USD 8.52 billion
Report ID: SQMIG25E2031 | Region: Global | Published Date: August, 2022 | Pages: 165 | Tables: 89 | Figures: 76
Global Home Theater Market size was valued at USD 8.52 billion in 2021 and is poised to grow from USD 10.1 billion in 2022 to USD 46.68 billion by 2030, growing at a CAGR of 18.54% in the forecast period (2023-2030).
A home theater system is a collection of various electronic parts intended to imitate the experience of a movie theater at home. These systems are made up of a variety of fundamental parts, such as a video display, an A/V receiver to simulate surround sound, and a video source.
A significant driver of home theater market growth over the course of the forecast is the increasing prevalence of smart homes in different parts of the world. Smart houses are buildings with a wide range of interconnected technologies that can talk to one another and provide better living conditions. According to studies, about half of the millennial population in the US currently uses a smart device. The demand for smart home devices, such as home theater systems, which can change the entertainment ecology inside the home, has significantly increased as a result of the accelerated expansion of small and affordable processing power and extensive connection. All these factors are expected to propel the global home theater market, over the forecast period.
US Home Theater Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.52 billion
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The Global Home Theater Market is segmented based on product type, component, distribution channels and region. Based on the product type, it is categorized into Box System, Sound Bar, and Component System. Based on the component, it is categorized into Sound & Display System, Media Player, and Storage Device. Based on the distribution channels, it is categorized into Specialty Stores, and Online Retail. Based on region, Home Theater Market is categorized into North America, Europe, Asia Pacific, The Middle East and Africa, and Latin America.
Home Theater Market Analysis by Product Type
On the basis of product type, the sound bar segment is currently dominating the global home theater market, and is projected to continue its dominance over the forecast period. The product has numerous speakers built into its cabinet that produce surround sound and a stereo effect. Compared to traditional HTIB, sound bars are simpler to install.
The manufacturers have started releasing soundbars with Bluetooth connections during the past few years. Due to the fact that the majority of consumers utilize entertainment devices with a Bluetooth connection, this capability has become increasingly important for sound bars. These goods are also less expensive than home theater in a box systems. As a result, it is projected that sound bars would become increasingly popular among consumers, during the forecast period.
Home Theater Market Analysis by Distribution Channel
On the basis of distribution channel, the specialty store segment currently dominates the global home theater market, due to the different variety of products available which helps the consumers in selecting compatible products for their audio equipment.
On the other hand, the online retail segment is projected to grow significantly, over the forecast period. Due to better delivery conditions and the availability of a wider range of payment alternatives during the past few years, buyers' faith in buying high-value products through e-commerce has grown. Online sales of consumer electronics have increased significantly in both Asia and North America. Online consumer electronics sales in the United States have mostly been driven by e-commerce.
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Based on the region, the North American region currently dominates the global home theater market with respect to market share, due to the huge consumer expenditure on home theater-related products in Canada and the United States, such as theater boxes, projectors, soundbars, and others. As a result, the North American region generates more revenue from such devices. Additionally, the region's consumption of these products is likely to be supported by the population's growing reliance on interactive, high-quality entertainment services.
The Asia Pacific is the next region that is expected to grow significantly over the forecast period. This growth is attributable to the expanding presence of home theater equipment makers like Sony Corporation, The Samsung Group, and many others in India and China, which is projected to support the consumption rate of home theater goods by households in the region. Furthermore, rising customer preferences for a personalized home theater system are propelling regional home theater market expansion.
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Home Theater Market Drivers
Home Theater Market Restraints
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The industry is extremely competitive, with both established and new firms. Manufacturers of home theater systems have been partnering with producers of smart TVs, particularly smart TVs, during the past few years as part of a product bundling marketing strategy. Typically, flat-screen and skinny TVs don't have good internal speakers. As a result, TV makers mix audio equipment with TV and market the resultant package.
Home Theater Market Top Players Company Profiles
Home Theater Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to the analysis, the global home theater market is currently led by countries in the North American region, due to the huge consumer expenditure on home theater-related products in the region. Along with this, the soundbar segment of home theater devices are dominating the market due to the numerous speakers built into its cabinet which produce surround sound and a stereo effect, which is expected to support the growth of the market over the forecast period.
|Market size value in 2021||USD 8.52 billion|
|Market size value in 2030||USD 10.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Home Theater Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Home Theater Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Home Theater Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
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