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Home Theatre Market Share

ID: MRFR//2777-HCR | 100 Pages | Author: Aarti Dhapte| May 2024

In the dynamic realm of client electronics, the Home theatre Market is a fiercely competitive area, with organizations vying for market proportion through strategic positioning techniques. One frequent approach involves differentiation, in which corporations strive to differentiate their services from competitors through particular functions, modern-day generations, and innovative designs. By growing a wonderful identity inside the marketplace, companies can appeal to a selected segment of customers who value one's particular attributes.
Another key strategy is cost leadership, wherein businesses aim to grow to be the low-value provider within the market. By correctly managing manufacturing costs, optimizing supply chains, and leveraging economies of scale, these companies can provide aggressive charges to consumers, attractive to a broader consumer base. This approach regularly includes tight cost controls, operational efficiency, and strategic partnerships with providers to maintain an aggressive edge. Brand positioning is likewise an important factor of market share techniques within the Home theatre Market. Building a strong emblem image through effective marketing, marketing, and client experiences can elevate a corporation's position in the minds of purchasers. This strategy is frequently complemented by growing emotional connections with customers, emphasizing the emblem's values, and consistently turning in on promises to foster acceptance as true with loyalty.
Innovation plays a pivotal position in marketplace proportion positioning within the Home theatre Market. Staying ahead of technological improvements and incorporating state-of-the-art functions and functionalities into products can entice tech-savvy purchasers. Companies that invest in studies and development to carry modern-day technology together with voice control, wi-fi connectivity, and immersive audio stories to their home theatre systems are probable to seize a massive percentage of the market. Moreover, partnerships and collaborations may be instrumental in expanding marketplace share. Forming alliances with content material providers, streaming services, or different relevant industry players can decorate the general fee proposition for consumers. By supplying bundled offerings, exceptional content material, or seamless integration with popular platforms, agencies can create a more complete and appealing home theatre atmosphere.
Customer carrier and aid are indispensable components of market proportion strategies. Providing first-rate publish-purchase support, warranties, and responsive customer service can contribute to tremendous phrase-of-mouth advertising and marketing and enhance the overall emblem belief. Satisfied customers are more likely to come to be brand advocates, recommending merchandise to buddies and circle of relatives and contributing to the agency's marketplace share growth.

Covered Aspects:

Report Attribute/Metric	Details
Base Year For Estimation	2021
Historical Data	2018 & 2020
Forecast Period	2022-2030
Growth Rate	18.54% (2022-2030)

Home Theatre Market Highlights:

Home Theatre Market Trends

Home Theatre Market Analysis

Home Theatre Market Share

Home Theatre Companies

Global Home Theatre Market Overview:

The home theatre market size was valued at USD 8.52 billion in 2021. The home theatre industry is projected to grow from USD 10.1 Billion in 2022 to USD 33.22 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 18.54% during the forecast period (2024-2030). Rising consumer spending on home entertainment-related devices and an increasing number of smart homes equipped with connected communication devices are the key market drivers enhancing the market growth for home theatre.

Home Theatre Market Overview

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Home Theatre Market Trends

Increasing adaption of cloud services to boost the market growth

The growing adaption of cloud services is becoming popular in the home theatre systems market. Cloud technology legally permits customers to watch videos and music online. Video streaming platforms are adapting cloud technologies to provide a better viewing experience. For example, earlier consumers used television to watch videos, and now the customers prefer an access-based approach that allows them to subscribe to video libraries in the cloud.

Further, the ability to stream audio content wirelessly has been boosting industry growth across the globe as consumers have been adopting entertainment devices with Bluetooth and Wi-Fi connectivity. The latest audio systems, including HTIB and soundbars, are generally equipped with Wi-Fi and Bluetooth connectivity. Therefore, the product can be effortlessly connected to portable devices, including smartphones, laptops, and tablets. This connectivity feature of the home theatre systems has been attracting millennial consumers, who are rapidly adopting portable devices. Additionally, increasing demand for Blu-ray high-definition (HD) playback systems has widened the scope for the producers. Key producers of this industry, including Bose Corporation and LG Electronics Inc., are introducing new features to enhance the consumer experience, thereby driving the demand for home theatre.

Additionally, the home theatre system has created substantial interest in customers in home entertainment progressions over the past few years. A hike in the cost of movie tickets has been one of the factors for the rising requirement of feasible and advanced home theatre systems, which have presented an opportunity for customers to experience advanced home entertainment. Home theatre is swiftly replacing the conventional television with technological incorporations in the new models of home theatre system, which present a similar outlook as that of small multiplex cinema providing super HD quality. Therefore, such factors have enhanced the home theatre market CAGR globally in recent years.

However, the key manufacturers have launched home theatre packages as per the requirement of customers and installation necessities according to the size and design of the room. Companies in the home theatre systems market are manufacturing advanced systems that can be connected to the internet to access videos. Thus these factors enhance the growth of the home theatre market revenue.

Home Theatre Market Segment Insights:

Home Theatre Type Insights

The home theatre market segmentation, based on fusion type, includes sound & display systems, storage devices, and media players. The sound & display systems segment held the majority share 2021 of the home theatre market revenue. This is primarily due to the availability of compatible products for audio equipment. However, media players are the fastest-growing category over the forecast period. They permit users to organize their multimedia collection and play songs and movies.

