According to the latest report by IMARC Group, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” the global home audio equipment market reached a value of US$ 26.4 Billion in 2021. Home audio equipment refers to an electronic audio system that is installed across households to imitate the sound performance of a theatre. Some home audio tools include a home theatre system, soundbars, smart speakers, shelf stereos, radio receivers, AV receivers, microphones, and tape recorders. They provide reliable and sophisticated performance and aim to enhance or replace the standard equipment such as TV speakers. In recent years, home audio equipment has gained prominence globally due to the growing demand for a home theater experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Home Audio Equipment Market Trends:
The global home audio equipment market is primarily driven by the rising disposable incomes of individuals, resulting in increased sales of flat-panel HD TVs. The growing popularity of over-the-top (OTT) services, such as Amazon Prime Videos, Netflix, and Hulu, has also necessitated high-performance home audio equipment to improve the viewing experience. Apart from this, the market is fueled by the expanding entertainment industry and the increasing content of the on-demand industry. Furthermore, the rising penetration of the Internet of Things (IoT) and the adoption of smart homes are positively influencing the market worldwide. Moreover, technological advancements and the development of networked speakers and dedicated speaker docks by the manufacturers are encouraging consumers to spend more on audio equipment. Besides this, manufacturers are focusing on built-in sound quality in TV sets that eliminate the need for external audio solutions. They have introduced a user-friendly and visually less intrusive system, which is significantly impacting the market. Moreover, the incorporation of home theatre in-a-box (HTiB), A/V receivers, and wireless speakers is also propelling the market growth. Looking forward, the market is expected to exhibit a CAGR of 8.83% during the forecast period (2022-2027).
- Based on the product type, the market has been segmented into Blu-ray and DVD players, home theater in-a-box (HTIB) and soundbars. Currently, soundbars dominate the market, holding the largest share.
- On the basis of the application, the market has been classified into television, computers and others. Among these, television represents the leading application segment.
- The market has been categorized based on the distribution channel into supermarkets and hypermarkets, specialty stores, convenience stores, online stores and others. At present, specialty stores hold the largest market share.
- Region-wise, Asia Pacific accounts for the majority of the market share. Other major regions are North America, Europe, Latin America, and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being LG Electronics, Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation and Bose Corporation.
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