The global remotes market size is expected to grow by 57.38 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Remotes Market 2020-2024 (Graphic: Business Wire)
Smart TVs are becoming very popular among consumers because of their enhanced functionality. Since the introduction of the first smart TV by Sony, jointly with Google, in 2010, Internet TVs have gained a sizable market, and since then, numerous vendors have been launching smart TVs. The increasing sales of smart TVs will boost the demand for remotes from OEMs. This also influences the aftermarket sales as the life cycle of these remotes is shorter than those provided with consumer electronic devices. Apart from standard remotes, vendors also provide touchscreen and motion-control remotes in their smart TV package. All these factors will fuel the demand for remotes in the market during the forecast period.
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As per Technavio, the introduction of voice-controlled TV remotes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Remotes Market: Introduction of Voice-Controlled TV Remotes
Voice recognition has become a very popular personal assistant app in smartphones and is now gaining traction in TV remotes as well. Voice recognition converts and decodes human voice to be easily understood by a computer. It refers to the ability of a machine to receive, understand, and dictate the spoken commands. Amazon launched the Fire TV Stick with Amazon Echo built-in remote, in the US. The remote allows the user to change the channel and control volume through voice commands. Thus, the introduction of voice-controlled TV remotes is expected to drive the growth of the market during the forecast period.
“Factors such as the development of low-power remotes, introduction of next-generation motion-sensing remotes, and the availability of multifunctional gaming consoles will have a significant impact on the growth of the remotes market value during the forecast period,” says a senior analyst at Technavio.
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Remotes Market: Segmentation Analysis
This market research report segments the remotes market by application (TVs, set-top boxes, and gaming consoles) type (standard, motion-controlled, and voice-controlled), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the remotes market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the presence of a large number of consumer electronics providers that offer TVs and gaming consoles.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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