The global home theaters market is set to witness exponential proliferation at 19 percent CAGR during the forecast period 2017 to 2023. The market is poised to reach a valuation of USD 31 billion by the end of 2023. The boom witnessed in the consumer electronics and entertainment industries has augured well for the home theater market players.
The rising disposable income and living standards of the population in developed and developing industries has fueled demand for home theaters over the last few years. The trend is poised to perpetuate over the assessment period. Additionally, the innovations in features offered by the established players are expected to drive the growth of the market in the forthcoming years.
Deliverance of premium experience is the key area of focus for the market players. Investments have been catalyzed for bringing the experience of commercial theaters at the door of the consumers. The adoption of next-gen technologies, such as wireless surround-sound and voice control systems, has catapulted the market on an upward trajectory.
Additionally, the rising prices of movie tickets are likely to augment the market for home theaters. The connectivity feature introduced for connecting different devices with the home theaters is projected to intensify the growth of the market. However, the increasing dependency on smartphones for internet streaming and binge-watching movies is likely to hold the growth of the market through the review period.
North America is one of the most significant markets for home theaters. The presence of key players coupled with the early adoption of technological advancements is expected to drive the growth of the market in the region. An upsurge in demand for consumer electronics, particularly home theaters, over the next couple of years is projected which is anticipated to expedite the expansion of the market. Additionally, the developments across the wide spectrum of sound systems are likely to influence the home theatre market expansion positively.
Europe is an important growth pocket and is projected to witness substantial growth in the foreseeable future. The increase in demand for home theaters is prognosticated to drive the proliferation of the regional market. Meanwhile, Asia-Pacific is estimated to register the highest CAGR. The factors responsible for aiding the home theaters market expansion in the region include the presence of fast-developing economies and increasing purchasing power of the consumers. The region resonates strong opportunities for growth and has attracted investments from global players for setting up of manufacturing units. This, in turn, is forecasted to accelerate the revenue creation for the home theaters market players in the forthcoming years.