Home Theater Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Sep 2020
  • Pages: 120
  • SKU: IRTNTR45116

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The home theater market size has the potential to grow by USD 2.87 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (home theater speakers and sound bars) and geography (APAC, Europe, North America, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Bose Corp., Harman International Industries Inc., Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, Panasonic Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Corp., and Yamaha Corp.

Market Overview

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Market Competitive Analysis

The market is fragmented. Bose Corp., Harman International Industries Inc., and Koninklijke Philips NV are some of the major market participants. Most key vendors are based out of the US and Europe. Vendors compete on several factors, such as product portfolio, quality of products, reliability of products, and other factors. The global home theater market is currently at the growth stage and is estimated to grow at a significant rate during the forecast period. Although the growth of smart homes will offer immense growth opportunities, the availability of counterfeit products will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this home theater market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this home theater market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Bose Corp.
  • Harman International Industries Inc.
  • Koninklijke Philips NV
  • LG Electronics Inc.
  • Logitech International SA
  • Panasonic Corp.
  • Pioneer Corp.
  • Samsung Electronics Co. Ltd.
  • Sony Corp.
  • Yamaha Corp.

Home Theater Market: Segmentation by Geography

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APAC was the largest home theater market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Factors such as the increase in the disposable income will significantly drive home theater market growth in this region over the forecast period.

44% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for home theaters in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Home Theater Market: Segmentation by Product

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Home theater systems are considered the best for surround sound and a theater-like experience because of a large number of speakers. The demand for such products will primarily come from high-income regions, contributing to the market share growth. The other factor adding to the sales of home theater systems is introduction of new speakers with innovations in terms of design and functionality. 

However, the home theater market share growth by the home theater speakers segment will be slower than the growth of the market by the sound bars segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the home theater market size.

Home Theater Market: Key Drivers and Trends

The growth of smart homes will be one of the major drivers for the home theater market growth. Smart homes are equipped with connected devices that communicate with each other and provide enhanced consumer experience. The home theater vendors are offering enhanced home theater systems equipped with assistant functionalities for smart homes. Latest home cinema systems are being equipped with Alexa or Echo, which makes voice assistance devices compatible with home theater systems. Additionally, Google Chromecast devices are media streamers that must be connected to a high-definition multimedia interface (HDMI)- equipped receiver. Receivers or speakers inbuilt with Chromecast can be directly paired with Google Home.

The growing demand for customized home theater systems is one of the key home theater market trends. A few home theater manufacturers offer customized home theatre systems at premium prices. A key home theater vendor is offering customized home theaters for the CEDIA community, the luxury builders’ market, and its customers. This key vendor also develops home theater packages tailored to consumer preference and catering to room size, room performance, and room design. The market will register a CAGR of more than 4% by 2024.

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Home Theater Market: Key Highlights of the Report for 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive home theater market growth during the next five years
  • Precise estimation of the home theater market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the home theater industry across APAC, Europe, North America, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of home theater market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The home theater market growth will increase by $2878.09 million during 2019-2024.
The home theater market is expected to grow at a CAGR of 4.38% during 2019-2024.
Technavio has segmented the home theater market by product (Home theater speakers and Sound bars) and geographic (APAC, Europe, North America, MEA, and South America).
Bose Corp., Harman International Industries Inc., Koninklijke Philips NV, LG Electronics Inc., Logitech International SA, Panasonic Corp., Pioneer Corp., Samsung Electronics Co. Ltd., Sony Corp., Yamaha Corp. are a few of the key vendors in the home theater market.
APAC will register the highest growth rate of 43.86% among the other regions. Therefore, the home theater market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
  • US
  • China
  • Germany
  • UK
  • Japan
  • France
The key factors driving the home theater market growth are:
  • Rise in disposable income
The home theater market vendors should focus on grabbing business opportunities from the segment as it accounted for the largest market share in the base year.

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