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Home Theater Market is Projected to Cross USD 28 Billion Revenue by 2023

Author : Ronak Bora | Published Date : 2019-04-22 

The demand for Global home theater market is anticipated to be high for the next five years. By considering this demand we provide latest industry report which gives complete industry analysis, market outlook, size, growth and forecast till 2024. This report will assist in analyzing the current and future business trends, sales and revenue forecasts.

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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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 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.

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.

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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 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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About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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