The global home audio equipment market is projected to reach USD 90 billion, growing at a CAGR of 12% over the forecast period. The market was valued at USD 25 billion in 2021 and USD 30 billion in 2022. Key factors driving this growth include rapid urbanization and rising consumer disposable income. Additionally, increasing sales of flat-panel HD TVs, a booming entertainment industry, and the rising popularity of on-demand content are all contributing to the market’s positive outlook.
The growing demand for OTT services is also driving the need for high-performance home audio equipment to enhance the viewing experience. As more consumers subscribe to streaming platforms, the demand for quality audio solutions continues to rise. Moreover, the expansion of showrooms and the growth of e-commerce are improving product availability, offering added conveniences like free doorstep delivery, attractive deals, and secure payment options. These factors are further supporting market expansion. Leading manufacturers are leveraging competitive marketing strategies and promotional campaigns to reach a wider audience and boost sales.
Additionally, technological advancements, such as the development of architecturally compatible Dolby Atmos systems, short-throw projectors, ambient light-rejecting screens, motorized window coverings, and large LED panels, are driving market growth. Moreover, substantial investments in research and development (R&D) are expected to further accelerate market expansion.
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.
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 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.
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Key Segments Covered in the Home Audio Equipment Market Report
Home Audio Equipment Market by Technology:
- Wired Home Audio Equipment
- Speaker
- Soundbar
- Home Theater in a Box (HTiB)
- Receiver
- Wireless Home Audio Equipment
- Speaker
- Soundbar
- Home Theater in a Box (HTiB)
- Receiver
Home Audio Equipment Market by Distribution Channel:
- Online Sales of Home Audio Equipment
- Offline Sales of Home Audio Equipment
Home Audio Equipment Market by Region:
- North America Home Audio Equipment Market
- Europe Home Audio Equipment Market
- Asia Pacific Home Audio Equipment Market
- Latin America Home Audio Equipment Market
- Middle East & Africa Home Audio Equipment Market
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