The report forecast that the global home theater market will grow at a CAGR of greater than 8 per cent by 2022
Home theater vendors have started offering enhanced home theater systems equipped with assistant functionalities for smart homes, claims a recent report by Technavio. It also said that the growing demand for customized home theater systems will drive the growth of the home theater market.
Technavio’s report read, “This market research report forecasts the home theater market to grow at a CAGR of around 8 per cent by 2022. Close to 42 per cent of the market size will be held by the APAC region in the forthcoming years.”
Major reasons behind the growth
The report has highlighted the increase in smart homes as the major catalyst that will drive growth in the overall market for home theater systems. It read, “The growth of smart homes will be one of the major drivers for the home theater market.”
Home theater system vendors, as per the report, have already started equipping their products with virtual assistants like Alexa and Google. The report read, “Latest home cinema systems are being equipped with Alexa or Echo, that make the voice assistance device compatible with home theater systems. Additionally, Google Chromecast devices are media streamers that must be connected to a high-definition multimedia interface (HDMI)- equipped receiver. Receivers or speakers inbuilt with Chromecast can be directly paired with Google Home.”
Growing demand for customized home theater systems, has also been cited as a reason that will further fuel the growth in the market of home theater systems. It is said that a few home theater system vendors are already offering customized home theater systems to the customers. The trend is expected to catch up in a lot of markets.
Home theater market in India
The home theater market in India is one of the biggest in the world. Several players including the likes of Samsung, Panasonic, Sony and Philips are currently retailing a lot of products in the home theater segment in the country.
Xiaomi, a China-based brand, had recently announced the launch if its first soundbar in the country. It is to be noted that several brands have also entered the home theater speakers segment here. The report, without mentioning India, said that the segment for home theater speakers will dominate, and account for major shares of the home theater market till the end of 2022.
It read, “The Americas will be the major revenue contributor to the home entertainment systems market throughout the forecast period. This region will witness steady growth due to the rising demand for home theater systems and the presence of numerous home system manufacturers that supplement the growth of the home theater market.”