Home Audio Equipment Market to Expand at CAGR of 12.5% During Forecast Period, Notes TMR Study
Continuous product innovation by home audio equipment manufacturers with newer and better functionalities in home audio equipment is likely to boost the demand in the global market
ALBANY, N.Y., March 01, 2022 (GLOBE NEWSWIRE) — The global home audio equipment market was worth US$ 82.07 Bn in 2020. The global market is estimated to rise at a CAGR of 12.5% during the forecast period, from 2021 to 2031. The home audio equipment market is anticipated to cross the mark of US$ 25.32 Bn by 2031. Due to collaborative efforts by industry players and product manufacturers to develop novel and technologically sophisticated items, the global home audio equipment market is expected to rise steadily in the future years. Firms in the global market are making concerted efforts to boost manufacturing capacity in order to benefit from the global revenue potential. The global home audio equipment market in developing markets is being driven by technological innovation, digitalization, and growing urbanization. Due to rising disposable income as well as evolving customer lifestyles, Asia Pacific is likely to lead the global market.
The modern consumer is more willing to spend money on high-quality technological items that can be utilized in daily life. Some of the primary factors expected to drive the global home audio equipment market are changing lifestyles, growing urbanization, digitalization, rising disposable income, and technological innovation. Due to growing knowledge and acceptance of home audio equipment as a result of online advertising and marketing, sale of these devices is increasing. The growing popularity of online distribution platforms is presenting industry participants with new opportunities. Due to steadily increasing customer demand, market participants are working on boosting their manufacturing capacity. Constant technical breakthroughs in such devices, as well as higher R&D spending, is likely to drive market expansion in the years to come.
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Key Findings of Market Report
- Buying home audio equipment through online distribution channels is becoming increasingly popular. Consumers globally prefer company-owned websites, e-commerce websites, and online retailers. The growing competition between international and domestic market participants is likely to drive the global home audio equipment market.
- The prominence of high-speed data streaming as well as online entertainment is projected to drive innovation in the global home audio equipment market. The global market is also being driven by rising customer expectations for high-quality products. In addition, increasing popularity of home theatre systems that can swap audio/video sources and play & stream audio from PCs and online radio stations is likely to propel the global home audio equipment market.
- The digital music streamers segment is predicted to grow at a faster pace. One of the primary factors likely to drive the global market is the growing popularity of DACs. The market has experienced an exponential surge in the usage of DACs since its start.
- The global home audio equipment market is likely to enjoy continued expansion in the future years due to increasing adoption of innovative audio technologies, growing customer preference for high-quality content, and development of new products with advanced features
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Global Home Audio Equipment Market: Growth Drivers
- Based on connectivity, the wireless segment is likely to hold majority of the market share. Companies in the home audio equipment market are incorporating novel functionalities in existing devices that have become indispensable.
- In 2020, Asia Pacific held the largest share of the global market, and this trend is likely to continue during the forecast period. Novel devices that meet the needs of customers’ changing lifestyles are likely to propel the market for home audio equipment.
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Global Home Audio Equipment Market: Key Players
Some of the key market players are
- Nakamichi Corporation
- Koninklijke Philips Electronics NV
- Sanyo Electric Co. Ltd
- Dolby Laboratories Inc.
- LG Corporation
- Sharp Corporation
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Global Home Audio Equipment Market: Segmentation
Type
- Speakers
- Headphones
- Amplifiers
- Receivers
- DACS
- Phono Pre-amp
- Turntables
- CD Players
- Digital Music Streamers
- Others
Connectivity
- Wired
- Wireless
Price
- Low
- Medium
- High
Distribution Channel
- Online
- Offline
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