A home theater refers to a set of audio systems that are interconnected with audio and video systems like a DVD/Blu-ray player, TV, or other sound systems. The global market for home theaters is expected to witness steady growth during the forecast period and is influenced by factors like the growing number of smart homes across the globe. These factors promote the prospects for growth in this market during the forecast period and results in its impressive market value of more than USD 28 billion by 2020.
Technavio's market research analyst has estimated eminent factors, such as the wireless streaming of audio content, to drive market growth during the forecast period. Recently, it has been observed that most of the audio systems are equipped with wireless features like Bluetooth and Wi-Fi connectivity. The ability of these devices to connect to portable devices like smartphones, tablets, and laptops is a significant factor that impels growth in this market during the forecast period.
Geographical segmentation of the home theater market
Geographically, the Americas are expected to account for a market share of nearly 40% by 2020. The high market share of this region can be attributed to the growing preference of the consumers towards better visual and audio effects. Since this region is an early adopter of the home theater technology, the market in this region is expected to reach a level of saturation during the forecast period.
Competitive landscape and key vendors - Bose, LG Electronics, Panasonic
This market is highly competitive and fragmented due to the presence of numerous large and small vendors. Intense competition, rapid advances in technology, and frequent changes in consumer preferences are examples of some factors that pose significant challenges to the vendors. These vendors compete with each other on the basis of performance, innovation, product features, quality, low cost, selling price, distribution, and financial stability to gain maximum prominence in this market during the forecast period.
Key vendors in this market are -
Other prominent vendors analyzed in this market research are Atlantic Technology, Bowers & Wilkins, D&M, Definitive Technology, GoldenEar Technology, Harman, Koninklijke Philips, Logitech International, Monitor Audio, Pioneer, Sharp, Sonos, and Toshiba.
Growth drivers, challenges, and upcoming trends - Home theaters
Technavio market research analysts envisage upcoming trends, such as the growing number of smart homes, to incite the prospects for growth in this market during the forecast period. Home theaters play a critical role in the functioning of smart homes as they replace the traditional audio systems in smart TVs and gaming consoles. Additionally, the increased spending capacity of consumers in developing countries across the globe is expected to be a significant factor that will foster growth in this market during the forecast period.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the home theater market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global home theater market?
What are the key market trends impacting the growth of the global home theater market?
What are the challenges to market growth?
Who are the key vendors in the global home theater market?
What are the market opportunities and threats faced by the vendors in the global home theater market?
Trending factors influencing the market shares of the EMEA, Americas, and APAC?
What are the key outcomes of the five forces analysis of the global home theater market?
Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report – Global Home Theatre Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Home Theatre Market: Bose, LG Electronics, Panasonic, Samsung Electronics and Sony
Other Prominent Vendors in the market are: Atlantic Technology, Bowers & Wilkins, D&M, Definitive Technology, GoldenEar Technology, Harman, Koninklijke Philips, Logitech International, Monitor Audio, Pioneer, Sharp, Sonos, and Toshiba.
Commenting on the report, an analyst from Technavio’s team said: “Product bundling is a marketing strategy where vendors collaborate with smart TV manufacturers to bundle home theaters with their products, especially smart TVs. As flat-screen and slim TVs usually do not have high-quality built-in speakers, TV manufacturers bundle audio devices with TV units and sell them as a single product.”
According to the report, one of the main factors driving the sale of home theaters is the ability to stream audio content wirelessly. Most recent audio systems offer Bluetooth and Wi-Fi connectivity. The latest home theater systems can connect to portable devices like smartphones, tablets, and laptops. Hence, the feature to stream audio content wirelessly and seamlessly connect with portable devices is one of the major factors driving market growth.
Further, the report states that the intense competition among vendors is hampering the growth of the market.