Rising customer demand for enhanced home theater experience is expected to drive the market growth. The demand for Blu-Ray’s high-definition (HD) playback system is very high as it brings the advanced home theater experience. Smart homes are equipped with several connected devices which can interact with each other to enable enhanced consumer experience. Providers are offering improved home theater systems integrated with assistant functionalities for smart homes. Thus, modern home cinema systems are being built with the compatibility of voice assistance devices such as Alexa or Home Mini.
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Additionally, improved internet connectivity and introduction of realistic immersive home audio devices are expected to support the market growth over the forecast period. Major vendors in the market are providing customized systems for the CEDIA community, the luxury builders’ market, and its clients. Vendors also offering different personalized packages according to the consumer preference and room design. There is a rising trend of offering connectivity feature with home theater systems. Thus, rising demand for wireless streaming of audio content is likely to supplement market growth. Audio systems are integrated with wireless technologies such as Bluetooth and Wi-Fi to establish connection with mobile devices like smartphones, laptops, and tablets.
For instance, VIZIO, Inc., a sound bar company revealed its new 2018 VIZO Home Theater Sound Systems with the help of Dolby Atmos. The system is intended to produce greater cinematic sound from every angle. The new systems are available in three configuration such as 46″ 5.1.4, 46″ 3.1.2 and 36″ 5.1.2. It includes feature independent upward-firing speakers which may deliver up to 10 channels of sound from every direction. Its integrated Bluetooth connectivity allows listeners to play their music from their tablet, smartphone, or laptop. However, the market is expected to face challenge due to increasing consumers preference for mobile devices, such as smartphones and laptops for entertainment.
The worldwide home theater market can be segmented on the basis of product type and regions. Based on product type, the market can be classified into home theater speakers and sound bars.
Geographically, the market can be divided into Americas, Asia Pacific, and EMEA (Europe, the Middle East, and Africa). The Americas are expected to capture major market share revenue-wise during the forecast period. High demand for home theater systems and the existence of abundant home system manufacturers is supporting growth in the region.
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Asia Pacific is expected to display the fastest growth rate over the forecast period. This growth can be attributed to rapid urbanization, economical improvements, increasing consumers spending, and acceptance of innovative technologies.
Prominent players operating in the home theater market include Sony Corporation, Bose Corporation, LG Electronics Inc., SAMSUNG, and Panasonic Corporation. The market is expected to sever competition in the future due to presence of huge numbers of small and large companies in the market. The participants compete each other based on parameters such as innovation, features, distribution, performance, selling price. Vendors are offering customized systems at premium prices. External sound systems for TV sets among the manufacturer is also expected to create opportunities for manufacturers.
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