Portable Media Player Market Share, Demand, Top Players, Industry Size, Future Growth By 2029
The global portable media player market size is expected to showcase growth in the foreseeable future Owing to the launch of innovative products. This information is published by Fortune Business Insights in its report, titled "Portable Media Player Market, 2022-2029". According to the International Federation of Phonographic Industry (IFPI), there were record sales of 20 billion dollars in 2019 in the Global music recording industry. Such statistics showcase the growing music industry, which is expected to support the growth of such media players.
COVID-19 Impact
Market Expansion Expected Owing to Rising Consumption of Music in Lockdown
The COVID-19 brought the whole world to a standstill for more than a year. This standstill references to the total shutdown of various enterprises across the globe and industries except for the essential ones. On a positive note, the lockdown resulted in people trying to find new hobbies, and many people shifted to music. Music consumption has also grown with new players such as Spotify, Amazon Music, Youtube Music, and many more joining the music industry. Spotify grabbed the top global position in paid subscribers with 130 million paid subscriptions in the first quarter of 2020. Such a boost to the music industry is expected to experience rapid growth in the foreseeable future resulting in high demand for portable media players.
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List of Key Players Profiled in the Market:
- Apple Inc.
- The Samsung Group
- Creative Technology Ltd.
- Western Digital Corporation
- Sony Corporation
- Archos
- Microsoft Corporation
- Philips Koninklijke N.V.
- Coby Electronics Corporation
- Zhuhai Spark Electronic Equipment Co.
Market Segmentation
Based on the product type, the market for portable media player is segmented into audio players and video players. By storage media, the global market is divided into flash-based players, networked media players, memory card-based audio players, and others. By distribution channel, the global market is bifurcated into offline and online. Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report offers an insight into the profitability, entire structure, and scale. It also studies the drivers and restraints and considers all the potential threats to the market. The critical analysis of marketplace sections, prediction analysis, and expert insights are strategically included in the report. A wide spectrum of data, including regional analysis, market segmentation, industry developments, and key players, are included in the research conducted by market experts.
Drivers & Restraints
Modernization of Media Players to Aid Sales
Companies are increasingly focusing on periodically modernizing their music player product lines by adding new audio or video content features to existing models or launching new music players. This is likely to entice people to purchase such products, hence propelling market expansion. For example, Mighty Audio, a firm located in the U.S., debuted the Amazon Music feature for its portable, streaming music player products in December 2019.
The rise in content creators on various platforms such as YouTube, Instagram, Tik Tok, and others has seen a considerable rise. According to statistics provided by YouTube, over 500 hours of content are uploaded every minute on the platform. This kind of engagement is expected to boost the demand for different soundproof spaces to create content and drive the portable media player market growth.
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Regional Insights
Asia Pacific to Remain Dominant Owing to Rapid Industrialization Driving Market Growth
Asia Pacific is expected to hold a substantial portable media player market share in the forthcoming years. Rapid industrialization and technological advancement in the region are expected to boost the market.
North America is predicted to show considerable growth with rising disposable income and changing aesthetic lifestyles. The technological advancement in the region and investment in research and development is expected to improve the portable media player industry in the region.
Competitive Landscape
Major Players Invest in Research and Development to Widen Consumer Base
Market research on the portable media player concludes it to be a competitive and rapidly growing one due to the consumers’ high demand for advanced features. The forthcoming years are expected to be invested in making technological advancements by prominent players to improve their market position. Also, few companies are researching how to make the product more feasible to grow their consumer base. Manufacturers are focused on developing cutting edge solutions customized for several activities to generate revenue. Small and new entrants of this industry are focusing on collaboration and partnership to stabilize their market position.
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Industry Development:
- August 2020: Goldmedal Electricals Pvt. Ltd., a Pune, India-based manufacturer of electrical switches and systems, has released the i-Sense FM Bluetooth Music Player (3M) exclusively for remote workers.
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