The global Portable Media Player Market is estimated to reach USD 27.80 billion by 2025, according to a new report by Million Insights. The market is expected to grow at a CAGR of 4.0% throughout the forecast years. Various features such as flexible storage capacity, enhanced audio and video quality, portability, and ease of use are driving the demand for these products. Further, integration of technologies such as USB, Bluetooth, and Wi-Fi make these devices compatible with smart phones and tablets, which, in turn, is fueling the market growth.
Growing internet of things (IoT) and rising demand for the enhanced vehicle infotainment systems are positively affecting the portable media players market growth. For example, modern luxury cars are equipped with advance portable media player devices that are capable of storing a large amount of data and are compatible with smart phones and tablets.
The video segment of the portable media players is estimated to grow at a CAGR of 4.1% over the forecast period. Growing demand for video content such as web series, music video and movies are supplementing the growth of this segment. However, the audio segment held the largest market share, in 2018. The growing trend of listening to audio contents while driving, exercising and traveling is fueling the growth of the audio segment.
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The offline segment occupied the largest market share of 77.22%, in 2018. The increasing number of offline stores offering portable media products, easy purchasing option and guidance of sales executives in product selection are some of the primary factors driving offline sales. However, the online segment is expected to register the fastest growth over the forecast period. The emergence of various e-commerce platforms, multi-channel retailing, availability of a wide range of products and doorstep delivery are propelling the growth of the online segment.
North America held the largest market share of 31.39%, in 2018. Growing consumers’ inclination towards innovative technologies and rising expenditure on entertainment devices are key factors driving the growth of the region. Asia Pacific, on the other hand, is likely to register the highest CAGR over the forecast period. Rising consumers purchasing power coupled with introduction of technologically advanced products is boosting the region’s growth.
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