Report : Asia Pacific AV Receiver Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Channel (Channel 5, Channel 7, Channel 9, and Others) and Application (Residential and Commercial)Â Â Â Â Â Â
Residential Segment to Dominate APAC AV Receiver Market during 2020–2028
According to a new market research study on “APAC AV Receiver Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Channel and Application” is expected to reach US$ 1,062.23 million by 2028 from 741.98 US$ million in 2021. The market is estimated to grow at a CAGR of 5.3% from 2021 to 2028. The report provides trends prevailing in the APAC AV receiver market along with the drivers and restraints pertaining to the market growth. Upcoming of advanced technological integration such as Wi-Fi, Bluetooth, and airplay with AV receivers is the major factor driving the growth of the APAC AV receiver market. However, issues associated with limited adoption of AV receivers across developing & underdeveloped countries hinders the growth of APAC AV receiver market.
APAC AV receiver market is segmented into channel and application, and country. Based on channel, the global AV receiver market is sub-segmented into channel 5, channel 7, channel 9, and others. The Channel 7 segment accounted for the highest share in the APAC AV receiver market in 2020. Based on application, the AV receiver market is segmented into residential and commercial. The residential segment accounted for the highest share the APAC AV receiver market in 2020. Based on country, the APAC AV receiver market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. China held the largest market share in 2020.
The limitations imposed by several governments across the region to control the spread of COVID-19 during the initial time frame of the outbreak (Q1 2020) has severely affected the production process due to the restriction of a limited workforce in industries such as automotive, manufacturing (including AV receiver manufacturing). Owing to job loss or salary cut, buying capacity of the customer decreased substantially across developing countries like India. The reduced buying power impacted the sales of AV receiver across the region. However, as the economies re-opened and industries began their operations, the requirement for AV receiver from various both residential and commercial sector has started to grow gradually. Also, with ease in earlier restrictions, companies can now work with high workforce capacity, thereby normalizing the AV receiver market.
Arcam, LG Electronics, Marantz, NAD Electronics, Onkyo Corporation, Pyle Audio, Sony Corporation, and Yamaha Corporation are among the leading companies in the APAC AV receiver market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Sony Electronics Inc. has introduced the new XAV-AX3200 vehicle AV media receiver, which has audio solid and smart connections to improve the in-car entertainment experience.
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