Global home audio equipment market net worth is expected to rise at a rate of 12% per year to USD 90 Billion by 2032, supported by:
| Attributes | Details |
|---|---|
| Home Audio Equipment Market CAGR (2022 to 2032) | 12% |
| Home Audio Equipment Market (2032) | USD 90 Billion |
| Home Audio Equipment Market Attraction | During the projected period, increasing usage of hardware devices such as speakers and Bluetooth devices will drive market development during the forecast period. |
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The demand for home audio equipment is also growing as a result of consumers' expanding preference for high-end goods and rising households in urban areas. Most developing nations like Mexico, India, and South Africa are seeing significant increases in demand for high-tech home audio equipment as a result of rapidly evolving preferences and tastes of the youths of these countries.
Technological breakthroughs and progress in the music business in recent years have strengthened by the rising usage of cloud-based distribution channels is regarded as the major factor behind the increased sales of home audio equipment in the global market.
Additionally, the advent of high-speed internet services in developing nations is partly to be blamed for the increase in demand for this equipment and would stimulate the industry to grow further. To illustrate, due to the rollout of 5G internet services, which ensure the seamless operation of gadgets, the German home audio equipment market is anticipated to have gains of more than 10% through 2032.
To get a competitive edge over their rivals, many prominent players in the home audio equipment market are focusing on the design and look of the product as per the requirement of their target customer base. In the present-day market, customers may get home audio equipment solutions that are specifically designed to complement their home or room decor and personal tastes from a number of market leaders, including Bose Corporation and Bowers & Wilkins.
Moreover, the integration of some of the other attractive features is a major strategy to penetrate the market by some of the newcomers in the business. To improve the user experience, these systems incorporate a number of cutting-edge technologies, including voice assistants and wireless charging.
The use of Digital Audio Workstations (DAW) among musicians for the responsibilities of composition, recording, mixing, and finishing music within time has fuelled the demand for home theatre equipment in recent years. Also the surging digitalization of musical instruments has also rendered the pioneer home stereo systems an attractive choice among music enthusiasts and manufacturers as well for its higher profit margin.
As more customers pick integrated media gadgets that can be controlled directly and even remotely and are always easy to get connected to other devices, the companies catering to all such requirements are expected to witness some lucrative growth prospects during the forecasted years. So most of the product brands are nowadays concentrating on creating wireless systems that permit remote control to deliver multi-room audio services and spread music to additional areas.
Other than that, the expansion of the distribution network and service center coverage would play a crucial role in the realization of the actual market potential of the home audio equipment manufacturers, like any other electrical gadgets and devices for consumers.
However, the proliferation of e-commerce and online distribution channels have made it somewhat easier for global home audio equipment market players to acquire market without physical outlets or service centres.
Principal Consultant
The demand for home audio equipment is also growing as a result of consumers' expanding preference for high-end goods and rising households in urban areas. Most developing nations like Mexico, India, and South Africa are seeing significant increases in demand for high-tech home audio equipment as a result of rapidly evolving preferences and tastes of the youths of these countries.
Technological breakthroughs and progress in the music business in recent years have strengthened by the rising usage of cloud-based distribution channels is regarded as the major factor behind the increased sales of home audio equipment in the global market.
Additionally, the advent of high-speed internet services in developing nations is partly to be blamed for the increase in demand for this equipment and would stimulate the industry to grow further. To illustrate, due to the rollout of 5G internet services, which ensure the seamless operation of gadgets, the German home audio equipment market is anticipated to have gains of more than 10% through 2032.
To get a competitive edge over their rivals, many prominent players in the home audio equipment market are focusing on the design and look of the product as per the requirement of their target customer base. In the present-day market, customers may get home audio equipment solutions that are specifically designed to complement their home or room decor and personal tastes from a number of market leaders, including Bose Corporation and Bowers & Wilkins.
Moreover, the integration of some of the other attractive features is a major strategy to penetrate the market by some of the newcomers in the business. To improve the user experience, these systems incorporate a number of cutting-edge technologies, including voice assistants and wireless charging.
The use of Digital Audio Workstations (DAW) among musicians for the responsibilities of composition, recording, mixing, and finishing music within time has fuelled the demand for home theatre equipment in recent years. Also the surging digitalization of musical instruments has also rendered the pioneer home stereo systems an attractive choice among music enthusiasts and manufacturers as well for its higher profit margin.
