Market Overview:
The global home audio equipment market size reached US$ 30.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 62.9 Billion by 2032, exhibiting a growth rate (CAGR) of 8% during 2024-2032.
Report Attribute
|
Key Statistics
|
Base Year
|
2023
|
Forecast Years
|
2024-2032
|
Historical Years
|
2018-2023
|
Market Size in 2023
|
US$ 30.9 Billion |
Market Forecast in 2032
|
US$ 62.9 Billion |
Market Growth Rate 2024-2032 |
8% |
Home audio equipment comprises soundbars, home theatre systems, smart speakers, shelf stereos, radio receivers, AV receivers, microphones, and tape recorders. It provides reliable and sophisticated performance and helps enhance the standard equipment. Besides this, it helps play the same song in every space flawlessly without disturbing neighbors, saving space and reducing clutter. As a result, home audio equipment is gaining immense traction across the globe.
Home Audio Equipment Market Trends:
Rapid urbanization, along with inflating disposable income level of consumers, represents one of the key factors positively influencing the market. In addition, increasing sales of flat-panel HD TVs, the burgeoning entertainment industry, and the growing traction of the on-demand content are creating a positive outlook for the market. Apart from this, the rising popularity of OTT services is boosting the demand for high-performance home audio equipment for an enhanced viewing experience. An increasing number of consumers are subscribing to streaming services, which is also augmenting the market growth. Furthermore, the expansion of showrooms and the proliferation of the e-commerce industry are resulting in the easy availability of products supported with additional benefits, such as free doorstep delivery, exciting offers, and secure payment methods. This is contributing to the growth of the market. Additionally, leading manufacturers are investing in competitive marketing strategies and promotional activities to reach a wider consumer base and increase product sales. Besides this, technological advancements like the development of architecturally friendly Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window treatments, and large LED screens are propelling the market growth. Moreover, investments in extensive research and development (R&D) activities are expected to drive the market.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global home audio equipment market report, along with forecasts at the global and regional level from 2024-2032. Our report has categorized the market based on product type, application and distribution channel.
Breakup by Product Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
- Blu-ray and DVD players
- Home Theater in-a-box (HTIB)
- Soundbars
- Others
Soundbars represent the largest market segment as they are economical, affordable, and deliver high-quality television (TV) sound without occupying the space and complexity of a home theater receiver and surround sound speaker setup.
Breakup by Application:
- Television
- Computers
- Others
Television holds the largest market share due to the thriving media and entertainment industry, along with the increasing sales of TVs across the globe.
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- Online
- Others
Specialty stores currently dominate the market as they provide high-quality products with personalized customer service facilities.
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- Latin America
The Asia Pacific exhibits a clear dominance in the market due to the proliferation of the e-commerce industry in the region.
Competitive Landscape:
The competitive landscape of the industry has also been examined with some of the key players being LG Electronics Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation and Bose Corporation.
Report Coverage:
Report Features |
Details |
Base Year of the Analysis |
2023 |
Historical Period |
2018-2023 |
Forecast Period |
2024-2032 |
Units |
US$ Billion |
Segment Coverage |
Product Type, Application, Distribution Channel, Region |
Region Covered |
Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
Companies Covered |
LG Electronics Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation and Bose Corporation |
Customization Scope |
10% Free Customization |
Report Price and Purchase Option |
Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899 |
Post-Sale Analyst Support |
10-12 Weeks |
Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |