Market Research Future (MRFR)’s latest study has revealed that the global home theatre market is set to witness exponential proliferation at 19% CAGR during the forecast period 2017 to 2023. The market is poised to reach a valuation of USD 31 Bn by the end of 2023. The boom witnessed in the consumer electronics and entertainment industries has augured well for the home theatre market players.
The rising disposable income and living standards of the population in developed & developing industries has fueled demand for home theatres over the last few years. The trend is poised to perpetuate over the assessment period. Additionally, the innovations in features offered by the established players are expected to drive the growth of the home theatre market in the forthcoming years.
Deliverance of premium experience is the key area of focus for the market players. Investments have been catalyzed for bringing the experience of commercial theatres at the door of the consumers. The adoption of next-gen technologies such as wireless surround sound, voice control systems, etc. have catapulted the home theatre market on an upward trajectory. Additionally, the rising prices of movie tickets are likely to augment the market for home theatres.
The connectivity feature introduced for connecting different devices with the home theatres is projected to intensify the growth of the home theatre market. However, the increasing dependency on smartphones for internet streaming and binge-watching movies is likely to hold the growth of the market through the review period.
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By component, the global home theatre market has been segmented into sound & display systems, storage devices, media players, and others.
By type, the home theatre market is segmented into home theatre in a box system, sound bar, component systems, and component separate.
North America is one of the most significant markets for home theatre. The presence of key players coupled with the early adoption of technological advancements is expected to drive the growth of the home theatre market in the region. An upsurge in demand for consumer electronics, particularly home theatres, over the next couple of years is projected which is anticipated to expedite the expansion of the market. Additionally, the developments across the wide spectrum of sound systems are likely to influence the home theatre market expansion positively.
Europe is an important growth pocket and is projected to witness substantial growth in the foreseeable future. The increase in demand for home theatres is prognosticated to drive the proliferation of the regional market. Meanwhile, Asia Pacific is estimated to register the highest CAGR during the projection period. The factors responsible for aiding the home theater market expansion in the region include the presence of fast-developing economies and increasing purchasing power of the consumers. The region resonates strong opportunities for growth and has attracted investments from global players for setting up of manufacturing units. This, in turn, is forecasted to accelerate the revenue creation for the home theater market players in the forthcoming years.
Some of the key players profiled in the report include Toshiba Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), LG Electronics (South Korea), Sony Corporation (Japan), Koninklijke Philips N.V., (Netherlands), Bowers & Wilkins (U.K.), Akai Electronics (Japan), and Atlantic Technology (U.S.).
In September 2018, IMAX, the first cinema projection standards, has launched its program regarding AV certification for home theatre setups.
In September 2018, Sony, Japan, has launched its Master Series A9F for home theatres with acoustic surface audio technology. The setup also comes with other innovative features such as an extra subwoofer channel, hands-free voice search function, and Netflix Calibrated Mode among others.
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