As more customers pick integrated media gadgets that can be controlled directly and even remotely and are always easy to get connected to other devices, the companies catering to all such requirements are expected to witness some lucrative growth prospects during the forecasted years. So most of the product brands are nowadays concentrating on creating wireless systems that permit remote control to deliver multi-room audio services and spread music to additional areas.
Other than that, the expansion of the distribution network and service center coverage would play a crucial role in the realization of the actual market potential of the home audio equipment manufacturers, like any other electrical gadgets and devices for consumers.
However, the proliferation of e-commerce and online distribution channels have made it somewhat easier for global home audio equipment market players to acquire market without physical outlets or service centres.
The increased consumer preference for high-end items, owing to rising family disposable incomes, is driving demand for home audio equipment. The expanding customer appetite for premium home products is driving up demand for modern home audio equipment in developing nations such as Mexico, India, and South Africa.
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As per the historical forecast, the home audio equipment market grew at a CAGR of 8.9% from 2017 to 2021. Increasing disposable income in developing nations such as India and China is linked to market expansion. Furthermore, technological advances will drive market expansion.
Home audio equipment refers to a variety of audio technology items that are often used for home entertainment. They are fitted to boost the audio output from the television and efficiently spread the sounds in the room. Product offers are being prioritized by industry players, who are attempting to innovate in order to utilize their market position. Home audio equipment is priced differently depending on the features and individual product use.
The rowing electronics industry is predicted to rise throughout the forecast period as a result of innovation and increased production facilities in developing nations. The growing usage of the Internet of Things (IoT) and linked devices is expected to drive market expansion. Rapid expansion in the e-commerce industry is projected to drive market growth in the near future. Owing to all these factors, the home audio equipment market is anticipated to grow at a CAGR of 12% from 2022 to 2032.
Rising Consumers' discretionary income is to boost the Market
Consumer discretionary income has expanded throughout the years, with customers purchasing more of the latest technical gadgets on the market. Families' primary sources of entertainment include Blu-ray discs, MP3 players, computers, and video gaming consoles.
Consumers are projected to purchase home entertainment goods as their taste for higher-quality products grows and their disposable money grows. As a result of these reasons, the worldwide home audio equipment market is likely to develop over the forecast period.
Augmenting Demand for Home Audio Networking Will Promote Expansion
A network of audio equipment (TV, computer, stereo, and so on) and speakers placed throughout a home is referred to as home audio networking. It is sometimes referred to as whole-home audio or whole-house audio. The notion of audio networking has already been introduced.
However, digital networked audio aids consumers in the replacement of error-prone and costly wires. Audio networking may transcend the limits of traditional analogue audio systems, resulting in a more cost-effective design, more efficient and increased features, and greater functionality. The audio business now has a plethora of options thanks to networked audio technologies.
Furthermore, as consumer electronics and personal computers (PC) merge, manufacturers are bringing more audio/video functionality to the PC platform to compete in the home electronics industry. On the contrary, producers of home audio equipment are incorporating networking capabilities into their devices. As a result, these factors are projected to drive the growth of the worldwide home audio equipment market throughout the forecast period.
Concerns of hearing loss as well as radio frequency spectrum restrictions in the case of wireless audio devices to Impede Market Growth
According to a series of studies done with 116 newborns in 2002, the effect on infants' hearing abilities in a loud environment is similar to hearing loss in old age. Furthermore, the study found that moderate background noise can interfere with how newborns learn languages.
As a result, there is considerable concern regarding the long-term implications of audio equipment that is adjusted loud enough to drown out the ambient sound. Noise levels greater than 85 dB cause hearing damage over time. Due to such issues are projected to impede the growth of the worldwide home audio equipment market in the near future.
In the case of wireless audio equipment, there are rules surrounding the radio frequency spectrum. Regulations may impede the usage of wireless audio devices in the home. Owing to all these factors are projected to limit the global home audio equipment market's growth over the forecast period.
The Development of Realistic Immersive Home Audio Systems may Provide Significant Business Potential
The rapidly expanding film and gaming industries have fueled the need for complete aural immersion. Spherical audio for acoustic environments such as movie theatres is provided by emerging technologies such as Barco Auro, DTS Neo, and Dolby Atmos. The use of such immersive audio technology at home necessitates the use of extra speakers, which raises the cost and maintenance requirements.
