The AV Receiver Market is projected to reach US$ 2,616.44 million by 2028 from US$ 1,999.88 million in 2021; it is expected to grow at a CAGR of 3.9% from 2021 to 2028.
Rising disposable incomes of people around the world are driving spending on home theaters in residential sectors. Additionally, the popularity of smart systems has been increasing steadily, enabling more efficient and wireless connectivity between devices. To meet consumer demand, manufacturers of modern home cinema receivers are incorporating various advanced technologies such as 8K video, Dolby Atmos, Wi-Fi music streaming, and high-quality audio into their products.
Consumers have widely embraced AV receivers for their ability to deliver high-quality sound for smart TVs, home theaters, and projectors. As a result, manufacturers are constantly incorporating new technologies into their products. However, the high cost of AV receivers, which can range from US$2,000 to US$6,000 for those with advanced features, makes them unaffordable for many consumers in developing and under-developed countries like Brazil, South Africa, Mexico, and India. Consequently, the high price of advanced AV receivers limits their adoption in these regions.
Impact of COVID-19 Pandemic on AV Receiver Market
As a result of the COVID-19 pandemic, manufacturing facilities worldwide had to temporarily close down to curb the spread of the virus. This led to a decrease in production capacities, low production volumes, and losses in the manufacturing sector. Consequently, the demand for AV receivers from the automotive sector in North America decreased. However, the shutdown of various activities and places led to an increase in demand for home theaters worldwide, which positively impacted the demand for AV receivers in the residential sector. This resulted in a supply and demand gap, which caused an overall revenue decrease in 2020. Nonetheless, the market started to recover during Q3 of 2020 as economic activities normalized, and the supply chain resumed its operations.
The global AV receiver market has been segmented into five key regions-North America, Europe, APAC, Middle East & Africa, and South America. APAC is expected to register the highest CAGR during the forecast period. Over the years, North America has experienced a rise in professional gamers engaged in constant live streaming, which is propelling the demand for home theaters and receivers for efficient sound and video effects. Additionally, the US and Canada have individuals with high purchasing power, influencing the demand for AV receivers for efficient surround sound of their home theaters.
Sony Corporation, Marantz, Onkyo, Yamaha Corporation, and Anthem AV are among the players operating in the AV receiver market.
The size of the AV receiver market has been determined using both primary and secondary research methods. The research process began with comprehensive secondary research from internal and external sources to collect qualitative and quantitative information about the market's size. This process was also used to gain an overview and forecast of the market for all market segments. Additionally, numerous primary interviews were conducted with industry experts and commentators to verify the data and obtain further analytical insights into the topic. The participants in this process included VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders who specialize in the AV receiver market.