Global home theater market is anticipated to witness an exponential growth in the forecast period. A home theater implies digital surrounding audio system built in a home. It is designed to mimic a commercial theater experience and performance, and commonly known as a “Home Cinema”. The factors that propel the growth of the market include the growth of smart homes, technological advancement, rising disposable income, increased spending capacity of consumers in developing countries, and presence of numerous international and regional vendors.
On the other hand, there are factors that may hamper the growth of the market including the high cost of home theater systems, and increasing hazard of subsequent hearing loss, resultant from the prolonged introduction to music with noise levels over 85 decibels. Home theater market is anticipated to expand at a significant CAGR of 8.04% in the upcoming period as the scope, product types, and its applications are increasing across the globe.
Increase in demand for customized home theater systems is an emerging trend in the home theater market. The rising demand for customized home theatre systems will propel the growth of the home theatre market. Some manufacturers offer customized home theatre systems at best values. A major vendor in the market is offering customized home theatres for the CEDIA community, the luxury builders' market, and its clients.
Market could be explored by component, type, application, distribution channel, and geography. Market could be explored by component as sound & Display Systems, Media Players Storage Devices. Based on the type, market could span Home Theatre in A Box System, Sound Bar, Component Separate and Component System.
The “Home Theatre” segment led the market in 2017 and will continue to lead in the forecast period. The key applications that could be explored in the market include household and commercial use. The market could be explored based on distribution channel as offline and online.
North America accounted for the major share of the home theater market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include increasing acceptance of wireless home theatre audio systems equipped with features such as Bluetooth and Wi-Fi, increase in technological advancements, the presence of several home system manufacturers, and increasing demand for home theatre systems. North America is followed by Asia-Pacific and European region.
Some of the key players that fuel the growth of the home theater market comprise Bose, Panasonic, LG Electronics, Samsung Electronics, Sony, Atlantic Technology, Bowers and Wilkins, Definitive Technology, DandM, Philips, Golden Ear Technology, Pioneer, Monitor Audio, Toshiba, Sharp, Harman, and Sonos. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
The market is divided into the following segments based on geography:
Global Home Theater Market 2018-2022, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
• LG Electronics
Research Support Specialist, USA