The availability of HDMI cables at economical prices to drive the growth of this HDMI Cable market
The global HDMI Cable market is estimated to be US$ 2,436.0 million in 2017 and is estimated to reach US$ 3,613.9million by 2025. The global HDMI Cable market is experiencing steady growth with regards to the technological advancements, formulation of standards, and the investments being made by the various companies to gain market leadership positions. The market for HDMI Cable consists of a large number of players across the globe leading to a fragmented market. Also, there a large number of smaller players present in the market and lower entry barriers into HDMI Cable market have resulted in the influx of small companies venturing into this arena. There are various factors that are contributing to the growing sales of HDMI Cable in different regions of the world. Number of households, consumer spending on electronic devices, penetration of smartphones and PCs, the number of TV sets in a particular household, the percentage of tech-savvy population, and a youth population attracted towards gaming consoles are some of the major factors that are enabling a swift growth in the demand for HDMI Cable globally.
HDMI Cable are quite inexpensive products found in the market. They are used as add-on accessories for various consumer electronic devices to connect to display monitors and large screens for obtaining an enhanced viewing experience. The HDMI Cable were developed and standardized by a large consortium of companies where they agreed upon some common technological standards. Apart from these large pool of companies, there are many smaller non-branded companies operating in this market owing to the lesser entry barriers posed for them. These smaller manufacturers of HDMI Cable, market their HDMI Cable at relatively inexpensive prices as compared to the branded manufacturers, and thus create a scenario of price ware in the global market arena.
Also, China leads the global HDMI Cable market in terms of shipments of TV sets being sold in the market. Furthermore, China is also a global hub for the manufacture of electronics and semiconductor devices as well as equipment. Inexpensive raw material prices, lesser labor costs, and economies of scale production model have led the companies producing devices at significantly lower rates. Chinese manufacturers are responsible for the growing popularity of the lower rates HDMI Cable. The picture quality, color resolutions, and video clarity are highly insignificant when compared to the branded HDMI Cable and therefore, the consumer preference is more towards these inexpensive HDMI Cable especially in the APAC region. As a result of the availability of HDMI cables at lower prices, higher adoptions of these products by the middle class is witnessed in the developing economies. The developing economies of China and India comprise of large populations and also the product market in these regions are majorly governed by the prices. As the HDMI Cables become affordable to the majority of the population, growth of this market is further boosted.
