Research Nester published a report titled “Canada High-End Audiophile Speakers and Custom Installed Home Theaters Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Canada high-end audiophile speakers and custom installed home theaters market in terms of market segmentation by product.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
According to statistics released by Statistics Canada, in 2017, 77% of the total income of Canadians was through wages, salaries and commissions. On the other hand, 9% was through retirement income while 7% was through investment income. As a result, there has been a significant rise in people spending more money on personal entertainment choices. Rapid innovations and increasing R&D expenditure for new and innovative applications have boosted the opportunity for high-end audiophile speakers and custom installed home theater manufacturers in Canada. The growing penetration of smartphone connected products and increasing consumer awareness of high-end audio and entertainment systems have further propelled the opportunity in Canada. Moreover, with the end-users utilizing the devices for different requirements, there are a range of speakers available in the market. There is also a high demand for more rugged speakers that are waterproof, shockproof, smaller and lighter that can be used in harsh environments like outdoor parties, pubs and nightclubs.
The Canada high-end audiophile speakers and custom installed home theatre systems market is expected to witness growth by a CAGR of 3.68% between 2020-2028. The rising inclination of people towards new technologies, increase in the spending power of end-users, the rapid urbanization rate, and high involvement of people in music festivals is expected to drive the demand for high-end audiophile speaker and custom installed home theaters market across Canada. The market also recorded a value of USD 116.36 million in the year 2020.
The Canada high-end audiophile speakers & custom installed home theater market can be segmented on the basis of product type into custom installed home theater and high-end audiophile speakers. Out of these the market for custom installed home theaters held a value of USD 86.02 million in 2019. The growth of the segment can be attributed to the rising income levels of the population. Also, the changing lifestyle caused by the increased spending of the millennials in the country is another key factor for the growth of the market. Furthermore, the key players in the market are offering tailored solutions as per the consumers’ needs, playing a vital role in the progressive development of the segment. The growth in the video streaming industry is further anticipated to drive the growth of the segment during the forecast period.
Increasing Demand for Custom Installed Home Theater Systems to Boost Market Growth
In the recent years, there has been a growing demand for customized home theater systems. The growing income of people in the country is opening pathways for people to spend more on entertainment solutions. Major players in the industry are working to provide personalized home theater packages according to the demands of the consumer.
Furthermore, high-end speakers have been popular among people who have a refined sense of music. Today, people who buy high-end speakers for home or indoor usage want these systems to produce sound of a higher quality as compared to normal speakers. High-end speakers have different kinds of drivers for producing sound at specific frequencies, which is responsible for the production of refined sound thereby increasing its market demand. These factors are expected to propel the growth of the Canada high-end audiophile speakers & custom installed home theater market.
However, the availability of similar products at a cheaper cost is expected to act as a major hindrance for the growth of the Canada high-end audiophile speakers & custom installed home theater market.
This report also provides the existing competitive scenario of some of the key players of the Canada high-end audiophile speakers & custom installed home theater market, which includes company profiling of Design Electronics, Sonic Systems, The Sound Room, Audio Excellence, Definitive Sound, The Watershed Group, Bitstream Media, Pure Image Technology Solutions Ltd., Immersive Design Studios Inc., and Barco (EBR: BAR). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Canada high-end audiophile speakers & custom installed home theater market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.