Home Theatre Market is Anticipated to Hit USD 31 Billion by 2023 with COVID-19 Impact Analysis, Business Opportunities, Future Scope
As per Market Research Future (MRFR), the home theatre market is estimated to reach USD 31 Billion, with a CAGR of 19% from 2017 to 2023 (forecast period). The report provides a detailed overview of the effect of the Covid-19 pandemic on the home theatre market.
Home theatre can be described as a theatre reproduced at home. It also consists of audio and video systems created to have the same effect like the one in theatre. It supports users with an Internet streaming service that enables them to watch TV shows and web series.
Market Dynamics
Home theatre systems have gained considerable demand among consumers over the last few years. This is attributed to the rising income levels of the population across the globe and the desire to spend more on entertainment solutions. Home theatre products include various items such as sound and display systems, media players, storage devices, and theatre-in-a-box systems. Theatre-in-box systems comprise of various channels such as 5.1 channel, 6.1 channel, 7.1 channel, 9.1 channel. There is a steady growth in the number of stores selling large-scale high-resolution televisions, projectors, and home theatre systems.
Key Players
The key participants identified by MRFR operating in the home theatre market are - Bose Corporation (U.S.), Akai Electronics (Japan), LG Electronics (South Korea), Sony Corporation (Japan), Panasonic Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Koninklijke Philips N.V., (Netherlands), Bowers & Wilkins (U.K.), Atlantic Technology (U.S.), Toshiba Corporation (Japan) among others.
Sony Corporation has developed a diverse range of home theatre systems designed to provide 1,950 power output and 5.2-inch surround sound. Panasonic Corporation, one of the leading players in home theatre systems, has recently developed 7 models of home theatre systems, each with its own technology and sound systems.
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Market Segmentation
· By component, the home theatre market has been segmented into sound & display systems, media players, storage devices, and others.
· By audio type, the home theatre market has been segmented into home theatre in a box system, soundbar, component system, and component separate.
Regional Analysis
Region-wise, the home theatre market has been segmented into North America, Asia Pacific, Europe, and the rest of the world.
The North American region has the largest market share in home theatre due to growing customer demand for high-quality audio and sound systems. The Asia Pacific region is rising with the highest CAGR in the home theatre market due to the emergence of increasing economies in the region and the increase in people's purchasing power. Many small and medium-sized players from the region are boosting the growth of the market.
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TABLE OF CONTENTS:
1. Market Introduction
2. Research Methodology
3. Market Dynamics
4. Executive Summary
5. Market Factor Analysis
6. Home Theatre Market, By Segments
7. Competitive Analysis
Continued…
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