Portable Projector Market to Touch Valuation of $21.72 Billion by 2028 | Top 5 Players Generates Over 30% of market Revenue
Global portable projector market was valued at USD 15.64 Billion in 2021, and it is expected to reach a value of USD 21.72 billion by 2028, at a CAGR of 4.8% over the forecast period (2022–2028).
Westford, USA, Dec. 20, 2022 (GLOBE NEWSWIRE) — Over the past few years, portable projectors have become increasingly popular, both within the home and office environment. This is likely in part due to the trend of people wanting more efficient ways to entertain themselves; whether that means watching movies at home or presenting decks in meetings, a projector is an undeniably versatile tool. This growth of the global portable projector market is largely attributable to increased demand from commercial and institutional markets; in particular, sales of mobile projectors are forecast to grow at a faster rate than traditional stationary projectors (i.e., those used in offices). One of the key drivers behind this market growth is DLP projection technology; With this technology, projector sales have gradually shifted away from traditional phosphor screen projection technologies (such as CRT and LCoS) towards DLP units.
As such, manufacturers in the global portable projector market are investing heavily in R&D efforts to improve the performance and image quality of DLP units; this has resulted in improvements across a range of features/parameters, including: brightness (expressed as lumens), color accuracy, color gamut (the range of colors that can be displayed), and contrast ratio (the difference between the brightest and darkest areas on the screen.
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The primary drivers of this growth are increased demand for advanced display technology, increased usage in education, and the increasing popularity of theatrical events. SkyQuest’s analysis of the portable projector market includes a review of consumer demand for portable projectors, vendor market share and product offerings. As per our study, consumer demand for portable projectors will grow by 4% annually until 2028, driven by increasing use in professional and business applications. Vendor market share is expected to be split between domestic players (55%) and global players (45%), with newer entrants taking market share from incumbents. The major product offerings available in the portable projector market are LED-based projectors and LCD projectors. LED-based projectors are projected to dominate the market due to their lower cost and longer life span.
The market report evaluates the current market conditions, growth prospects, and future trends for portable projectors. It provides an in-depth analysis of market drivers and restraining factors, and a look at five key segments. It offers readers a comprehensive understanding of the portable projector market—its various segments, applications, and geographic markets. The report covers both historical performance data and projections for the period 2011-2016. Additionally, it offers case studies on how projects have been accomplished using portable projectors in specific industries such as retail display, advertising agencies, theatrical productions, architecture/engineering visualization, educational institutions, restaurants/bars/nightclubs, home cinema systems, etc.
China and Europe are the Key Consumers in Portable Projector Market
In terms of market segments, the study found that sales of small-sized (<1 kW) projectors (15.4 million units) were more dominant than those of large-sized (>1 kW) projectors (11.6 million units). The main drivers for the growth in sales of small-sized projectors were China and Europe, with their demand for home cinema equipment growing rapidly. In contrast, sales of large-sized projectors are expected to decline over the next few years as customers move to smaller models.
SkyQuest attributed the growth in sales of small-sized portable projector market to the increasing demand for home cinema equipment in China and Europe, which are traditionally high adopters of new technology. Meanwhile, declining demand for large-sized projectors is due to a number of factors, including stiff competition from other types of home entertainment equipment such as smart TVs and streaming boxes, as well as increased awareness about the dangers associated with using large projectors in public spaces.
China and Europe are the key consumers in portable projector market. One reason why China and Europe are the key markets for portable projectors is because these regions have a high demand for large screen entertainment. China is home to more than 1.4 billion people and Europe has a population of over 507 million people. These populations are increasingly looking for ways to entertain themselves outside of traditional forms of entertainment such as watching television or going to the movies. Portable projectors allow users to watch large screen entertainment anytime they want without having to go out to a movie theater or attend a live event.
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Top 5 Players Generates Over 30% of Portable Projector Market Revenue
The market is growing rapidly, with new entrants and players modifying their businesses to take advantage of this trend. There are several factors driving this growth: a shift towards mobile devices for entertainment, the increasing affordability of projectors, and the development of new technologies that make projecting more immersive.
There are a number of key vendors in the portable projector market, and each has developed a different product line to meet the varied needs of customers. Among these players are Canon Inc., Dell Inc., Epson Corporation, Panasonic Corporation, and Sony Corporation. Each company offers discrete products that cater to specific markets and target different segments of the market. For example, Canon supplies projectors for use in theaters and business events, while Dell focuses on retail sales. Bain’s analysis also underscores the competitive dynamics between these companies. In 2021, five out of the top six players had market shares greater than 30%, indicating that there is significant room for new entrants into the market. This indicates that there is significant opportunity for companies that can offer innovative products and services at competitive prices.
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Sales of Smart Portable Projectors Equipped with OTT Apps to Surpass $8.1 Billion by 2028
With the increase in popularity of over-the-top (OTT) apps, such as Netflix and Hulu, there has been a corresponding increase in demand for portable projectors that are equipped with such apps in the global portable projector market. In fact, according to market research organization SkyQuest, the projected global sale of smart portable projectors with OTT apps will reach $8.1 billion by 2028. One reason for this increased demand is that many people now use their smartphones and tablets to watch movies and TV shows instead of using traditional television sets. OTT app users also appreciate the convenience of being able to watch content on the go without having to wait for a video to load on their computer. This increasing demand for the portable projector market has led to the development of smart portable projectors that are specifically designed to be used with OTT apps.
These projectors typically have a large screen size and great picture quality, which makes them ideal for use as home theater monitors. Some models also have built-in voice recognition capabilities so that users can control playback using only their voice.
Key Players in the Global Portable Projector Market
- Epson (Japan),
- Canon (Japan),
- LG (South Korea),
- Dell (US),
- HP (US),
- Acer (Taiwan),
- Sony (Japan),
- Kodak (US),
- Philips (Netherlands),
- Panasonic (Japan),
- Asus (Taiwan),
- Vivitek (Taiwan),
- Optoma (US),
- Texas Instruments (US)
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