Home Theatre Systems Market:
The home theatre systems market consists of sales of home theatre systems. A home theater system consists of a large television with video components and digital surrounding audio system set up at home. It gives an experience of watching a movie in small multiplex cinema screens.
The global home theatre systems market was worth $ 15.04 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 19% and reach $29.74 billion by 2023.
The home theatre systems market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. Asia Pacific accounts for around 60% of the market.
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The home thatre system covered in this report is segmented by product into home theatre in a box system (HTIB), sound bar, component system. It is also segmented by distribution channel into online, offline and by application into household use, commercial use.
The rise in disposable incomes was a major driver of the home theatre systems market. The rise in disposable incomes was mainly driven by economic growth and middle class population growth in developing countries such as China, India and Brazil. According to the World Bank, the world’s middle class population – defined as that earning between $10 and $100 per day – increased from approximately 1.5 to 2 billion between 2010 and 2015 . In 2017, China’s economy grew at 6.6% and India’s GDP grew at 7.2%. The disposable personal income in India increased to $2,718.6 billion in 2018 from $2391.5 billion in 2017. Increased earnings greatly increased disposable incomes in the emerging markets, increasing the demand for home theatre systems market.
The changes in consumer lifestyles and preferences had a significant impact on the home theatre systems market. With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online audio and video streaming services on mobile phones. Television viewership continued to decline, especially among the millennials. For example, as of 2017, young people in the UK were watching a third less television through traditional free-to-air channels such as the BBC and ITV than they did in 2010. In 2016, the decline in TV viewership for young millennials (aged 18-24) in the US was 7.4% year-over-year and 40.1% over 5 years. Changes in consumer preferences restricted the demand for ahome theatre systems.
Increasing adaption of cloud services is becoming popular in the home theater systems market. Cloud technology legally allow the customers to watch videos and music online. Video streaming platforms are adapting cloud technologies for providing better viewing experience. For example, earlier consumers used television for watching videos and now the customers are preferring access-based approach which allow them to subscribe to video libraries in the cloud. Therefore, companies in the home theatre systems market are manufacturing advanced systems that can be connected to internet to access the videos online.
In August 2018, Samsung Electronics Co., Ltd, a South Korean multinational electronics company entered collaboration agreement with Harman Kardon Inc. This collaboration helps Samsung Electronics Co., Ltd to further improve their audio quality and play a key role in growing their premium soundbar business. Harman-Kardon Inc., US-based company, manufactures wireless audio systems, portables, speakers, headphones, amplifiers, and accessories.
Major players in the market are Bose Corporation, LG Electronics Inc, Panasonic Corporation, Sony Corporation, Samsung Group, Bowers & Wilkins, Atlantic Technology, Definitive Technology, GoldenEar Technology, Yamaha CorporationHome Theatre Systems Market Global Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global home theatre systems market.
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