Report : Middle East and Africa 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
Channel 7 Segment to Dominate MEA AV Receiver Market during 2020–2028
According to a new market research study on “MEA AV Receiver Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Channel and Application” is expected to reach US$ 35.41 million by 2028 from 31.47 US$ million in 2021. The market is estimated to grow at a CAGR of 1.7% from 2021 to 2028. The report provides trends prevailing in the MEA AV receiver market along with the drivers and restraints pertaining to the market growth. Developments for gaming console compatibility is rising, which is the major factor driving the growth of the MEA AV receiver market. However, issues associated with limited adoption of AV receivers across developing & underdeveloped countries hinders the growth of MEA AV receiver market.
MEA 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 MEA 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 MEA AV receiver market in 2020. Based on country, the MEA AV receiver market is segmented into Saudi Arabia, South Africa, UAE, and rest of MEA. Rest of MEA held the largest market share in 2020.
Majority of economic operations in the region were suspended due to an increase in the number of COVID-19 cases in the region, thereby, impacting the AV receiver market negatively from both supply and demand side. Moreover, the AV receiver market in the region is very much dependent on international suppliers and experienced significant supply chain disruption during Q1 and Q2 of 2020. On the contrary, the outbreak has compelled many people to stay indoors, and it has also been a key force driving the adoption of home theatres. As, the COVID-19 pandemic has propelled the trend of bringing entertainment at home in the MEA, which further boosted the demand for home theatre systems and audio system, thereby fueling the AV receiver market growth. This created a demand supply gap in the market, thereby adversely impacting the market growth. However, with beginning of Q3 of 2020, the supply for AV receiver started increasing among thereby normalizing the impact of the market.
Arcam, LG Electronics, Marantz, NAD Electronics, Onkyo Corporation, Pyle Audio, Sony Corporation, and Yamaha Corporation are among the leading companies in the MEA 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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