The global Home Theatre Market size is expected to reach USD 13.4 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 8.3% over the forecast period. Growing demand for audio systems equipped with wireless technologies including Bluetooth and Wi-Fi, which offer consumer convenience, is expected to be a key driving factor. Additionally, capability of the product to connect with portable devices, such as smartphones, tablets, and laptops, has played a crucial role in promoting the market scope. In addition, surge in the number of smart homes at the global level due to rising purchasing power of the consumers has been accelerating the demand for the product.
In terms of product, the home theatre in a box system
(HTIB) segment dominated the market with over 65.0% share of the total revenue.
HTIB is an all-in-one package that includes Blu-ray/DVD/CD player, sound
speakers, amplifier, remote control, wiring, and radio tuner. This product
ranges from 2.1 channel to 9.1 channel with different price points. As a
result, consumers prefer this product as it is capable to create a cinematic
environment at home.
Offline channel dominated the home theatre market with
exceeding 80.0% share of the total revenue in 2018. However, increasing
penetration of smartphones and surge in the number of internet users at the
global level are expected to boost the online sales of the product in the near
future. Over the past few years, e-commerce has gained remarkable traction
owing to improved delivery process and availability of an extensive range of
online payment platforms.
As of 2018, North America led the market, accounting for
over 40.0% share of the global revenue. High purchasing power, coupled with
rising spending on the entertainment of the consumers, has boosted the market
growth in this region. U.S. has a high penetration of home cinema system
owners. The consumers have been demanding a high-quality audio system that
facilitates internet streaming, which allows them to access TV shows and web
series.
Key competitors of this industry include Bose
Corporation, LG Electronics Inc.; Panasonic Corporation; Sony Corporation;
Samsung Group; Koninklijke Philips N.V.; Bowers & Wilkins; Atlantic
Technology, Inc.; Definitive Technology; GoldenEar Technology; Yamaha
Corporation; and Pioneer Corporation. For instance, in January 2019, LG
Electronics Inc. has introduced three new sound bars: SL10YG, SL9YG, and SL8YG.
The company has collaborated with Meridian Audio to deliver superior sound
quality. All three models are featured with Dolby Atmos and DTS:X that provide
multidirectional sound. Furthermore, they have built-in voice recognition
(Google Assistant) technology and AI smart connectivity.
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https://www.grandviewresearch.com/industry-analysis/home-theatre-market
Further key findings from the report suggest:
- By product, home theatre in a box system led the market in 2018 as
it provides a superior cinematic experience to the consumers. Sound bar is
expected to witness the fastest growth in the coming years due to less
space consumption and easy installation features
- The offline segment led the home theatre market in 2018, accounting
for more than 80.0% share of the global revenue. The online distribution
channel is expected to register the fastest CAGR of 8.8% from 2019 to 2025
- Asia Pacific is projected to expand at the fastest CAGR of 9.2%
from 2019 to 2025.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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