in terms of revenue, owing to the dominance of key market players in the region along with this, the region is technologically advanced which is driving the growth of the market in North America. The Asia Pacific is expected to grow with the highest CAGRduring the forecast period, owing to factors such as rising urbanization and rising adoption of advanced technology in the region.
Major market players included in this report are:
LG Display Co., Ltd.
RAYSTAR OPTRONICS, INC
WiseChip Semiconductor Inc.
WINSTAR Display Co., Ltd.
Recent Developments in the Market:
In February 2021, ADT started a partnership with Hippo to bring together ADT's professional smart home monitoring and connected protection system with Hippo's digitally native home insurance policies.
In April 2021, a US-based company named Hubbell Control Solutions launched an improved version of NX Distributed Intelligence Lighting Control Panel (NXP2 Series) which provides centralized connection points which help in reducing the time and cost of deployment of the lighting control.
In October 2021, Hubbell Lighting announced a partnership with LightAZ (US) and they developed a complete unit of electric light, manufacturing company with its headquarters in Illinois, US.
Global Connected Living Room Market Report Scope:
Historical Data: 2019-2020-2021
Base Year for Estimation: 2021
Forecast period: 2022-2029
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Device Type, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Device Type offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Device Type:
Rest of the World