The Asia Pacific Home Audio Equipment Market is projected to contribute significantly to worldwide revenue in 2022, accounting for 30%. This growth can be attributed to the widespread adoption of smart homes, especially in countries like India, Japan, and Australia. Over the assessment period, the market is expected to experience a remarkable Compound Annual Growth Rate (CAGR) of 11%, fueled by government initiatives supporting the expansion of smart cities and overall industrial development in the region.
Customers are increasingly opting for integrated media devices that offer remote control capabilities and seamless connectivity with other smart devices. This trend is expected to drive the growth of companies operating in the Asia Pacific home audio equipment market. With rising consumer expenditure on smart homes in the region, the demand for interconnected home audio systems is on the rise, further contributing to the market’s growth.
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The global home audio equipment market is anticipated to garner US$ 90 Billion while expanding at a CAGR of 12% during the forecast period. The market is estimated at US$ 25 Billion in 2021 and US$ 30 Billion in 2022. Rapid urbanization, together with rising consumer disposable income, is one of the primary factors positively affecting the industry. Furthermore, rising flat-panel HD TV sales, a thriving entertainment industry, and the expanding popularity of on-demand content are all contributing to the market’s upbeat outlook.
Aside from that, the growing popularity of OTT services is increasing demand for high-performance home audio equipment for a more immersive watching experience. A growing number of consumers are signing up for streaming services, which is fueling industry development. Furthermore, the development of showrooms and the e-commerce business is resulting in the simple availability of items accompanied by added conveniences such as free doorstep delivery, interesting deals, and safe payment options. This contributes to the market’s growth. Leading manufacturers are also engaging in competitive marketing strategies and promotional activities in order to reach a larger customer base and enhance product sales.
Additionally, technical breakthroughs such as the creation of architecturally appropriate Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window coverings, and huge LED panels are fueling market expansion. Furthermore, significant expenditures in research and development (R&D) activities are projected to fuel the market.
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Key Takeaways:
- The global home audio equipment market is estimated at US$ 25 Billion in 2021
- The global home audio equipment market to value US$ 30 Billion in 2022.
- The global Home Audio Equipment market is estimated at US$ 90 Billion by 2032.
- The global home audio equipment market is expected to expand at a 12% growth rate till 2032.
- North America is anticipated to exhibit a 10.6% CAGR from 2022 to 2032.
- Asia Pacific 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.
“During the projection period, market expansion will be driven by rising demand for smart technologies such as multi-room solutions and ongoing advancement in in-house entertainment systems.”
Competitive Landscape
Key players in the global home audio equipment market include:
- 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.
- LG Corporation
- Panasonic Corporation
- Pioneer Corporation
- Plantronics Inc.
- Polk Audio
- Samsung Electronics Co., Ltd.
- Sonos, Inc.
- Sony Corporation
- VIZIO Inc.
- Voxx International Corporation
- Yamaha Corporation
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 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.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Home Audio Equipment market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis By Technology (Wired (Speaker, Soundbar, Home Theater in a Box (HTiB) and Receiver), Wireless (Speaker, Soundbar, Home Theater in a Box (HTiB) and Receiver), By Distribution Channel (Offline and Online) & Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa)
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