As per Market Research Future (MRFR), The Home Theatre Industry is estimated to reach USD 31 billion, with a CAGR of 19% from 2017 to 2023 (forecast period). The report provides a detailed overview of the effect of the Covid-19 pandemic on the Home Theatre Market.
Home theatre can be described as a theatre reproduced at home.
It also consists of audio and video systems created to have the same effect
like the one in theatre. It supports users with an Internet streaming service
that enables them to watch TV shows and web series.
Market Dynamics
Home theatre systems have gained considerable demand among
consumers over the last few years. This is attributed to the rising income
levels of the population across the globe and the desire to spend more on
entertainment solutions. Home theatre products include various items such as
sound and display systems, media players, storage devices, and theatre-in-a-box
systems. Theatre-in-box systems comprise of various channels such as 5.1
channel, 6.1 channel, 7.1 channel, 9.1 channel. There is a steady growth in the
number of stores selling large-scale high-resolution televisions, projectors,
and home theatre systems.
Key Players
The key participants identified by MRFR operating in the Home
Theatre Market are - Bose Corporation (U.S.), Akai Electronics (Japan),
LG Electronics (South Korea), Sony Corporation (Japan), Panasonic Corporation
(Japan), Samsung Electronics Co., Ltd. (South Korea), Koninklijke Philips N.V.,
(Netherlands), Bowers & Wilkins (U.K.), Atlantic Technology (U.S.), Toshiba
Corporation (Japan) among others.
Sony Corporation has developed a diverse range of home theatre
systems designed to provide 1,950 power output and 5.2-inch surround sound.
Panasonic Corporation, one of the leading players in home theatre systems, has
recently developed 7 models of home theatre systems, each with its own
technology and sound systems. Akai electronics, one of the leading players in
the home theatre industry, has developed a wide range of home theatre systems
consisting of 5.1 channel amplifier, realistic bass effect, USB connectivity,
and FM radio.
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Most consumers are now keen to socialize more at home, both
with their families and friends. Rising movie ticket prices have also led
consumers to try home entertainment solutions. As a result, this phenomenon has
encouraged customers to invest in home theatre and speaker systems by making
them valuable because they need to create a cinematic experience at home. One
of the key factors pushing the growth of the home theatre industry is the
continued rise of consumer demand for home theatre systems in regions like
China, Brazil, and India.
Companies operating in this industry are putting in place new
standards to increase the value of consumer electronic products as well as
providing outstanding customer service. There is a growing trend in providing
connectivity features to home theatre systems, which is expected to further
fuel this market's growth in the coming years. A major obstacle for home
theatre systems is the growing customer preference for mobile devices, as many
spend more time on smartphones and laptops for entertainment purposes.
Market Segmentation
The Global Home Theatre Market has been segmented based
on type and component.
By component, the home theatre market has been segmented into
sound & display systems, media players, storage devices, and others.
By audio type, the home theatre market has been segmented into
home theatre in a box system, soundbar, component system, and component
separate.
Regional Analysis
Region-wise, the home theatre market has been segmented into
North America, Asia Pacific, Europe, and the rest of the world.
The North American region has the largest market share in home
theatre due to growing customer demand for high-quality audio and sound
systems. The Asia Pacific region is rising with the highest CAGR in the home
theatre market due to the emergence of increasing economies in the region and
the increase in people's purchasing power. Many small and medium-sized players
from the region are boosting the growth of the market.
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