Surge in usage of audio video devices and increase in demand for 4K/UHD televisions fuel the growth of the global HDMI cable market
PORTLAND, Oregon, June 17, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "HDMI Cable Market By Type (Standard HDMI Cable and High Speed HDMI Cable) Grade (HDMI 1.4, HDMI 2.0 and HDMI 2.1), and Application (Gaming Console, TV, Mobile Phone, Automotive System and Personal Computer & Tablet): Global Opportunity Analysis and Industry Forecast, 2019-2026."According to the report, the global HDMI cable industry was estimated at $2.47 billion in 2018, and is anticipated to hit $3.87 billion by 2026, registering a CAGR of 4.5% from 2019 to 2026.
Drivers, Restraints and Opportunities
Surge in usage of audio video devices and increase in demand for 4K/UHD televisions fuel the growth of the global HDMI cable market. On the other hand, high installation cost and limited physical availability for devices curtail down the growth to some extent. However, advancements in HDMI cables for higher bandwidth applications and rapid development of the multimedia & entertainment industry in emerging economies are expected to create multiple opportunities in the near future.
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COVID-19 Scenario
- The outbreak of COVID-19 has brought in direct effects on the global HDMI cable market, by directly affecting the demand and production cycle. Disruptions in the supply chain have aggravated the scenario yet more.
- However, with the governments coming out easy on the restrictions for commercial benefits, it's expected that the industry would redeem in terms of revenue.
The Standard HDMI Cable Segment to Retain Its Dominance By 2026
Based on type, the standard HDMI cable segment contributed to more than half of the global HDMI cable market share in 2018, and is expected to lead the trail by the end of 2026. Wide usage of home applications such as televisions and other home entertainment systems drive the segment growth. The high speed HDMI cable, on the other hand, would grow at the fastest CAGR of 5.8% throughout the forecast period. This is attributed to the fact that it makes use of copper wire to ensure improved image clarity.
The Gaming Consoles Segment to Rule the Roost
Based on application, the gaming consoles segment accounted for nearly two-fifths of the global HDMI cable market revenue in 2018, and is anticipated to dominate from 2019 to 2026. The same segment would also portray the fastest CAGR of 6.0% by 2026. Increase in demand for both content and PC services in cloud gaming platforms fuel the growth of the segment.
Asia-Pacific to Remain Lucrative in terms of Revenue, North America to Grow at a Moderate Rate
Based on geography, Asia-Pacific garnered the major share in 2018, holding more than two-fifths of the global HDMI cable market. The same region would also register the fastest CAGR of 6.1% till 2026. Huge population base, advancements in multimedia devices like home theaters, projectors, and other display devices, and rise in purchasing capacity of individuals have led to adoption of HDMI cables in the region. Simultaneously, North America would manifest the CAGR of 3.4% during the study period.
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Frontrunners in the Industry
- Panasonic Corporation
- Kramer Electronics Ltd.
- Koninklijke Philips N.V.
- Foxconn Technology Group
- Hitachi Ltd.
- Molex
- LLC, Nordost
- Amphenol Corporation
- Ce-Link
- Sony Corporation
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