According to the latest report by IMARC Group, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global home audio equipment market size reached US$ 28.3 Billion in 2022. Home audio equipment refers to a range of compact electrical acoustic devices designed to reproduce, process, recreate, and amplify sound performance. They include soundbars, home theatre systems, smart speakers, shelf stereos, radio receivers, audio/ video (AV) receivers, microphones, and tape recorders as common equipment. These systems deliver reliable and sophisticated performance, help save space, reduce clutter, and allow faultless playback. Apart from this, home audio equipment offers ultimate convenience, better sound quality, hands-free listening to content, more control, and minimal interruptions as it can be operated through multiple internet-enabled devices, such as laptops, television, computers, and tablets. As a result, the product is extensively used in home theaters and entrainment systems.
Global Home Audio Equipment Market Trends:
The growing popularity of over-the-top (OTT) and on-demand subscription-based streaming services, especially during the COVID-19 pandemic, is mainly driving the market growth. Home audio equipment delivers high-fidelity sound to offer an immersive viewing experience while maintaining the aesthetics of the space, which, in turn, is facilitating their increasing employment across the residential sector. In line with this, the rapid expansion in the entertainment industry and the inflating sales of flat-panel high-definition (HD) television (TV) sets with integrated audio equipment are acting as another growth-inducing factor. Moreover, significant product innovations, such as the advent of Dolby Atmos speakers, which is a surround sound technology that directs sound upward and reflects the waves off the ceiling to produce lifelike, overhead sound for a cinematic experience, are favoring the market growth. Additionally, the integration of the Internet of Things (IoT) and cloud-based solutions with virtual assistant technology to directly change and stream content is propelling the market growth. Furthermore, the extensive utilization of e-commerce applications to purchase home audio equipment in different designs at cost-effective prices is supporting the market growth. Apart from this, ongoing celebrity endorsements, the implementation of strategic marketing and promotional activities on social media and online channels by manufacturers, and rising investments in research and development (R&D) activities to engineer products with advanced features and capabilities are creating a positive outlook for the market. Looking forward, the market value is projected to reach US$ 47.1 Billion by 2028, expanding at a CAGR of 9.13% during 2023-2028.
- Based on product type, the market is segregated into Blu-ray and DVD players, home theater in-a-box (HTIB), soundbars and others. Currently, soundbars are dominating the market, holding the largest shares.
- On the basis of the application, the market has been divided into television, computers and others. At present, television holds the largest market share.
- Based on the distribution channel, the market is categorized into supermarkets and hypermarkets, specialty stores, convenience stores, online and others. Currently specialty stores dominate the market.
- On a regional basis, the market has been segmented into North America, Asia Pacific, Europe, Latin America and the Middle East and Africa. At present, the Asia Pacific exhibits a clear dominance in the market
- The competitive landscape of the market has also been examined, with some of the key players being LG Electronics Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation and Bose Corporation.
|Base Year of the Analysis
||Product Type, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||LG Electronics Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation and Bose Corporation
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