Home Theater Market size to reach USD 28 billion by 2023
Home theater market size is projected to exceed USD 28 billion by 2023. It refers to an audio system that can be interconnected with any video or audio device such as TV, DVD/Blu-ray player or any other sound systems. Rising number of smart homes across the world is anticipated to drive the industry growth over the forecast period.
At present, audio systems come equipped with wireless technologies such as Wi-Fi and Bluetooth. Increasing need for wireless streaming of audio content is expected to drive the home theater market share. In addition, the ability of these devices to connect with portable devices such as tablets, laptops, and smartphones is expected to drive demand over the next few years.
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Home theater market price trend is expected to remain intensely competitive over the next seven years, which could see frequent pricing wars among industry participants. An alternative strategy of feature based product differentiation could also emerge.
Fierce competition owing to existence of large number of small vendors is predicted to hamper the industry. Vendors are forecast to compete on the basis of distribution, performance, innovation, product features, selling price, as well as financial stability in order to increase their significance over the next few years. Reducing number of manufacturers focusing on built-in sound systems in TV sets is anticipated to fuel the need for external audio systems.
The advent of realistic home audio equipment may positively impact the home theater market size over the forecast period. Increasing customer needs regarding high performance home theater experience owing to rising disposable income is predicted to drive the industry. Rising trend towards deployment of highly developed devices and services, namely, faster internet connectivity and high-speed data streaming along with internet exclusive entertainment is predicted to increase the need for external audio systems. Key driving forces also include the development of user friendly and less intrusive systems.
Dynamic consumer preferences, rapid technological innovation, and intense competition might post as challenge to the industry participants over the forecast period. These devices are likely to replace the conventional smart TV audio systems as well as gaming consoles. Increasing spending capability among the consumers on a global level is expected to offer massive growth potential. Enhanced internet connectivity accompanied by emergence of realistic immersive home audio devices is anticipated to furnish avenues for the home theater market growth.
Home theater in-a-box (HTiB) is an arrangement of Blu-ray or DVD player, a multi-channel amplifier and a set of five or more surround sound speakers. In addition, this product also includes multiple channel HTiBs such as 6.1, 5.1, 9.1, and 7.1 channel system. Home audio systems include various devices used for household usage such as MP3 players, compact audio systems, CD/DVD players, cassette deck, mini disc players, etc. Other home audio accessories include devices such as subwoofers, speakers, amplifiers, microphones, set top boxes, headphones among others. Escalating popularity of audio technologies is forecast to drive the industry growth over the forecast period.
U.S. home theater market share is predicted to exhibit high growth prospects. The region is likely to occupy more than 40% of the overall industry share by 2023. The surge in demand can be credited to increasing consumer preferences regarding superior audio and video effects. High growth in the China and India home theater market size can be attributed to growing urbanization along with rising acceptance of innovative technologies.
Major industry participants accumulating substantial home theater market share include LG Electronics, Panasonic, Bose, Sony, and Samsung Electronics. Other key stakeholders involved in the industry are Bowers & Wilkins, Atlantic Technology, D&M, Definitive Technology, GoldenEar Technology, Philips, Monitor Audio, Pioneer, Sharp, Toshiba, Sonos, and Harman.
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