There was a significant reduction in its market size in 2020 due to the adverse effects of COVID-19 on the infrastructure and commercial sectors
The portable projector market is projected to grow from $1.5 billion in 2020 to $1.9 billion by 2025. It, as per a report by Markets and Markets, is expected to grow at a CAGR of 4.3 per cent from 2020 to 2025.
“The key factors fueling the growth of the market include digitalization in the education sector and technological advancements in portable projectors. Additionally, the reduction of the average selling price of portable projectors is also augmenting the growth of the portable projector market,” read the report.
Consumer electronics application expected to grow the fastest
The growing inclination of end-users toward using lightweight and compact electronic products and the increasing attraction toward creating personalized entertainment hubs to enjoy films, games, and sports, music, and any other streaming content directly from smartphones, tablets, and laptops are expected to facilitate the growth of the portable projector market.
North America has been a major contributor to the growth of the overall portable projector market as the region has a huge market for consumer electronics, which is the major application for portable projectors. The US invests significantly in introducing cutting-edge technology-based devices in the education sector.
“With most students having access to computers or smartphones, adaptability and acceptance of new technologies by students add up to their development not only in terms of education but also in terms of personality. However, the US is expected to face a significant reduction in its market size in 2020 due to the adverse effects of COVID-19 on the infrastructure and commercial sectors.” read the report.
It continued, “The adoption of portable projectors might be largely impacted in 2020 due to the closure of educational institutions and halted operations in the corporate sector. However, with gradually resuming operations, the demand for portable projectors that find applications in business and education may increase with time in the coming years, along with the economic recovery.”