New York, March 30, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Home Theatre Systems Global Market Report 2022" - https://www.reportlinker.com/p06248552/?utm_source=GNW
The global home theatre systems market is expected to grow from $22.77 billion in 2021 to $27.24 billion in 2022 at a compound annual growth rate (CAGR) of 19.6%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $54.78 billion in 2026 at a CAGR of 19.1%.
The home theatre systems market consists of sales of home theatre systems.A home theater system consists of a large television with video components and a digital surrounding audio system set up at home.
It gives an experience of watching a movie on small multiplex cinema screens.
The main products of the home theatre systems market are home theatre in a box system, soundbar, and component system.A home theater in a box (HTIB) includes the A/V receiver and at least five speakers and a subwoofer.
The distribution channels are online, offline. The various applications are household use and commercial use.
The rise in disposable incomes was a major driver of the home theatre systems market.The rise in disposable incomes was mainly driven by economic growth and middle-class population growth in developing countries such as China, India, and Brazil.
According to the World Bank, the world’s middle-class population – defined as that earning between $10 and $100 per day – The world’s Middle-Income Countries (MICs) are a diverse group by size, population, and income level with a GNI per capita between $1,036 and $4,045, and upper-middle-income economies with a GNI per capita between $4,046 and $12,535 (2021).Middle-income countries are home to 75% of the world’s population and 62% of the world’s poor.
At. In 2021, India’s economy has grown by 7.2 percent 2021. The growth rate in Per Capita Income in India is estimated at 4.3 percent during 2019-20, as against 5.6 percent in the previous year. Increased earnings greatly increased disposable incomes in the emerging markets, increasing the demand for the home theatre systems market.
The changes in consumer lifestyles and preferences had a significant impact on the home theatre systems market.With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online audio and video streaming services on mobile phones.
Television viewership continued to decline, especially among the millennials.For example, as of 2020, Young people are watching Netflix and YouTube.
In 2021, YouTube brought in revenue of $6.01 billion in advertising revenue during the quarter up from $4 billion from the previous year, for a growth rate of 49%. That’s an acceleration over its 46% growth in Q4. It’s also nearly twice the growth rate of Netflix, which reported 24% revenue growth in Q1. Changes in consumer preferences restricted the demand for home theatre systems.
Increasing adaption of cloud services is becoming popular in the home theater systems market.Cloud technology legally allows customers to watch videos and music online.
Video streaming platforms are adapting cloud technologies for providing a better viewing experience.For example, earlier consumers used television for watching videos, and now the customers are preferring an access-based approach that allows them to subscribe to video libraries in the cloud.
Therefore, companies in the home theatre systems market are manufacturing advanced systems that can be connected to the internet to access the videos online.
In October 2020, Sound United, a New Jersey-based consumer electronics company acquired Bowers & Wilkins for an undisclosed amount.This acquisition is for combining organizations and becoming a part of the industry’s strongest portfolio of premium audio brands.
Bowers & Wilkins British company that is producing consumer and professional loudspeakers and headphones.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the home theatre systems market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06248552/?utm_source=GNW
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