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.
To request a sample copy:
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.
For More Information: www.grandviewresearch.com