As per Market Research Future (MRFR), The home theatre market 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.
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.
The key participants identified by MRFR operating in the Home Theatre Industry 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.
The Home Theatre System 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.
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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