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Asia Pacific is expected to emerge as a major region for the global connected living room market, with the regional market projected to witness a healthy CAGR in the coming years. The growth in the Asia Pacific market is being driven by countries such as China and Taiwan, which have grown into manufacturing hubs. The region is home to a sizeable tech-savvy youth population, which is further catalysing the market growth. The rise in the levels of disposable incomes in the Asia Pacific over the years has triggered the demand for consumer electronics. Thus, the rising consumption of consumer electronics, along with the improved accessibility and internet connectivity in the region, is driving the growth of the regional market.
India is also emerging as a significant market for connected living room with the rising digitisation in the country, which has led major players in the industry to invest and expand into the country. In the historical period of 2016-2020, major players like Google (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) expanded into the regional market by launching their home assistant devices, namely Google Home and Amazon Echo. Online streaming platforms have been on the rise since 2017 due to the introduction of affordable smart-TVs and falling internet rates. In April 2021, Disney announced its collaboration with Hotstar to enter this lucrative market.
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The major players in the global connected living room market are Hitachi, Ltd., Toshiba Corporation, Koninklijke Philips N.V., LG Electronics, Motorola Mobility Holdings. Inc., Panasonic Corporation, Netflix Inc., Google Inc., Apple Inc, and Amazon Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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