The global audiovisual production market is witnessing an exponential growth, and is expected to grow significantly in next few years. Audiovisual is the electronic media that possesses both visual and a sound component. It can be observed in products and services such as films, slide-presentations, television programs, live theatre services, and corporate conferencing. The AV market has been encouraging advancements, owing to technological improvisations and market diversification. Growth in use of audiovisual devices in various applications also drives the market demand. Rise in disposable income and technological advancements also fuel pace of growth and expansion for the global audiovisual production market.
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Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($U.S.)|
|Segments covered||Type, Application, Distribution Channel, and Industry Vertical|
|Regions covered||North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, Italy, Spain and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||Syniverse Technologies, Hitachi,SONY, Philips, Google, Sharp, Toshiba, Innolux, Hisense, TCL, Changhong, Konka, Skyworth, LG, Seiki, Christie, NEC, Samsung, Apple, Lenovo, Panasonic.|
COVID-19 Scenario Analysis:
Production shutdown scenario
Production for audio-visual products have been abruptly ceased, owing to lack of raw material movement and disruptions in supply chains, owing to COVID-19 implications. Hence, the revenue for the industry has witnessed a decline.
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Decline in global demand
The AV industry comes under the entertainment criteria and is considered to be a prominent player in the subsequent market. COVID-19 has drastically affected economies across the globe, putting consumers in a situation to prioritize their expenditure. This is expected to hamper the pace of growth for the global audiovisual production market.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Surge in applications of audiovisual products in various industrial verticals from entertainment to communication media to hospital & healthcare sector fosters increment in production and demand for AV products worldwide. Audio visuals are considered as backbone of communication and information technology, and devices are well equipped in residential as well as commercial applications with audiovisuals. AV has been found most effective in communication and information sharing, as such growing demand for improved communication devices fuels the production of audiovisuals. However, high price of AV products and cost of improved technology may hamper the market potential, however, declining price of raw materials used in audio-visual production is emerging as an opportunity for market players to expand and grow.
The global audiovisual production market trends are as follows:
New product launches to flourish the market
Launch of new products by leading manufacturers is considered as an improvement in market offerings as well as customer utility. Hence, launch of new AV products in the market increasesthe customer base and market share in the entertainment, information, and communication industry, which generates sufficient revenue for the global market, with the potential of market expansion in the coming years.
AV possesses both a visual and a sound component, which makes delivery of content impressive and effective. Growth in application of AV devices makes it an integral component of the market and consistent improvements by leading market players have been able to introduce AV productsin health monitoring equipment, industrial monitoring, theater productions, television programs, and church services.
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Diverse distribution channels to trigger pace of sale
Distribution channels are highly effective in promoting sales of products. Customer convenience makes it prominent for manufactures to establish proper channels of distribution to maintain spontaneity of transfer, disbursement, or sales of products.
Products such as LED and LCD type audiovisuals and projectors are sold through various distribution channels varying form offline medium to online mode. In the offline sector, supermarkets and specialty stores have captured the maximum market share, while online webs stores are dominating the audiovisual market over digitized mediums. This is expected to propel the global growth for the audiovisual production market.