Demand for innovative audio products with technologically advanced features is also likely to boost the technology segment during the projected period.
Multi-room audio systems, which enable to play songs through mobile application, are expected to pave huge opportunities for home theatre audio systems manufacturers. Integration of home audio systems with wearable devices have compelled manufacturers in developing smart and networked speakers.
Global sales of home theatre audio systems will account for revenues worth US$ 9,954 Mn in 2017, according to a report by Persistence Market Research (PMR). PMR’s report projects the global home theatre audio systems market to register 5% CAGR through 2025.
Global sales of home theatre audio systems are estimated to reach nearly US$ 15,000 Mn in revenues by 2025-end.
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Key Takeaways from Findings of PMR’s Report on Global Home Theatre Audio Systems Market
- Low-range home theatre audio systems will remain sought after, based on price range. Sales of premium home theatre audio systems will register fastest growth in the market. In addition, revenues from sales of mid-range home theatre audio systems will remain comparatively higher than that of premium home theatre audio systems.
- Un-organized retail stores will remain the most lucrative sales channel for home theatre audio systems, expanding at the highest CAGR through 2025. Sales of home theatre audio systems in organized sales channel will account for revenues worth US$ 5,909.2 Mn by 2025-end.
- By technology, Bluetooth home theatre audio systems will remain dominant in the market, followed by Wi-Fi. In addition, sales of Wi-Fi and NFC home theatre audio systems are estimated to exhibit parallel expansion at 4.8% CAGR through 2025.
- More than 40 Mn units of 9.1 channel & above home theatre audio systems are expected to be sold by 2025-end, based on channel type. In terms of volume, sales of 6.1 channel home theatre audio systems will comparatively lower than other channel type segments in the market.
- North America will continue to be dominant in the global home theatre audio systems market, with sales poised to reach US$ 4,748.8 Mn by 2025-end. Asia-Pacific (APAC) will remain the second largest market for home theatre audio systems, closely followed by Europe. However, sales in Europe will exhibit a comparatively higher CAGR than APAC through 2025.
Increasing Adoption of Wireless Home Theatre Audio Systems to Drive Market Growth in North America
Increasing adoption of wireless home theatre audio systems equipped with features such as Wi-Fi and Bluetooth is expected to drive growth of the market in North America. Audio industry in the region has been witnessing a rise in technological advancements, transforming the fashion in which music is played and appreciated.
This is further expected to fuel demand for home theatre audio systems in North America. However, increasing risk of subsequent hearing loss, resulting from prolonged exposure to music with noise levels over 85 decibels, is likely to inhibit growth of the market in this region.
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Increasing Government Support for In-house Manufacturing to Influence Growth of the Market in APAC
Governments in Asia Pacific countries are providing necessary support for in-house manufacturing through various schemes, for example – “Make in India” scheme by the Indian government. This has further led towards reduction in manufacturing costs, thereby prices of products.
The home theatre audio systems market in APAC is expected to be highly influenced by such initiatives of governments. In addition, increasing population, especially in India and China, is further expected to impact adoption of home theatre audio systems in these regions.
However, confined living spaces in APAC countries, owing to ever-growing population, has resulted into disturbance to neighbors caused by high frequency of home theatre audio systems, particularly in urban areas. This has led people living in urban areas to adopt personal hearing devices such as earphones, or, Bluetooth speakers.
These factors are expected to restrain growth of the home theatre audio systems market in APAC.
Key market players identified in PMR’s report include Bose Corporation, Harman International Industries, Yamaha Corporation, Sony Corporation, Intex Technologies (India) Ltd, LG Electronics Inc., Samsung Electronics, Pioneer Corporation, VOXX International Corp, Sound United LLC, Koninklijke Philips N.V., Bowers & Wilkins, Pioneer Corporation, Bang & Olufsen, Braven LC, Sonos.
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