According to Technavio’s latest market research study, the global remotes market is expected to grow at a CAGR of more than 1% during the forecast period, 2017-2021.
This report by Technavio provides an in-depth analysis of the global remotes market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
Technavio research analysts categorize the market based on the application type
The top three revenue contributing product segments are discussed below:
Global remotes market for STBs: The increase in the number of STB installations primarily because of factors such as the constant evolution in video quality, the increasing demand for technologically advanced STBs such as hybrid STBs and HD STBs, and the increase in the demand for other advanced services such as 3D TV, multi-screen (video transcoding), and multi-room services are the fundamental driving forces behind the growth of the global remotes market for STBs. According to market research analysts at Technavio, the global remotes market for STBs is projected to account for over 262 million units through 2021.
“The global STB remotes market generates much of its sales from the OEM segment rather than from the aftermarket segment as STB vendors and the service providers sell the remotes as a package along with the STBs. However, the life cycle of these remotes is 2-3 years, after which they need to be replaced. Hence, the aftermarket sales of the STB remotes will increase during the forecast period,” says Sunil Kumar Singh, a lead analyst at Technavio for research on computing devices.
Global remotes market for TVs: The growth of the global remotes market for TVs is accreditable to the increasing adoption of TVs in the global market. Vendors are also investing in R&D to improve display resolution, which will further fuel the adoption of TVs and subsequently TV remotes. Furthermore, the availability of online 3D content further motivates users to purchase high-end TVs that support 4K and 3D content, which will drive the growth of the market in both developed and developing countries.
Global remotes market for gaming consoles: The global gaming consoles remotes market generates most its sales from the OEM segment rather than the aftermarket segment, mainly because gaming consoles need specific remotes that are compatible with the system. With the advent of Sony PS4 and Microsoft Xbox One gaming console, the demand for remotes for gaming consoles is also increasing.
The top vendors operating in the global remotes market are:
- Remote Solutions
- Universal Electronics
Other prominent vendors in the market include BesCon Electronics, Crestron Electronics, Ruwido, SMK Electronics, and Universal Remote Control.
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