Market Overview:

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.

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.

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 2022-2027. Our report has categorized the market based on product type, application and distribution channel.

Breakup by Product Type:

• 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: