LONDON–(BUSINESS WIRE)–Oct 20, 2020–
The home theater market research report examines the key questions around the implications of COVID-19 and provide a recovery analysis and outlook for the market in focus. Although the market has witnessed a negative impact due to the COVID-19 situation, research analysts at Technavio expect the home theater market to recover and grow by USD 2.87 billion during the forecast period, accelerating at a CAGR of over 4%.
Technavio has announced its latest market research report titled Global Home Theater Market 2020-2024 (Graphic: Business Wire)
Home Theater Market Segmentation Analysis by Product
- Home theater speakers
- Sound bars
The home theater speakers led the home theater market share in 2019. However, the home theater market share growth by the home theater speakers segment will be slower than the growth of the market by the sound bars segment during the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the home theater market size.
Home Theater Market Regional analysis
- The report covers regional analysis for APAC (India, China, Japan, and South Korea), Europe (Germany, France, UK, Italy), North America (US, Canada, Mexico), South America (Brazil, Argentina, Columbia), and MEA ( UAE, Saudi Arabia, Iran).
- 44% of the growth will originate from the APAC region.
- Increase in the disposable income of consumers will significantly drive the home theater market growth in this region over the forecast period.
- China and Japan are the key markets for home theater in APAC.
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Home Theater Market: Key Market Drivers
Home theater market is expected to be driven by the increase in the disposable income. In developed countries, such as the US, household income has been increasing. The increase in income is driven by rising employment levels and combined paychecks in households. As a result, high-end audio devices have become affordable for a greater part of the population. In developing nations, these devices were targeted only at niche segments and particularly at the high-income consumer segment. However, rapid economic growth and the increasing purchasing power in emerging markets, such as China and India, are factors that have encouraged vendors to focus on capturing these markets.
Growth of Smart Homes will be a Key Market Trend
The growth of smart homes, globally, will drive the consumer electronics market during the forecast period. A smart home incorporates devices that communicate with each other to enhance the user experience. Home theater systems are among the various connected devices in a smart home ecosystem. Home theater systems are introduced with assistant functionalities for smart homes. For instance, a home theater system can have Alexa and Echo or the more recent Google Home functionalities, which are essential for smart homes. In July 2017, Alexa received a feature update, making the voice assistance device compatible with home theater systems.
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Home Theater Market 2020-2024 : Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist home theater market growth during the next five years
- Estimation of the home theater market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the home theater market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of home theater market vendors
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- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 – 2024
- Five forces summary
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Product
- Market segments
- Comparison by Product
- Home theater speakers – Market size and forecast 2019-2024
- Sound bars – Market size and forecast 2019-2024
- Market opportunity by Product
- Geographic segmentation
- Geographic comparison
- APAC – Market size and forecast 2019-2024
- Europe – Market size and forecast 2019-2024
- North America – Market size and forecast 2019-2024
- MEA – Market size and forecast 2019-2024
- South America – Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
- Market drivers – demand led growth
- Market challenges
- Market trends
- Vendor landscape
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- Bose Corp.
- Harman International Industries Inc.
- Koninklijke Philips NV
- LG Electronics Inc.
- Logitech International SA
- Panasonic Corp.
- Pioneer Corp.
- Samsung Electronics Co. Ltd.
- Sony Corp.
- Yamaha Corp.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
CONTACT: Technavio Research
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INDUSTRY KEYWORD: NETWORKS HARDWARE AUDIO/VIDEO CONSUMER ELECTRONICS TECHNOLOGY
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 10/20/2020 03:00 AM/DISC: 10/20/2020 03:01 AM
Copyright Business Wire 2020.