Home Audio Equipment Market size was over USD 19 billion with shipment of over 95 million units in 2016, and is set to exceed USD 20 billion by 2024, with shipments forecast to surpass 150 million units by 2024; according to a new research report by Global Market Insights, Inc. Home audio equipment market is expected to grow owing to the growing penetration of internet of things (IoT) technology across the globe.
With the introduction of IoT, consumers are increasingly demanding the devices compatible with multiple other devices to increase convenience and enhance experience. For instance, smart speaker range by Amazon perform several other functions that control smart homes, including control heaters, fans, lights, and thermostats. With the proliferation of this technology, the demand for audio devices that perform such functions is expected to propel the home audio equipment market growth.
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With the advancements in the technology, customers can buy speakers without complicated racks & components that deliver desired quality of sound. Growing focus on wireless capabilities in these devices is gaining consumer attention and the manufacturers in the industry are developing products that appeal to the customers, thus aiding the home audio equipment market. For instance, Bose Corporation recently launched its wireless speaker, SoundTouch 10, that can be operated through smartphones and costs USD 200. According to BestBuy, the number of wireless networked soundbars sold has increased two-fold in the last few years.
Growing popularity of technologically advanced products such as voice-enabled speakers are expected to challenge the traditional speakers and soundbar growth over the forecast period. Companies in the traditional audio device segment are swiftly upgrading to voice-enabled devices to remain in the competition. For instance, in October 2017, Sonos launched Sonos One with a built-in Alexa assistant. The company has also announced the launch of its Google voice assistant-enabled speaker in 2018.
Wireless technology enabled gadgets are expected to gain substantial share in the home audio equipment market over the forecast period, owing to increasing operability and compatibility of these devices with other devices such as other speakers, smartphones, and tablets. High degree of standardization offered in wireless protocols is expected to benefit the wireless home audio equipment market growth. In 2011, Wireless Speaker and Audio Association was formed to address wireless applications in home-based theater environment. The standardization is supported by major vendors such as Bang & Olufsen, Polk, & Klipsch, component suppliers such as Pioneer & Sharp, and chip makers such as NXP Semiconductors & Silicon Image.
Browse key industry insights spread across 320 pages with 463 market data tables & 45 figures & charts from the report, “Home Audio Equipment Market Size By Price Range (Low [less than USD 500], Moderate [USD 500 – USD 1000], High [over USD 1000]), By Technology (Wired, Wireless), By Product (Speaker, Soundbar, Home Radio, Home Theater in a Box (HTIB), Receiver), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
Mid-price home audio equipment market segment is expected to grow at significant rate over the future, owing to the rising adoption in Asia Pacific. The region is experiencing economic growth leading to rising disposable income that is leading to increased spending in leisure products including personal and home audio electronics. Moreover, the customers in the region are replacing the low-priced devices with the average pricing products and the traditional systems with the wireless High-Fi systems, thus propelling the home audio equipment market growth.
The demand for wireless receivers are expected to witness considerable increase, owing to increasing availability of high resolution products such as 4K ultra high definition TV, thus propelling the home audio equipment market growth. Furthermore, the growth is propelled by the growing demand for the connected music systems, that use the A/V receivers.
The manufacturers of home theater systems are investing in developing latest advanced technology products. Development of technologies such as SED displays, XBOX 360, holographic front projection, carbon nanotube displays, and enhanced interactive television are gaining consumer focus as they offer enhanced entertainment experience, thus fueling the home audio equipment market growth.
Some of the major players in the home audio equipment market comprise AKG, Bang & Olufsen, Samsung Electronics, Acoustic Research, Blaupunkt, Boston Acoustics, Denon, Fluance, Edifier, Klipsch Group, Koninklijke Philips N.V., Pioneer Corporation, and Mark Levinson. The vendors are continuously investing in innovation and R&D in terms of technology to gain competitive advantage. For instance, in September 2016, Anthem introduced the STR integrated amplifier with an aim to strengthen its presence in the two-channel audio space.
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