New York, US, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Home Theatre Market Analysis by Component, By Type- Forecast 2030” valuation is poised to reach USD 33.21 Billion by 2030, registering a 18.54% CAGR throughout the forecast period (2022–2030).
Home Theatre Market Overview
Due to their incredibly dynamic features delivering detailed & immersive sound experiences, these devices perceive an increasing demand worldwide. The market is likely to garner significant traction in the upcoming period.
Home Theatre Market Report Scope:
| Report Metric | Details |
| Market Size by 2030 | USD 33.21 Billion |
| CAGR (2022 to 2030) | 18.54% CAGR |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Key Vendors | Bose Corporation, Samsung Group, Koninklijke Philips N.V., Sony Corporation of America, Harman International Industries (JBL), Yamaha, HiVi, Pioneer, Samsung, LG, Panasonic, Sharp, and Vizio |
| Key Market Opportunities | Introduction of Smart Speakers & Wireless Audio Devices Boost Home Theater Market |
| Key Market Drivers | Vendor collaboration for dynamic product generation |
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The home theatre market is growing continually, mainly due to the rising popularity of these systems worldwide. Smart speakers have been garnering significant popularity and demand, which is a major market trend. Besides, the tremendous popularity of wired/wireless speakers boosts the home theatre market size. The demand for home theatre speakers has increased on a large scale in the recent past.
With the increasing demand for the best music systems that can give the best experience for media consumption, some of the best sound system brands are bound to garner colossal prominence. Moreover, the rise in disposable income provides impetus to the market value leading to increased expenditure on high-end audio devices. Some top speaker brands like Bose and JBL have contributed greatly to the audio and sound system industry.
The rapid development of audio technology in the recent past and the introduction of smart speakers and wireless audio devices have been instrumental in increasing the popularity of home theatre systems. The rising demand for great audio systems and speakers that support voice assistance like Amazon's Alexa and music services like Spotify is also a significant growth driver.
Home Theatre Market Segments
The home theatre market is segmented based on components, audio types, speaker systems, and regions. The component segment is sub-segmented into sound & display systems, media players, storage devices, and others. The audio type segment is sub-segmented into box systems, soundbars, and others.
The speaker system segment is sub-segmented into front speakers, rear speakers, surrounding speakers, subwoofers, and others. The region segment comprises the Middle East & Africa, Americas, Asia Pacific, Europe, and Rest-of-the-World.
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Home Theatre Market Regional Analysis
North America dominates the global home theatre market. Large advances in audio technologies and R&D investments to drive innovations foster the market size. Besides, the high presence of key market players, invariably reinventing and rebranding their existing product lines to enhance the quality & design, impacts the market growth positively.
With its significant developments in wireless technologies, the US accounts for a significant share of the home theater in this region, demonstrating high potential. North America is likely to remain a highly attractive market for home theatre systems during the assessment period.
The Asia Pacific region is the second-largest market for home theatre systems. The home theatre industry statistics in this region are quite high. Besides, the rising demand for home theatre speakers and high-quality audio and sound system providers in this region drive the market growth.
The region has emerged as a global manufacturing hub for audio devices, with many notable brands setting up high-volume production facilities. Also, the rapid economic growth is a significant market driver, increasing the consumers' purchasing power in this region. The APAC home theatre market is likely to register the highest CAGR in the review period.
Industry Trends
Audio and video quality continues to be the most influential factors that will help dealers boost their home theatre businesses. Another key driving force for the growth of the home theatre market is major advances in audio technologies, such as Bluetooth and Wi-Fi enabled, and others. The increased integration of new technologies in home theatre systems and the rising sales of mp3 players drive the market significantly.
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Emerging nations across the world present untapped opportunities for home theater uses. The number of home theater manufacturing facilities in these countries is also growing, further intensifying the competition among manufacturers. Additionally, electronic industries in rapidly developing countries offer significant opportunities for the market players, witnessing some revolutionary changes over the last decade. All these factors cumulatively.
On the other hand, the high market prices of leading home theater brands are a major factor restraining the market's growth. Also, fluctuating component prices and the demand-supply gap in various key components pose significant challenges to the market players. Eminent manufacturers operating in the market like Sony, Samsung, and others constantly invest in bringing innovations to home theater systems. Their sedulous efforts would ascend market growth further during the assessment period.
Home Theatre Market Competitive Analysis
Highly competitive, the home theatre market appears fragmented due to the presence of several well-established players. Mergers & acquisitions, innovation, and expansion remain prevailing key trends for the leading players as these strategic moves support their growth and expansion plans. Industry players tap into the emerging consumer electronics market by investing substantially in R&D to develop adept technologies and product portfolios.
For instance, on July 12, 2022, Monolith, a leading audio brand from Monoprice, announced the launch of its two new in-wall home theater speaker solutions, THX certified, ensuring an incredibly dynamic, detailed, and immersive sound experience. New Monolith home theater speakers deliver the highest level of accuracy.
On Feb. 07, 2022, Sony India launched its premium range of home theater systems, HT-A9 and HT-A7000 soundbar, offering a new & revolutionary multi-dimensional sound experience. The new home theater range has features like Dolby Atmos, 360 spatial sound mapping technologies, DTS: Xtechnology, and high-resolution & 360 reality audio, among others.
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Dominant Key Players on Home Theater Market Covered are:
- Bose Corporation
- Samsung Group
- Koninklijke Philips N.V.
- Sony Corporation of America
- Harman International Industries (JBL)
- Yamaha
- HiVi
- Pioneer
- Samsung
- LG
- Panasonic
- Sharp
- Vizio
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