Growing entertainment industry has led to increasing demand for home audio equipment. Increasing usage of online entertainment, deployment of reliable and sophisticated music storage equipment and high-speed data streaming are expected to foster innovations in the home audio equipment market.
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Growing consumer preference for better quality products and rise in disposable incomes of families are mainly encouraging customers to buy such home entertainment products, thus, driving the market for home audio equipment. Additionally, availability of home theatre system that can perform audio/video switching and play and stream audio stored on PC and internet radio stations is expected to boost the home audio equipment market. However, fear of hearing loss is the major restrain for this market. Introduction of wireless streaming is expected to boost the demand for home audio equipment.
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Home audio systems including music players, Blu-ray players, along with LCD and LED TVs and HTiBs are the most popular products in the market. In case of product types, other home audio accessories segment which includes speakers, subwoofers, and microphones among others held the largest share in 2012. This is mainly due to growing popularity of music applications and streaming capabilities. However, home theater in-a-box segment is expected to grow at faster rate due to the rising usage of digital entertainment and rapid transition to online platforms.
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In 2012, Europe held the largest market share and accounted for 29.6% of the global home audio equipment market. This is because consumers in Europe are early adopter of technologically advanced entertainment products such as smartphones, Blu-ray players, and televisions among others. The Asia Pacific region is expected to be to the fastest growing owing to the rise in living standards of the population and presence of most home audio equipment manufacturers in the region.
The global market for home audio equipment is fragmented in nature and contains leading players namely Akai, Dolby Laboratories Inc., DTS Inc., JVC KENWOOD Holdings Inc., Koninklijke Philips Electronics NV, LG Electronics, Panasonic Corporation, Sanyo Electric Co. Ltd., Nakamichi Corporation, Onkyo Corporation, Pioneer Corporation, Sharp Corp., and Sony Corporation.
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