Home Theatre Component Insights

The home theatre market data has been bifurcated by type into home theatre in a box, sound bar, and component systems. The home theatre in a box system segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2024-2030. These systems include surround sound speakers, Blu-ray/DVD/CD player, amplifier, radio tuner, remote control, and cable accessories. The surround speakers enhance the home cinema experience by providing theater-like sound. However, component systems are the fastest-growing market share in the home theatre as the product contains multiple speakers placed in its cabinet that create a stereo effect and surround sound. Installing a sound bar is easier than classic HTIB and positively impacts market growth.

August 2022: Sony HT-S400 soundbar speaker system with wireless subwoofer has been launched in India. The new soundbar system from Sony is among the most affordable in the category in India. It has a 2.1-channel configuration with a two-channel bar speaker and a separate wireless subwoofer. The speaker system has a rated sound output of 330W, making it considerably louder than what most televisions offer through built-in speakers, thus pitching it as an affordable upgrade home theatre sound.

Figure 1: Home Theatre Market, by Type, 2021 & 2030 (USD Million)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Home Theatre Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America home theatre market accounted for USD 3.65 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the growing demand for high-quality audio and sound system in the US and Canada has fueled the market growth in this region. Moreover, the US home theatre market held the largest market share, and the Canadian home theatre market was the fastest-growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: HOME THEATRE MARKET SHARE BY REGION 2021 (%)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

The Asia-Pacific home theatre market is expected to grow at the fastest CAGR from 2024 to 2030. This is due increasing number of middle-class income people, along with rising urbanization in developing countries, including China, India, Indonesia, Malaysia, Philippines, and Thailand, which has been promoting the growth of the market in this region. Rapidly increasing adoption of innovative technologies, such as wireless and voice control, has also impacted the industry growth positively in Asia Pacific. Moreover, China home theatre market held the largest market share, and the India home theatre market was the fastest-growing market in the Asia-Pacific region.

The Europe home theatre market is the second-largest market per the leading customer demand for enhanced HD quality and audio systems without much price sensitivity. Further, the Germany home theatre market held the largest market share, and the UK home theatre market was the fastest-growing market in the European region.

Home Theatre Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Home Theatre market grow even more. Market participants are also taking various strategic initiatives to expand their worldwide footprint, with key market developments such as new product launches, contractual agreements, increased investments, mergers and acquisitions, and collaboration with other organizations. Competitors in the home theatre industry must offer cost-effective items to expand and survive in an increasingly competitive and enhancing market environment.

One of the primary business strategies manufacturers adopt in the home theatre industry to benefit clients and expand the market sector is manufacturing locally to reduce operating costs. The home theatre industry has provided medicine with some of the most significant benefits in recent years. In the home theatre market, major players such as BOSE CORPORATION (US), LG ELECTRONICS (SOUTH KOREA), PANASONIC CORPORATION (JAPAN), and others are working to enhance the market demand by investing in research and development activities.

Sony Group Corporation manufactures and distributes electronic products and provides related solutions. The Company produces televisions, cameras, mobiles, audio and video products, game equipment, and more. Sony Group also engages in games, movies, music, and other businesses. In February 2022, Sony India introduced its premium range of Home Theater System HT-A9 and HT-A7000 soundbars, providing a new and revolutionary multi-dimensional sound experience. Powered with innovative 360 SSM surround sound technology that creates an incredibly immersive soundscape for any movie, music, or gaming experience.

Also, Summit Wireless Technologies Inc. provides immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. The company works with consumer electronics companies, technology providers, retailers, and ecosystem partners to make immersive audio an enjoyable experience. Working with CE brands and manufacturers, the company delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. The company has sales teams in Taiwan, China, Japan, Korea, and California. In August 2020, Summit Wireless Technologies Inc., a leading sound technologies-based intelligent devices provider, launched 'Tunes By THX Monaco 3.1'. This wireless home audio system delivers a high-quality sound experience to home theater users.

Key Companies in the Home Theatre market include

BOSE CORPORATION (US.)

LG ELECTRONICS (SOUTH KOREA)

PANASONIC CORPORATION (JAPAN)

SAMSUNG ELECTRONICS. (SOUTH KOREA)

SONY CORPORATION (JAPAN)

AKAI ELECTRONICS (JAPAN)

KONINKLIJKE PHILIPS N.V. (NEATHERLANDS)

BOWERS & WILKINS (UK.)

ATLANTIC TECHNOLOGY (US.)

TOSHIBA CORPORATION (JAPAN), among others

Home Theatre Industry Developments

April 2022: Bose India introduced the Smart Soundbar 900, a Dolby Atmos speaker. The Soundbar 900 boosts Dolby Atmos content by dividing dialogue, instruments, and effects and then positioning them in discrete parts of a room far above, far right, and left using proprietary Bose spatial technologies. It also elevates non-Dolby Atmos content by delivering a similar experience regardless of what the user is listening to or watching.

August 2022: Sony India launched its 2.1ch soundbar HT-S400 with a wireless subwoofer. The soundbar features S-Force PRO Front Surround technology, which provides clear dialogue and a powerful 330W total power output.

October 2020: Sound United, a New Jersey-based consumer electronics company, acquired Bowers & Wilkins for an undisclosed amount. This acquisition is for combining organizations and becoming a part of the industry’s strongest portfolio of premium audio brands.

Home Theatre Market Segmentation:

Home Theatre Component Outlook

Sound & Display Systems

Storage Devices

Media Players

Home Theatre Type Outlook

Home Theatre in a Box System

Sound Bar

Component Systems

Home Theatre Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Home Theatre Companies

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