Home audio equipment refers to a type of audio equipment which reproduces the experience of movie theatre by using audio and video equipment which is consumer electronics-grade. It is used for the purpose of home entertainment and includes several components such as shelf stereos, surround sound receiver and a projection system. According to IMARC Group’s latest report, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global home audio equipment market reached a value of US$ 18 Billion in 2018.
There is an increase in the streaming of audio content through wireless systems such as Bluetooth which can be connected to portable devices. This is a primary factor which is driving the growth of the global home audio equipment market. Additionally, a shift in the preference of consumers towards high performance home theatre system and the rising need for better user experience are positively influencing the market growth. Moreover, some of the other factors which are contributing to the growth of the market include surging disposable incomes, urbanisation and industrialisation rates, technological advancements, and product innovations by manufacturers. Looking forward, the market is expected to reach a value of US$ 24 Billion by 2024, exhibiting a CAGR of 4.9% during 2019-2024.
The report has segmented the market on the basis of product type into Blu-ray and DVD players, home theatre in-a-box (HTIB) and soundbars. Among these, Blu-ray and DVD players represent the largest product type. Based on application, the major segments include TVs and computers. On the basis of distribution channel, the market has been segregated into supermarkets and hypermarkets, specialty stores, convenience stores and online. Region-wise, North America currently holds the majority of the market share owing to an increase in unit sales of flat-panel HD TVs in the region. Some of the other markets include Europe, Asia Pacific, Middle East and Africa, and Latin America. The report has further analysed the competitive landscape of the market with some of the key global players being LG, Qualcomm, Sony Corporation, Yamaha Corporation and Bose Corporation.
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