Global Home Theatre Market Size, Study, by Product , Application and Forecast 2019-2025
Bharat Book Bureau Provides the Trending Market Research Report on “Global Home Theatre Market (2019-2025)”under Consumer Goods Category. The report offers a collection of superior market research, market analysis, competitive intelligence and Market reports.
The Global Home Theatre Market is expected to reach $13,050.2 million by 2025, growing at a CAGR of 8.3% during 2019 -2025. The North America market dominated the Global Home Theatre Market by Region 2018, thereby, growing at a CAGR of 7.9 % during the forecast period. The Asia Pacific market is expected to witness a CAGR of 9.6% during (2019 – 2025).
Home Theatre is understood as an arrangement of audio and video modules intended to reinvent the experience of watching movies in a multiplex or theatre. Home Theatres is surely one of the most inventive and premium innovations materialized in recent times and have enhanced the entertainment experience by many levels. With time, the home theatre has seen an evolution with ever advancing technology and media. Newer products are being introduced by manufacturers, now compatible with a number of communication devices thereby fuelling the demand for home theatres by the tech savy customers. The latest home theatre systems have exciting feature of voice assistance like Echo and Alexa.
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With the rise in internet connectivity, the internet subscriber base is expanding globally year after year. The world is landing in digitalization era with internet connectivity becoming essential for a normal lifestyle. The internet connectivity is now becoming indispensible in every area of day to day life right from work to even entertainment. As per an estimate, more than 5 billion unique mobile users and approximately 4.5 billion internet users and close to 3.5 billion social media users exist today worldwide.
These users of internet are further increasing a quite a high pace thereby leading to the awareness and utilization of online medium for work, information, media, entertainment etc. Specifically, internet is now a powerful and highly utilized medium for entertainment by the users. As a matter of fact, more than 90% of internet users watch online videos. Low price or no price is also one of the key reasons for high percentage of online users relying on internet as entertainment medium. Some of the major avenues for online entertainment sources include YouTube, Podcasts, Music streaming like Spotify or Pandora, News sites, Social media sites, eBook sites and Gaming sites among others.
The major strategies followed by the market participants are Product launches and Partnerships & Collaborations. Sony Corporation, Samsung Electronics Co., Ltd. and Toshiba Corporation are some of the forerunners in the Home Theatre Market. HARMAN, a renowned speaker maker was acquired by Samsung and became a wholly-owned subsidiary of Samsung Electronics Co., Ltd. Sony India announced the launching of its HT-S350 Soundbar offering extraordinary experience of watching music videos, movies with surround sound of cinema quality. Sony announced the launch of its newest soundbar home theatre systems – HT-S700RF and HT-S500RF in India.
Companies such as Panasonic Corporation, Sonos, Inc., LG Corporation (LG Electronics), Bose Corporation, Koninklijke Philips N.V., Bowers & Wilkins, Inc., and Atlantic Technology, Inc. are some of the key innovators in Home Theatre Market. South Korean electronics giant LG Electronics is establishing a manufacturing plant in Bangladesh. The expansion is intended to cater the local markets demand for consumer electronics products. Regular product offerings from LG in Bangladesh are majorly related to Smart TV, surround systems, state-of-the-art LED TV, refrigerators, home theatre, washing machines, vacuum cleaner, microwave oven and smartphones. Bose launched addition of Home Speaker 300 to its smart speaker family.
Key Strategies deployed in Home Theatre Market
Partnerships, Collaborations and Agreements
Apr 2019 – Sonos has collaborated with IKEA for developing smart speakers and audio systems.
Aug 2018 – Samsung has collaborated with Harman in order to deliver perfect sound in new soundbar lineup.
Jun 2018 – Philips TV and Bowers & Wilkins have come to an agreement for a multi-year exclusive partnership to manufacture extraordinary products and raise the bar of visual and audio performance standards.
Jun 2016 – Bose Corporation entered in an agreement for expanding its strategic partnership with Flex. According to this agreement, the ownership and operation of Bose’s development and manufacturing operations in Mexico, San Luis, Penang and Malaysia will be transferred to Flex. The agreement also allows Bose to have larger access to supply chain solutions of Flex, Thereby accelerating the speed-to-market, globally.
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