The rapidly growing population and the subsequent increase in demand for home networking devices (in both developing and developed nations of Asia Pacific) is expected to drive the Asia Pacific home networking device market in the coming years.
Albany, NY -- (SBWIRE) -- 02/08/2017 -- The increase in demand for smartphones, tablets and other connected devices such as televisions, security systems, and smart lighting is expected to drive the demand for home networking devices in the coming years. The demand for home networking devices is also expected to increase due to increasing need for product replacement and better internet bandwidth requirements. Furthermore, high adoption of Wi-Fi technology among end-users is expected to support the growth of wireless home networking devices in the coming years. This report studies the global home networking device market in terms of revenue and volume. This market had generated revenue of US$ 12,818.7 Mn in 2014; this is projected to expand at a CAGR of 7.0% during the forecast period (2015 – 2023) and reach a market size of US$ 23,237.2 Mn by 2023. The volume generated by the global home networking device market in 2014 stood at 444.8 Mn units which is expected to increase at a CAGR of 10.1% during the forecast period to reach a market size of 1,031.7 Mn units by 2023.
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As per the report, Asia Pacific was the largest market in terms of both revenue and volume in 2014. The rapidly growing population and the subsequent increase in demand for home networking devices (in both developing and developed nations of Asia Pacific) is expected to drive the Asia Pacific home networking device market in the coming years. China and South Asia are expected to be significant contributors to the home networking device market in the APAC region. Europe is expected to contribute a healthy market share during the forecast period owing to the existing telecommunication infrastructure and quick adoption of home networking devices. The Europe home networking device market is expected to expand at a CAGR of 7.1% over the forecast period from 2015 to 2023. Innovations in the home networking device market are primarily introduced in the North American region and then in the rest of the world.
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Rest of APAC and GCC countries are expected to be major contributors to the MEA home networking device market during the coming years. Demand for wired networking devices is expected to remain significant in the APAC, MEA, and Latin American region. Wireless home networking devices would account for a significant market share in North America and Europe. Powerline based home networking devices are expected to witness high adoption in these regions. Demand for routers, extenders, and adapters are expected to be more in regions with higher adoption of wireless home networking devices. However, the demand for hubs and switches is expected to decrease owing to decline in demand for wired home networking devices.
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Home networking device manufacturers are innovating continuously in order to focus on user ergonomics and offer products with high bandwidth. Furthermore, there has been a trend of strategic partnerships in order to bring innovation in the home networking device industry. In 2014, some of the key manufacturers of home networking devices were Belkin International, Inc., D-Link Corporation, Actiontec Electronics, Inc., Netgear, Inc., TP-Link Technologies Co., Ltd., Devolo AG, ZyXEL Communications Corp., Huawei Technologies Co. Ltd., Legrand SA, ASUSTeK Computer Inc., and Buffalo, Inc.
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