With the advancement in enriching and lively experience of entertainment technology, the home theater market is continuously expanding living room content streaming through cutting-edge gadgets and systems across the world. The Home Theatre Market is procuring huge demand with the development of high-tech audio and visual systems such as the multi-tasking screen and wireless speaker encouraging individualistic experience through immersive cinematic features. Multi-screen home theaters have upgraded the traditional entertainment setup to a professional-in-residential media room environment. Combined with internet connectivity and video gaming attachments, multi-screen home theaters brings in the collective sensory overload through a plethora of options. Additionally, 7.1 and 9.1 surround sound systems combined with multiroom wireless speaker and audio association technology (WiSA) are significantly boosting the home theater environment, delivering high-quality sound-enhancing user experience in the process. Deploying the WiSA technology home theater, movie, gaming, and streaming online videos offer a seamless home cinematic experience with 4Ps: Pick, place, power, and plug. The global home theater market is expanding tremendously in recent times pushed forth by the smart home concept eliminating the need for human interference with built-in Bluetooth and Internet of Things (IoT) connectivity. One of the prominent instances of this technology process driving the niche market demand remains the smart speaker trend initiated by Amazon’s Alexa, Google Assistant, and Siri. As of 2018, the global home theater market revenue rested at $21.4 billion, and the opportunities are projected to increase at a CAGR of 5% through to 2025.
Movie theaters constantly reigned over the entertainment spending across the world. It was until recently that the global home theatre market saw a tremendous peak in demand attributing to the increasing smart devices availability and resurgence in TV broadcast programs. Growth in personal income and the modern trend of celebratory indulgence in group activities have majorly elevated the demand for home theaters in residential environments. The availability of cinematic features induced OLED, QLED, and curved screen with Dolby and DTS sound format has furthered the demand for home entertainment systems by customers throughout the world. Furthermore, revolutionary, trendy, and convenient home theater systems compatible with the aesthetic outlook of the modern home cinema room positively promote the prospect of the home theater market growth. During the forecast period of 2019-2025, this demand rise propelled by the residential purchase of home theaters is estimated to escalate at 4.1% CAGR.
North America is holding a dominant place in the global home theater market and contributed a regional share of 32% in the year 2018. Driven prominently by the growth in millennial generation accessing considerable internet-driven videos, live shows, and many more, the home theatre market is growing rapidly in this region. Additionally, sports culture in the American countries is a major influence on the high demand for a home theater setups in-home, community clubs, as well as pubs and bars. With growing football, baseball, and basketball leagues and matches occasioned throughout the year, several sports-themed media rooms provide big-screen entertainment at work, home, and, other places in this region. The United States experienced 11.5% expenditure growth on home entertainment in the year 2018, as per the Digital Entertainment Group. This increment in percentage equals to an incremented spending of $23.3 billion, which is indicative of the huge prospect of growth of the home theater market in this region.
Immersive AR-VR Technology Trends:
The predominating immersive technology is largely transforming home entertainment experience providing 3D video experience, specifically elevating the video gaming indulgence with augmented reality and virtual reality interactions. The home entertainment systems collaborated with VR headsets reshapes the individual video viewing experience offering considerable opportunity scopes for influencing demand for the niche market. Quantum shift in technology provided by devices such as Oculus Rift and Samsung Gear VR is gradually pushing forth the home theater market growth prospects. Also, Dirac Research, recently, made its debut with a breakthrough offering of the 3D audio surround solution which is claimed to boost the gaming headset industry progressively.
Dolby/DTS Audio And 4K Resolution:
Home theater industry is making breakthrough advances with modern technology adoption dominating the user experience and video viewing, which is likely to transform the future of cinematic entertainment considerably. The evolution of OLED and QLED display screens are making space for the 4K HD and Ultra-HD resolutions simultaneously providing the home theater industry with significant demand-pull inflation to prosper in the digital and technology-driven global market scenario. Also, the emergence of a curved screen is set to proffer reality experience to the viewers with superior color control and light quality thereby gathering huge growth scopes for the home entertainment market. With technology interference improvising the cinematic home theaters, trending audio domination is unequivocally broadening the concept of seamless entertainment experience in modern life. The floor-standing and multiroom power designed sound speaker systems combined with the cinematic sound quality provided by Dolby Atmos and DTS are constantly capturing customer demand across the world. Producing high-quality, real-world environment sound effects, the next revolution Dolby Atmos and DTS sound technology are shaping the future the global home theatre market demand growth.
Product Development And Contribution By Key Companies:
The progressing home theatre market is accomplishing huge investment and revenue increment induced by the R&D activities and marketing strategies to build up a strong position in the competitive global market. Major companies in this field are constantly thriving to sustain, also gaining flourishing market benefits through significant innovative product launches and technology adoption. These business leaders include Bose Corp., Harman International Industries, Samsung Electronics Ltd., Bowers & Wilkins, Pioneer Corp., Sonos Electric Co, Pioneer Corp., VOXX International Corp., Koninklijke Philips N.V., Yamaha Corp., Sony Corp., Intex Technologies Ltd., LG Electronics Inc., and Bang & Olufsen, Braven LC.
LG Electronics is a South Korea-based multinational company dealing in a wide variety of technology-driven products and is also widely acclaimed for manufacturing advanced home theater systems. Among other diverse cinematic audiovisual systems, LG recently launched several smart audio models collaborated with Google voice assistant, Dolby Atmos, and DTS:X, which is likely to boost the home theatre market demand in the future years.
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