Portable Media Players Market Size To Grow At A CAGR Of 3.5% Between 2023-2028
The ‘Global Portable Media Players Market Size, Share, Price, Growth, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global portable media players market, assessing the market on the basis of its segments like media type, storage media, distribution channel, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
Portable Media Players Market Size, Share, Trends, Industry, Report, Key Player, Report and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028: 3.5%
The surging demand by customers for premium quality audio along with video services is likely to fuel the demand growth for portable media players market across the globe during the forecast period. With the escalating investment by market players in research and development activities to create a better product range, the market growth of portable media players is anticipated to propel globally.
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Going further, the demand for portable media players is likely to grow amongst various consumers and gain revenue owing to the benefits of the product. These benefits include ease of use, premium sound quality, a huge amount of storage capacity, durability, portability, low cost, easy file transfer, and environmental-friendliness.
Portable media players are consumer electronics devices that play and preserve digital media such as images, documents, audio, and video, among others. The data is generally stored on a microdrive, hard drive, or flash memory and the availability of innovative features are further expected to propel the portable media players market growth over the coming years.
Based on the distribution channel, the online segment is expected to gain more consumer traction and boost market growth during the forecast period. This is due to easy access to the internet coupled with the surging penetration of e-commerce. On the basis of media type, the audio segment is augmenting the market growth across the globe due to an upsurge in demand for music-playing devices.
Portable Media Players Market Segmentation
Portable media players are handheld electronic devices used for playing digital media like video and audio files. They are such compact electronic devices that are primarily intended to watch videos, store images, and listen to songs. Such electronic devices typically come with a robust capacity for storage and are likely to play audio as well as videos in various formats.
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Based on the media type, the market is bifurcated into:
On the basis of storage media, the portable media players market is divided into:
• Flash-Based Players
• Networked Audio Players
• Hard Drive-Based Players
• USB Host/Memory Card Audio Players
• Mp3 CD/DVD Players
By distribution channel, the market is segmented into:
• Hypermarkets and Supermarkets
• Electronic Stores
By region, the market is segregated into:
• North America
• Latin America
• Asia Pacific
• Middle East and Africa
Portable Media Players Market Trends
The surging expansion of the entertainment and media industry, the rising influence of modern culture with changing lifestyles, and increasing disposable incomes are likely to drive the portable media players market growth. Evolving technology, along with the high emergence of the Internet of Things (IoT), has boosted the promotion of portable media players with advanced connectivity options. Such media players, easily connected by Wi-Fi, USB, and Bluetooth, allows users to transfer a large amount of data or content easily to their respective devices. This is further expected to bolster the worldwide market growth during the forecast period.
Based on region, North American is holding a considerable portable media players market share due to the existence of numerous major market players in the region, high adoption of wireless audio gadgets, and tech-savvy consumer base. Government initiatives for wireless infrastructure as well as IoT-based technology development are further boosting the market growth in the region. Also, there is increased expenditure on high-end electronics products combined with smart technologies like noise-cancelling and Bluetooth 5.0. Meanwhile, the Asia Pacific region is expected to register significant market growth due to high disposable income and changing lifestyle of consumers.
Key Market Players
The major players in the portable media players market report are:
• Apple Inc.
• Samsung Electronics Co Ltd
• Sony Corporation
• Western Digital Corporation
• Microsoft Corporation
• Koninklijke Philips N.V.
• Xiaomi Corporation
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.