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Home theatres are commonly used audio-video systems in households for entertainment purposes. Projector screens of such systems are available in different diagonal sizes ranging from 70 inches to 200 inches. Home theatre systems with a lamp-less technology-based video projector screen equipped in them are widely popular among the people, as it can provide a high-quality entertainment experience through such a system.
Nowadays, companies are focusing on providing innovative sound theatre systems to provide a luxurious entertainment solution to the users. For instance, in August 2020, Summit Wireless Technologies Inc., a leading provider of sound technology-based intelligent devices, launched 'Tunes By THX Monaco 3.1', a wireless home audio system that delivers a high-quality sound experience to home theatre users.
Rising consumer spending on home entertainment-related devices such as home theatre systems, soundbars, headphones, and others is expected to drive market growth. According to the data presented by the Motion Picture Association of America, in 2018, global consumer spending on home entertainment-related devices and services reached USD 55.7 billion, 16% up from 2017. Additionally, growing consumer adoption of the 3D sound system-based compact sized home cinema devices is further likely to provide newer opportunities for the growth of the market.
Besides this, the uncertain occurrence of the COVID-19 lockdown restrictions in many countries across the globe results in the shifting consumer trends towards watching movies at public theatres to create theatre-like environments at home. This is likely to ease the demand for home-based entertainment-related devices such as home theatres and headphones among people. For instance, from 24th May 2020 to 24th June 2020, Sony Corporation reported a 35% spike in sales of its audio products' including home theatres and headphones in India.
Regular introduction of such innovative products by the associated companies is likely to attract the users towards buying them, thereby driving the growth of the market. However, the growing penetration of alternative items, including high-quality television sets among the people, is anticipated to hamper the home theatre devices' demand. Additionally, the higher cost of smart home theatre devices is expected to restrain the market growth.
Key Market Driver -
Rising consumer spending on home entertainment related devices is expected to drive the market growth.
Key Market Restraint -
Growing penetration of the television sets is anticipated to restrain the market growth.
The prominent players associated with the global home theatre market are LG Electronics, The Samsung Group, Panasonic Corporation, Sony Corporation, Philips Koninklijke N.V., VOXX International Corp., Yamaha Corporation, Total Home Theatres, JAMO, Harman International Industries, Seiko Epson Corporation, and others.
The global home theatre market is segmented based on product type, distribution channel, and geography.
By product type, the global market is segmented into home theatre in a box system, sound system, projectors and screens, and others. Home theatre in a box system segment is expected to hold a major share of the market owing to the cost-effectiveness in buying such systems by the consumers over to that of the customer home theatre systems. Additionally, the increasing availability of innovative home theatre box sets across the globe is further likely to drive segmental growth.
By sales channel, the global home theatre market is segmented into specialty stores, online stores, and others. The specialty stores segment is anticipated to hold the largest share of the global market as users can buy such items from various brand options at such stores. Additionally, the after-sales service provision to repair such systems by the specialty stores results in the larger revenue generation from such a segment.
By geography, the global home theatre market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North American region is expected to exhibit a significant share of the global market owing to the large consumer spending for the home theatre related devices such as theatre box, projectors, soundbars, and others in the Canada and United States. This results in the larger revenue generation from such devices from the North American region. According to the data presented by the Motion Picture Association of America, in 2018, U.S. consumer spending for home entertainment-related devices reached USD 5.8 billion. Additionally, the rising adoption of the premium-quality and interactive entertainment-related services among the population is likely to support such products' consumption rate in the region.
The fastest growth of the Asia Pacific region is attributed to the growing expansion of the home theatre device manufacturers such as Sony Corporation, The Samsung Group, and many others in India and China, which are thereby likely to support the consumption rate of such products households in the region. For instance, in August 2020, transcosmos inc., a Shanghai, China-based retailer, expanded its presence by launching its flagship store in China. Such flagship store sells various products such as baby care, toys, personal care and home theatre related equipment in the country.
Additionally, growing consumer trends of having a custom home theatre system are further driving the market growth in the region.
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