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Blu-Ray Players Market: Forecast to 2027
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Market Synopsis
As per the evaluation by Market Research Future Reports (MRFR), the global Blu-ray players market is estimated to value USD 2.4 billion by the end of 2023, thriving at a CAGR of 15% from 2017 to 2023. The analysis states that the global Blu-ray players market 2020 is majorly influenced by the increasing demand for high-quality digital entertainment. Besides, the increasing urbanization is estimated to be another substantial factor leading to market growth. Also, the increasing adoption of digitalization is anticipated to act as an important factor in market growth. Furthermore, the increasing application of Blu-ray in the gamin sector is likely to augment the market exponentially. In addition, the increasing consumer preferences of video content is predicted to play a crucial role in expanding the market. However, market dynamics are estimated to change significantly due to the spread of COVID-19. Various regions have been affected due to the outbreak of coronavirus. Due to the pandemic, various companies in the Blu-ray market have temporarily shut their daily operations. The halt caused in business operations is estimated to bring a considerable impact on market revenue. It is estimated that it will take some time to recover from the losses incurred during the observation of lockdown.
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Market Segmentation
The global Blu-ray players market can be distinguished on the basis of component, application, disc format, and geography. On the grounds of component, the worldwide Blu-ray players market can be distinguished into Software and hardware. On the grounds of application, the worldwide Blu-ray players market can be distinguished into automobiles, cinema, consumer electronics, and others. On the grounds of disc format, the worldwide Blu-ray players market can be distinguished into advanced video coding high definition, ultra H.D., high fidelity pure audio. On the grounds of geography, the worldwide Blu-ray players market can be distinguished into the Asia Pacific, North America, Europe and Rest of the World (RoW).
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Regional Analysis
MRFR has conducted the regional analysis of Asia Pacific, North America, Europe and Rest of the World (RoW). According to the analysis, the global market is predicted to be dominated by North America. The North American region is predicted to acquire the largest market share. On the other side, the APAC region is predicted to grow at the fastest rate during the assessment period. The most pivotal element resulting in the regional market expansion is the technical advancement of the region. Besides the technical advancement, the region has been experiencing a surge in demand for high-end digital entertainment. In addition, the region comprises of a well-established infrastructure, which actuates the market. Also, regional growth can majorly be attributed to the contribution made by the U.S. and Canada.
Furthermore, the presence of established players in the region is likely to actuate the market further. The APAC region is likely to grow due to the presence of emerging countries such as India and China. The APAC region is predicted to exercise the strongest hold on the market in the forthcoming period. However, the regional market dynamics are likely to change due to the outbreak of COVID-19. Several regions announced a pause in daily operations to contain the spread of the pandemic. It may take some time to overcome the losses incurred during the lockdown and the halt in production.
Key Players
The renowned organizations of the worldwide Blu-ray players market are Panasonic Corporation (Japan), Cambridge Audio (U.K.), Sony Corporation (Japan), L.G. Electronics Inc. (South Korea), Samsung Group (South Korea), Seiki Digital (U.S.), Philips (Netherlands), Toshiba (Japan), Hualu (China,) Magnavox (U.S.), among others.
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