• Global remote control market registered a value CAGR of 1.3% for the period between 2014 and 2018. Robust development in entertainment industry along with increasing number of consumers watching television for different purposes has underpinned the growth of remote control market.
• Worldwide sales of remote control closed in on revenues worth US$ 7 billion in 2018, and are projected to record a Y-o-Y growth of 1.3% in 2019.

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• North America will continue to remain the leading market for remote controls, with revenues estimated to be in an excess of US$ 1.8 billion in 2018. Remote control sales in the region are driven by growing popularity and adoption of wide-range of smart devices and home automation systems.
• Latin America is likely to be a high-growth market for remote controls, which is envisaged to register a Y-o-Y of 2.5% in 2019 over 2018.

What are the Key Growth Drivers of Remote Control Market?

• Remote control market has been primarily influenced by the significant growth in consumer electronics sector in line with a notable rise in the demand of smart devices.
• Growing home automation, especially in developed markets such as North America and Europe, has led to surge in the demand for smart home appliances, which in turn drive the sales of remote controls for smart TVs, air conditioners, lights, kitchen appliances, bathroom equipment, blinds, and others. Prospects of remote control market will remain promising, as adoption of automated activities and control solutions has also increased in commercial sector including offices, restaurants, hospitality space.

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• Developing economies are witnessing a remarkable increase in the demand of remote controlled electronic devices to ease operations and enhance work efficiency, on the back of improving economy and high disposable income. This, coupled with increasing spending on advanced technology devices will augur well with the sales of remote controls.
• Opportunities are imminent in the remote control market, as manufacturers shift their focus towards transforming a variety of features in the products, such as the introduction of voice-controlled TV remotes, next-generation motion-sensing remotes and low-power remotes. In addition to low power consumption, such remotes allow users to access variety of digital content in efficient way, and have the ability to receive and dictate spoken command, which will open new avenues of growth of remote control market.
• Heavy investment in R&D activities to enhance application of different technologies in remotes and to increase user friendliness of the products is likely to influence the future expansion of remote control market.

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• What are the Key Challenges Faced by Remote Control Market Players?
  • Although advanced remote controls such as universal remotes have gained increasing popularity for their multi-functional nature, high cost associated with these remotes may abate their adoption, especially in low-income countries.
  • Complexity of the functions of technologically advanced remotes that require a lot of programming to use it up to its full potential along with risks of network hacking in Wi-Fi or Bluetooth-enabled remote controls may pose as a potential threat to the market growth.