April 27, 2020
As per the report titled ‘Global Blu Ray Players Market Size study, by Product type (Hardware and Software), by disc type (HFPA, 3D, AVCHD and Ultra HD), by application (Consumer electronics, Automotive and Entertainment) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global Blu-ray players market was worth USD 1.49 billion in 2018 and is projected to register 13.70% CAGR during 2019-2026.
Blu-ray is optical storage format which was primarily developed to host vast amount of high definition (HD) content. Its primary purpose is the storage of HD games, HD video, and archiving any kind of data. It is widely used as a medium for distribution of feature films and video games for gaming consoles such as PlayStation 3, PlayStation 4, and Xbox One.
Increasing adoption of Blu-ray players in smart homes and growing consumer inclination towards superior audio and video quality coupled with rising disposable income are among the major factors fueling the growth of global Blu-ray players market.
Excellent image resolution of 1080p & above, higher storage capacity, and superior audio quality are the advantages of Blu-ray over the conventional DVD format which is boosting the demand for Blu-ray players. Moreover, Blu-ray players are integrated in home theatre in a box (HTIB), popularity of which will positively impact the market growth.
Citing an instance, according to European Union, the number of smart homes in Europe and North America reached 68 million in 2019. Escalating smart homes has led to a growing desire for high quality viewing and music experience along with rising consumer preference for exceptional audio-quality products, is augmenting the market outlook.
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Considering the geographical landscape, Blu-ray players market in North America is anticipated to grow considerably during the forecast period, owing to the surging demand for high-end digital entertainment and ongoing technological advancements in the region.
Meanwhile, Asia-Pacific Blu-ray market is slated to exhibit a strong CAGR over the forecast timeline. The growth can be attributed to increase in disposable income, trend of digital urbanization along with high potential customer base in APAC.
Key players in global Blu-ray players market are Panasonic, Epson, Canon, Hitachi, BenQ, Sony, Casio, Acer, ViewSonic, and Dell.