NEW YORK, June 26, 2024 /PRNewswire/ — The global home theater market size is estimated to grow by USD 8.6 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.08% during the forecast period. Rise in disposable income is driving market growth, with a trend towards demand for customized home theater systems. However, cost of home theater systems poses a challenge. Key market players include Atlantic Technology Inc., AudioQuest, Bluesound International, Bose Corp., Bowers and Wilkins, Koninklijke Philips N.V., LG Corp., Logitech International SA, Monitor Audio Ltd., NAD Electronics, Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Sharp Corp., Sonos Inc., Sony Group Corp., The Rotel Co., Ltd., Toshiba Corp., and Yamaha Corp..
Technavio has announced its latest market research report titled Global home theater market 2024-2028
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Forecast period |
2024-2028 |
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Base Year |
2023 |
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Historic Data |
2018 – 2022 |
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Segment Covered |
Product (Home theater speakers and Sound bars), Distribution Channel (Offline and Online), and Geography (APAC, North America, Europe, Middle East and Africa, and South America) |
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Region Covered |
APAC, North America, Europe, Middle East and Africa, and South America |
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Key companies profiled |
Atlantic Technology Inc., AudioQuest, Bluesound International, Bose Corp., Bowers and Wilkins, Koninklijke Philips N.V., LG Corp., Logitech International SA, Monitor Audio Ltd., NAD Electronics, Panasonic Holdings Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Sharp Corp., Sonos Inc., Sony Group Corp., The Rotel Co., Ltd., Toshiba Corp., and Yamaha Corp. |
Key Market Trends Fueling Growth
The customized home theater market is experiencing significant growth due to increasing consumer preferences for tailored systems. Few companies currently provide this service at a premium, making it inaccessible for the middle-income segment. Builders do not typically include customized home theaters in their projects due to insufficient return on investment. However, some businesses offer packages in three categories: room size, performance, and design, catering to each customer’s unique preferences. This trend is anticipated to boost the expansion of the global home theater market.
The home theater market is currently experiencing significant growth, with components such as movies, TVs, sound systems, and streaming services playing key roles. Smart homes and voice control technology are trending, allowing users to easily control their home theaters with simple voice commands. Devices like TVs and sound systems are becoming more advanced, offering features like 4K resolution, HDR, and Dolby Atmos for enhanced viewing and listening experiences. Components like projectors and screens are also gaining popularity, providing larger-than-life visuals for movie nights at home. Overall, the home theater market is thriving, offering consumers a wide range of options to create their ideal home entertainment setup.
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Market Challenges
The global home theater market may face obstacles in expansion due to the high cost of setting up a home theater system. The expense of constructing a dedicated room and purchasing equipment, which can range from USD50 to USD250 per square foot and nearly USD7,500 for equipment, may deter potential buyers. Affordable stand-alone speaker systems present competition, making it essential for market growth. The following price listings are for audio components in 2022-2023: Sony MHC-V83D Bluetooth Tower Speaker (USD835), Home Theater Subwoofer (USD3,101), 14LG Corp. 1.2 ch High-Res Audio Soundbar with Dolby Atmos (USD1,173), and LG GX 3.1 ch High-Res Audio Soundbar with Dolby Atmos (USD999.99). These costs could limit the market’s reach, particularly among the middle class.
The home theater market faces several challenges in delivering superior sound and visual experiences. Devices such as soundbars, subwoofers, and projectors require precise calibration and synchronization to create an immersive environment. Connection technologies like HDMI and Wi-Fi must be reliable and compatible with various devices. Consumers demand easy-to-use interfaces and seamless integration with streaming services and smart home systems. Cost and size constraints also impact the market, as high-end systems can be expensive and bulky. Competition from other entertainment sources like gaming consoles and mobile devices further intensifies the competition. Brands must address these challenges to provide innovative and user-friendly home theater solutions.
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Segment Overview
This home theater market report extensively covers market segmentation by
Product
1.1 Home theater speakers
1.2 Sound bars
Distribution Channel
2.1 Offline
2.2 Online
Geography
3.1 APAC
3.2 North America
3.3 Europe
3.4 Middle East and Africa
3.5 South America
1.1 Home theater speakers- The home theater market faces challenges due to the high cost and limited preference for large audio systems. However, demand remains strong for high-end systems offering superior surround sound and theater-like experiences. Vendors provide various channel formats, such as 5.1 and 7.1, with Samsung offering the HT-J5500W 5.1 system. The market growth is sluggish, primarily driven by high-income regions. Innovations in design and functionality, like Sony’s HT-A9 and HT-A7000 soundbars with 360 SSM technology, are key growth factors. Vendors also bundle products to boost sales.
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Research Analysis
The home theater market encompasses a range of devices designed to enhance the entertainment experience within residential spaces. These include home theater in a box (HTIB) systems, soundbars, Blu-ray high-definition players, projectors, and television sets. Smart home integration is a significant trend, with Wi-Fi and Bluetooth connectivity enabling seamless control and access to cloud services and over-the-top (OTT) platforms like Netflix and Disney Plus. Surround sound systems, featuring speakers and sub-woofers, provide an immersive audio experience. Lamp-less technology, such as laser projectors from Seiko Epson Corporation, offers energy efficiency and long-lasting performance. Home entertainment systems continue to evolve, offering consumers superior quality and convenience. Transcosmos plays a role in providing logistics and sales support for these products.
Market Research Overview
The Home Theater market encompasses a range of devices and technologies designed to deliver an immersive cinematic experience at home. These include sound systems with surround sound capabilities, projectors, and smart TVs with high resolution displays. The market is driven by the increasing demand for enhanced home entertainment, particularly in light of the ongoing pandemic. Consumers seek devices that offer superior audio and video quality, easy connectivity, and compatibility with various streaming platforms. Additionally, the integration of artificial intelligence and voice control technology is becoming increasingly popular, allowing users to control their home theaters with simple voice commands. The market is expected to grow significantly in the coming years, as more and more people invest in creating their personal cinemas at home.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Home Theater Speakers
Sound Bars
Distribution Channel
Offline
Online
Geography
APAC
North America
Europe
Middle East And Africa
South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio