Entertainment Centers and TV Console Market REPORT OVERVIEW
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The global entertainment centers and TV console market size was 2946.7 million in 2022 and is projected to touch USD 4269.7 million by 2031, at CAGR of 4.2% during the forecast period.
The COVID-19 pandemic has been unprecedented and staggering, entertainment centers and TV console experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.
Amusement games, mini-golf, tag teams, trampoline playgrounds, in order bowling, and virtual reality activities are common at these facilities. Due to the increasing appeal of indoor activities and the necessity for family-friendly entertainment choices, the entertainment centres and TV console business has witnessed a substantial growth in demand in recent years. This expansion has been fuelled by rising disposable income and shifting customer attitudes, which favour experiences over tangible items.
Desire for entertainment venues, notably indoor entertainment centres, is increasing as a result of this trend. As a result, the market size for entertainment centres and TV console is increasing in nations with a large youth population.
COVID-19 Impact: Interruption in Supply Chains to Deplete Market Growth
The COVID-19 outbreak slowed the expansion of the entertainment centres and TV console market growth. This is due to a large-scale lockdown by the majority of governments throughout the world in order to avoid the propagation of COVID-19 outbreak. Furthermore, the advent associated with the outbreak had a significant impact on this industry, resulting in economic instability.
Several entertainment centres and TV console were compelled to temporarily close, resulting in a drop in revenue. However, as limitations have been relaxed, demand for entertainment centres and TV console has increased as groups seek safe and entertaining indoor activities.
LATEST TRENDS
"Rise in Disposable Income to Stimulate Market Development "
Children aged 8 to 14 years old, as well as their parents, are the primary target clientele of family entertainment centers. Many Asian countries have a large juvenile population below the age of 14, which stimulates market growth. Furthermore, as per capita disposable income in many emerging economies rises, parents' spending on their children rises, which is expected to boost the growth of the entertainment centers and TV console market. Furthermore, youngsters are the primary customers for indoor entertainment facilities, accounting for 26% of the worldwide population and frequently spending time with friends and family in their community.
Entertainment Centers and TV Console Market SEGMENTATION
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- By Type
Based on type; the market is divided into cabinet type, modular type, wall mounted type, other type
Cabinet type is the leading part of the type segment.
- By Application
Based on the application; the market is divided into household use, commercial use, others
Household use is the leading part of the application segment.
DRIVING FACTORS
"Easy-to-Access Entertainment Options to Aid Market Expansion "
Consumers are increasingly looking for one-of-a-kind and lasting memories, and entertainment centers and TV console offer a diverse choice of events and attractions in order to meet this desire. Furthermore, as disposable income in many nations rises, more households are able to devote money on recreational pursuits such as on indoor entertainment centers. Furthermore, the incorporation of technology into indoor entertainment facilities, including the use of virtual and augmented realities, is drawing more customers and giving new and engaging experiences.
Additionally, with hectic schedules and little leisure time, many individuals are looking for easy-to-access entertainment options that they can enjoy with family and friends. Indoor entertainment centers may act as a one-stop shop for a wide range of operations, making them an appealing option for time-pressed customers. As a result, the increased demand for one-of-a-kind experiences is fuelling the expansion of the entertainment centers and TV console market growth.
"Surge in Total Number of Malls to Foster Industry Progress "
The market is expanding due to a surge in the total number of malls in emerging economies, as entertainment centers are conveniently located in mall where customers frequent. Because Asia Pacific has among the globe's largest malls and accounts for nearly 80% of the retail space in construction globally, mall growth throughout the area is intense and well-known. In addition, the concept of locating large entertainment centers in supermarkets has grown in recent years, driving entertainment centers and TV console market share expansion.
As a result, several fresh shopping centers have been erected around the world, with major space allocated to entertainment centers. They considerably improve a mall's appeal, customer retention, and revenue for other tenants.
RESTRAINING FACTORS
"Hefty Initial Prises to Hinder Market Advancement "
However, hefty initial prices, household gaming, and mobile phones may stymie industry expansion. Furthermore, rising ticket prices stifle market expansion. This might result to a drop in demand for the market, especially among low-income families.
Entertainment Centers and TV Console Market REGIONAL INSIGHTS
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"Existence of Large Number of Players in Asia Pacific to Support Market Advancement "
Asia Pacific dominated the market size in 2022 and is projected to maintain its position throughout the forecast time frame due to the existence of a large number of players and the spike in popularity of adventurous games and sports. However, due to an increase in the variety of malls in countries including as India, China, and various other developing countries, Asia Pacific is predicted to grow significantly throughout the forecast period.
KEY INDUSTRY PLAYERS
"Key Players Focus on Partnerships to Gain a Competitive Advantage"
Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.
The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.
The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.
List of Market Players Profiled
- Ashley Furniture (U.S.)
- Furniture of America (U.S.)
- Abbyson (U.S.)
- Z-line Designs (U.S.)
- Whalen Furniture (U.S.)
- Parker House Furniture (U.S.)
- Karimoku Furniture (Japan)
- Twin-Star International (U.S.)
- Hooker Furniture (U.S.)
- Universal Furniture (U.S.)
- Legends Furniture (U.S.)
- Martin Furniture (U.S.)
- Dorel Industries (U.S.)
- La-Z-Boy (U.S.)
- BDI (Spain)
- Salamander Designs (U.S.)
- Hülsta (Germany)
- Hida Sangyo (Japan)
- TAKANO MOKKOU (Japan)
- MASTERWAL (U.S.)
- Guangming (China)
- Huari (China)
REPORT COVERAGE
This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.
In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.
REPORT COVERAGE | DETAILS |
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Market Size Value In |
US$ 2946.7 Million in 2022 |
Market Size Value By |
US$ 4269.7 Million by 2031 |
Growth Rate |
CAGR of 4.2% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the entertainment centers and TV console market expected to touch by 2031?
The global entertainment centers and TV console market size is expected to reach USD 4269.7 million by 2031.
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What CAGR is the entertainment centers and TV console market expected to exhibit by 2031?
The entertainment centers and TV console market is expected to exhibit a CAGR of 4.2% by 2031.
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Which are the driving factors of the entertainment centers and TV console market?
The driving factors of the entertainment centers and TV console market are easy-to-access entertainment options and surge in total number of malls.
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Which are the key players or most dominating companies functioning in the entertainment centers and TV console market?
Ashley Furniture, Furniture of America, Abbyson, Z-line Designs, Whalen Furniture are the key players or most dominating companies functioning in the entertainment centers and TV console market.