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The global home audio equipment market size reached US$ 26.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.2 Billion by 2027, exhibiting a growth rate (CAGR) of 8.83% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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Note: Values and trends in the above chart consists of dummy data and are only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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.
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 2022-2027. Our report has categorized the market based on product type, application and distribution channel.
Breakup by Product Type:
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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 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:
Specialty stores currently dominate the market as they provide high-quality products with personalized customer service facilities.
Breakup by Region:
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The Asia Pacific exhibits a clear dominance in the market due to the proliferation of the e-commerce industry in the region.
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 Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| 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) |
The global home audio equipment market was valued at US$ 26.4 Billion in 2021.
We expect the global home audio equipment market to exhibit a CAGR of 8.83% during 2022-2027.
The emerging adoption of smart homes, along with various technological advancements in home audio equipment to improve the overall experience of consumers, are primarily driving the global home audio equipment market.
The sudden outbreak of the COVID-19 pandemic has led to the rising online purchase of home audio equipment, such as soundbars, home theatre systems, smart speakers, etc., for indoor entertainment during the lockdown scenario.
Based on the product type, the global home audio equipment market can be categorized Blu-ray and DVD players, Home Theatre in-a-Box (HTIB), soundbars, and others. Currently, soundbars hold the majority of the total market share.
Based on the application, the global home audio equipment market has been segmented into television, computers, and others. Among these, television currently exhibits a clear dominance in the market.
Based on the distribution channel, the global home audio equipment market can be bifurcated into supermarkets and hypermarkets, specialty stores, convenience stores, online, and others. Currently, specialty stores account for the largest market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global home audio equipment market include LG Electronics, Inc., Qualcomm Technologies Inc., Sony Corporation, Yamaha Corporation, and Bose Corporation.
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