Video Player Market 2028 Growing Worldwide By Best Key players- Samsung Electronics Co. Ltd.; Sony Corporation; LG Electronics Inc.; Toshiba Corporation; Haier Electronics Group Co., Ltd.; Philips; Logitech International S.A.

 

The global video player market size is expected to reach USD 178.26 million by 2028, registering a CAGR of -12.6% during the forecast period, according to a new report by Grand View Research, Inc. The increasing number of other channels of entertainment such as OTT (over-the-top) platforms, and streaming websites, in developed regions, are the major restraining factors for the video player market growth.

However, increasing technological developments in this Blu-ray technology such as the creation of new formats, like High-Efficiency Video Coding (HEVC), which has led to a substantial reduction in the Blu-ray media content size. These developments have allowed storing more content in the same Blu-ray disc. This may help to increase demand for Blu-ray players.

Due to the dropping prices of DVD and Blu-ray players, consumers are expected to take on these video players. Additionally, video games and movie distributors are also offering combo offers and major discounts to gain new consumers towards this technology. These factors may help to increase demand for video players.

The outbreak of the COVID-19 pandemic impacted adversely and triggered the downfall of the already declining video player market. Massive adoption of online streaming services and subscriptions has been observed as the source of entertainment between the populations across the globe hence driving the online streaming services. However, it had a negative impact on the video player market. The purchase of video players has already decreased and it got further confirmed during the COVID-19. The supply chains and transportation services were halted due to the lockdown situation which resulted in a halt on the shipment of video plyers and thus contributing to the market decline.

1080P Blu-ray player type segment contributed revenue share of more than 70.0% in the global market in 2021, due to its increasing demand for DVD players. Blu-ray discs used in Blu-ray players have better features, as compared to DVDs, such as high capacity, re-writable, high speed of data transfer, scratch resistance, high picture quality, hardware compatibility, and relatively long life. Thus, all these factors may drive the sales of 1080P Blu-ray players over DVD players in coming years. Furthermore, growing demand for 1080P Blu-ray players from developing regions may further propel the growth of this segment during the forecast period.

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The offline distribution channel segment contributed to the highest revenue share of more than 80.0%in the global market during 2021. The segment includes specialty stores, hypermarkets, supermarkets, independent retail stores; etc. Design of the organized retail sector has guaranteed better visibility of consumer electronic products. Moreover, the growing organized retail sector in emerging economies such as China, and Japan may further enrich the demand for video players, during the forecast period.

Video Player Market Report Highlights

• Asia Pacific is expected to register a lower growth rate of -9.6% CAGR from 2022 to 2028 due to steady demand for DVD players and Blu-ray players as a result of its reduction in price  
• 1080P Blu-ray player type segment contributed to the highest revenue share of more than 70.0% in the global market during 2021 owing to its various advanced and technologically developed features over the DVD player
• North America dominated the global market by contributing more than 30.0% revenue share in 2021, due to the rising adoption of Blu-ray technology in this region
• Offline distribution channel held the largest share in 2021 and contributed more than 80.0% of the total revenue due to the development of the organized retail sales channel across the globe

Furthermore, the persistent combination of internet technologies and IT with the entertainment and media systems may generate growth opportunities in the video player market. But, with the growing adoption of the online streaming channel for recreation and media purposes, the video player market is experiencing a decrease in sales, which is a main restraining factor for the market.

Rising investment by key players in the latest technologies to launch innovative products is further expected to increase the industry sales. However, the rise in popularity of other mediums of entertainment such as streaming websites, OTT (over-the-top) platforms, and premium subscription television (Pay TV) is the major restraining factor for the video player market growth, during the forecast period.

Key players are focusing on introducing new advanced products to sustain in this market with a competitive pricing strategy. Furthermore, key players are merging and collaborating to increase their product portfolio along with expansions in the market. Some of the prominent companies in the global video player market include:

·         Samsung Electronics Co. Ltd.

·         Sony Corporation

·         LG Electronics Inc.

·         Toshiba Corporation

·         Philips