The introduction of 3D audio technology into houses is planned to offer a standard for home audio equipment that focuses on the object-oriented sound field. The introduction of realistic immersive home audio technology presents significant opportunities for the home audio equipment business.
Furthermore, the home audio equipment industry is predicted to benefit from the ease of network configuration and improvements in command response time and reliability. On the other hand, key market players are concentrating their efforts on research and development in order to strengthen their market position. For example, Akai introduced a smart Box in October 2012. The smart box converts any TV, including CRT, LCD, and LED, into a smart TV.
Based on technology, the global home audio equipment market can be segmented into wired (speaker, soundbar, home theater in a box (HTIB) and receiver), wireless (speaker, soundbar, home theater in a box (HTIB) and receiver. Based on distribution channel, the global Home Audio Equipment market can be segmented into Offline and Online.
As per the analysis, in technology segment, the wireless segment is expected to dominate the market in the forecast period. The segment is projected to expand at a 10.2% CAGR in the forecast period. The growing need for mobility is the primary factor driving the segment’s expansion. Furthermore, developments in wireless technology are outpacing worldwide market growth.
Moreover, rising demand for infotainment services is one of the primary reasons propelling the segment’s growth forward. In addition, growing applications in monitoring, medical treatments, diagnostics, and fitness are propelling the wireless segment demand.
On the other hand, by distribution channel, the online segment is likely to dominate the market in the forecast period. In the worldwide home audio equipment industry, online commerce is predicted to grow at a faster CAGR of 10%. To increase sales and broaden their client base, market players in the home audio equipment business are moving their attention from traditional retail stores to online platforms. e-commerce will continue to expand in popularity among all age groups of customers. Millennials and Gen Z customers drive home audio equipment purchases through online sales channels, presenting appealing potential for market development.
A Strong E-commerce Industry Widening Prospects across the Region
As per the analysis, the global home audio equipment market is anticipated to be dominated by North America during the forecast period. The home audio equipment market in the United States is expected to increase by a CAGR of 10.6% during the forecast period, owing to the growing use of e-commerce platforms for purchasing entertainment devices.
According to the Census Bureau of the Department of Commerce, retail e-commerce industry sales in the United States in May 2022 were USD 250 billion, a 2.4% rise from Q4 2021. The e-commerce market projection for Q1 2022 soared by 6.6% from Q1 2021. Home audio equipment manufacturers are expanding their global consumer base by delivering a diversified product range through online sales channels. Owing to the availability of a powerful IT infrastructure, the entire market share of online channels is expanding. The area will increase in 2022 as a result of the significant presence of prominent e-commerce businesses such as eBay Inc. and Etsy.
Penetration of Modern Technology to widen Expansion Prospects
As online merchants provide numerous discounts and package packages that offer a cost-effective benefit to save money on home audio equipment, the statistics for the home audio equipment industry will increase.
Furthermore, as a result of the arrival of 5G internet services, which enable the gadgets to work properly, the European home audio equipment market will grow by approximately 10% by 2032. The industry's leaders are concentrating on creating wireless solutions that enable remote operation in order to deliver multi-room audio services and extend music to other areas.
The increased demand for this equipment can also be attributed to wireless home audio equipment technology's improved convenience, comfort, and high-fidelity sound. Furthermore, the deployment of high-speed internet services in developing nations will drive market growth.
In 2022, the Asia Pacific home audio equipment market is likely to account for 30% of worldwide revenue, owing to the widespread use of smart homes, particularly in India, Japan, and Australia. The Asia Pacific home audio equipment market is anticipated to grow at a CAGR of 11% over the assessment period. Governments are also assisting in the region's expanding penetration of smart cities, allowing for industrial development.
Customers will pick integrated media devices that can be controlled remotely and automatically link to other devices, which will help the company grow. In APAC, increased consumer expenditure on smart homes is increasing demand for linked home audio systems.
Reflecting on the soaring demand of home audio equipment worldwide, many startups have been introduced in the market to meet the demand. They are using latest technologies to stand out and attract millennials as well as Gen Z consumers.
LISNR: LISNR was found by Chris Ostoich, Chris Ridenour, Josh Glick, Nikki Ridenour, and Rodney Williams in 2012. It is located in Oakland, United States. LISNR® is the industry's premier ultrasonic proximity platform, allowing for safe and smooth data exchange. LISNR® transfers micro-communications using sound between devices utilizing conventional speakers and microphones via a safe and scalable software solution.
