COVID-19 has had a limited impact on demand for home audio and cinema. While retail current value sales did exhibit a significant decline during 2020, this merely represented the continuation of a trend that pre-dated the pandemic.
In contrast, retail current value sales of home cinema and speaker systems (mainly soundbars) will continue to expand during 2021. During 2020 and, to a lesser extent, in 2021, demand for these products has been supported by the fact that consumers were spending much more time at home and watching more television.
Electronics and appliance specialist retailers will continue to dominate retail volume sales of home audio and cinema during 2021. While they lost retail volume share to e-commerce during 2020, as non-essential retail outlets were forced to close for an extended period, they are set to regain much of this during 2021.
Retail current value sales of home audio and video will continue to fall during the forecast period, but their rate of decline will moderate. Smartphones, wireless speakers and streaming services will continue to cannibalise audio separates, Hi-Fi systems, speakers, and particularly digital media player docks.
Retail current value sales of home cinema and speaker systems will continue to exhibit moderate growth during the forecast period due to their ability to enhance the television experience. However, the fact that the quality of built-in speakers in televisions is steadily improving will temper demand growth for soundbars to some extent.
The rate of growth in the unit price of home cinema and speaker systems is set to accelerate modestly during the forecast period. During 2020, leading player Sony aggressively discounted the pricing of its soundbars (by between 17% and 40%) in response to the economic shock of the pandemic, and this trend is set to continue during 2021.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema industry in Portugal with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Home Audio and Cinema research and analysis database.
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