During the projected period, the worldwide market is anticipated to be held steady by the home theatre systems market at a moderate CAGR of 9.5%. The global market is expected to generate $9.7 billion in revenue in 2022 and will probably surpass $24.1 billion by the end of 2032.
Over the years, the popularity of home theater systems has surged massively. Simply speaking, a home theater system is an entertainment setup comprising television and video equipment designed to reproduce the cinematic experience of movie theaters with the four walls of one’s home.
Home theater systems have massively upgraded entertainment experiences. As technological advancements penetrate various industries, the home theater market itself has seen a plethora of sophisticated product launches, particularly wireless audio streaming devices such as Echo and Alexa, to enhance acoustic experiences of potential end-users.
Nowadays, audio systems equipped with Bluetooth and Wi-Fi connectivity are finding growing acceptance across continents.This waxing popularity of home theater systems stems from the fact that consumers are unwilling to expend their income on exorbitantly priced movie tickets.
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The cumulative expenditure incurred on purchasing a movie ticket in any given year outpaces a one-time investment in proper home theater systems. Therefore, sales of these gadgets are only expected to move northwards in the coming decade.
Since a long time, the market has been experiencing immense proliferation of acoustic and electronics manufacturers in the wake of this increased uptake.
New products are being doled out into the market in order to acquire a firm footing in the immensely competitive landscape. All these trends point towards an almost double-digit growth trajectory in the aforementioned forecast period.
Global Home Theater Systems Market- Competitive Landscape
Prominent players in the home theater systems market include, but are not limited to, Sony Corporation, Koninklijke Philips, LG Corporation, Samsung Electronics Co. Ltd., Bose Corporation, Toshica Corporation, Yamaha Corporation, Bowers & Wilkins, Bang & Olufsen A/S, Sound United, VOXX International Corporation and Sonos, Inc. to name a few.
Partnerships, collaborations & agreements, product launches and mergers and acquisitions constitute some primary expansion strategies of the abovementioned market players.
In July 2019, Samsung Electronics introduced its new home theater system in order to expand its audio components portfolio. Likewise, Sony Corporation launched its HT-X8500 Soundbar, the Dolby Atmos/DTS: X Single Soundbar and HT-S350 Soundbar that same year. Bose also doled out its Home Speaker 300 series.
With respect to collaborations, in 2019, Sonos partnered with IKEA to develop smart speakers and audio systems while Samsung collaborated with Harman to initiate a new soundbar product line.
Deepening Penetration of Industry 4.0 is compelling Consumers to Invest in Sophisticated Home Theater Systems
It is said that the 21st century is the age of technological revolution. Various advancements in the information & communication technology domain such as artificial intelligence and the internet of things have prompted developments in the electronics segment.
Internet connectivity has become an indispensable part of our lives, with over 90% of the time being spent on watching movies.Many consumers claim that watching their favorite movies or shows on their laptops or tablets are a far cry from the environment stimulated by home theater systems.
As a result, they are willing to pay premium prices for these products. Manufacturers are incorporating advancements such as Surround Sound, 4K and 8K picture quality and 3D-audio are being highly incorporated to stimulate the market forward.
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Home Theater in a Box (HTIB) Systems to Continue Enjoying High Popularity, Sound Bars to Emerge as the Fastest Growing Segment
High preference for surround sound speakers, amplifiers, remote control, radio tuning and Blu-ray/CD/DVD players is sustaining the demand for home theater in a box systems since several years. As of 2018, the segment captured over 65% of the total market share.
These systems are available in a variety of ranges, from 2.1 to 9.1 channels.The aforementioned components are usually very compact, allowing users to save space. The usage of HTIB systems is being complimented by surging sales of large-sized televisions with excellent screen resolution and projection capabilities, with a view to enhancing movie theater experience within the comforts of one’s home setting.
More recently, sound bars have been acquiring significant ground as they are equipped with multiple speakers, generating a stereo effect. As it is equipped with wireless technology, its installation is comparatively easier than HTIB. Sound bars generally require only one cable to be connected with the television.
Additionally, its lower cost is compelling buyers to purchase sound bars.
Asia-Pacific to Generate Green Spaces for the Expansion of Home Theater Systems Market
Rapid population explosion, increasing urbanization and burgeoning economic development have all contributed to the emergence of the Asia-Pacific region as a flourish home theater market in recent years. As more people migrate to cities in search of economic opportunities, their income levels have risen, allowing them to afford such expensive equipment.
Most of the demand is being generated from the Indian, Thai, Malaysian, Chinese, Indonesian and Filipino markets, attributed to the presence of a large cohort of middle and high income consumers. Also, high internet and smart technology penetration is stimulating demand for wireless systems, compelling manufacturers to introduce smart products.
North America will continue dominating the global home theater systems market, with increased demand for high-quality audio and sound systems in the U.S and Canadian markets respectively. Over 2/5th of the total U.S households have invested in home theater systems, prompting manufacturers to increase their presence within the region.
Increasing Demand for Entertainment Streaming During Lockdown Periods to Stimulate Home Theater Systems Demand amid COVID-19
As the world has entered a massive shutdown due to the coronavirus pandemic, the demand for entertainment streaming has increased multifold in the past few months. According to surveys, 18% of the millennial population admitted to increase spending on entertainment platforms since the pandemic’s outbreak in the U.S.
It is expected that by 2027, the home theater systems market will reach a valuation of US$ 13.6 billion. With the pandemic showing no signs of abating, governments have been forced to extend lockdown periods. Consequently, schools and other educational institutions are still shut, leaving students with lots of free time.
It is, therefore, expected that they will tend to spend that time watching movies or television shows, thus bolstering usage of home theater systems. In this scenario, online sales of home theater systems have drastically increased, as households who previously did not own them are now compelled to purchase the same.
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Home Theater Systems Market- Company Profile
- Sony Corporation
- Koninklijke Philips
- LG Corporation
- Samsung Electronics Co. Ltd.
- Bose Corporation
- Toshica Corporation
- Yamaha Corporation
- Bowers & Wilkins
- Bang & Olufsen A/S
- Sound United
- VOXX International Corporation
- Sonos, Inc.
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