The following companies are key participants in the home audio equipment market:
Recent key developments among players are:
In August 2022, the Odyssey Neo G8, the world's first 240Hz 4K gaming display, was introduced by Samsung Electronics. It received the Best of Innovation Award in the Gaming category at CES 2022, recognizing its technological brilliance.
In July 2022, Samsung Electronics opens a new Francophone newsroom In Switzerland.
In April 2022, Sonos, Inc. bought Mayht Holding BV (Mayht), a producer of revolutionary audio transducer solutions. These devices are essential components of sound-generating speakers. Mayht has reengineered them to be lighter and smaller without sacrificing quality. Mayht intends to develop speaker technology that allows more components to be packed into smaller places while saving electricity. Market participants are concentrating on increasing their competitive edge and speeding up their future roadmap.
| Report Attribute | Details |
|---|---|
| Growth Rate | CAGR of 12% from 2022 to 2032 |
| Market Value in 2022 | USD 30 Billion |
| Market Value in 2032 | USD 90 Billion |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | USD Million for Value |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Technology, Distribution Channel, Region |
| Regions Covered | North America; Europe; Asia Pacific; Middle East & Africa; Latin America |
| Key Countries Profiled | USA, Canada, Mexico, Brazil, Germany, France, Italy, BENELUX, UK, Nordic, China, Japan, South Korea, India, Malaysia, Singapore, Australia, New Zealand, GCC, South Africa |
| Key Companies Profiled | Amazon.com, Inc.; Apple Inc.; Blaupunkt GmbH; Bose Corporation; Bowers & Wilkins Group Ltd.; Creative Technology Ltd.; Edifier Technology Co. Ltd.; Google LLC; JVCKENWOOD Corporation; Koninklijke Philips N.V.; Sennheiser Electronic GmbH & Co. KG. |
| Report Customization & Pricing | Available upon Request |
The global Home Audio Equipment market is estimated at USD 25 Billion in 2021.
The global Home Audio Equipment market is estimated at USD 90 Billion by 2032.
The global Home Audio Equipment market is expected to expand at a 12% growth rate till 2032.
The North American market is anticipated to exhibit a 10.6% CAGR from 2022 to 2032.
The Asia Pacific market for home audio equipment is projected to record an 11% CAGR during the forecast period.
The online segment is likely to expand at 10% CAGR in the forecast period.
1. Executive Summary 2. Market Overview 3. Market Background and Foundation Data Points 4. Global Market Demand (USD Million) Analysis 2017 to 2021 and Forecast, 2022 to 2032 5. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, By Distribution Channel 5.1. Wired 5.1.1. Speaker 5.1.2. Receiver 5.1.3. Soundbar 5.1.4. Home Theatre in a Box (HTiB) 5.2. Wireless 5.2.1. Speaker 5.2.2. Receiver 5.2.3. Soundbar 5.2.4. Home Theatre in a Box (HTiB) 6. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Distribution Channel 6.1. Offline 6.2. Online 7. Global Market Analysis 2017 to 2021 and Forecast 2022 to 2032, by Region 7.1. North America 7.2. Latin America 7.3. Europe 7.4. Asia Pacific 7.5. Middle East and Africa (MEA) 8. North America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 9. Latin America Market Analysis 2017 to 2021 and Forecast 2022 to 2032 10. Europe Market Analysis 2017 to 2021 and Forecast 2022 to 2032 11. Asia Pacific Market Analysis 2017 to 2021 and Forecast 2022 to 2032 12. Middle East and Africa Market Analysis 2017 to 2021 and Forecast 2022 to 2032 13. Market Structure Analysis 14. Competition Analysis 14.1. Amazon.com Inc. 14.2. Apple Inc. 14.3. Blaupunkt GmbH 14.4. Bose Corporation 14.5. Bowers & Wilkins Group Ltd. 14.6. Creative Technology Ltd. 14.7. Edifier Technology Co. Ltd. 14.8. Google LLC 14.9. JVCKENWOOD Corporation 14.10. Koninklijke Philips N.V 14.11. Sennheiser Electronic GmbH & Co. KG 15. Assumptions And Acronyms Used 16. Research Methodology
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