The global home audio equipment market is projected to soar at a 12% annual growth rate, reaching a value of US$ 90 billion by 2032. The increasing demand for home audio equipment is fueled by consumers’ growing inclination towards high-end products and the rising number of households in urban areas. Developing nations such as Mexico, India, and South Africa are experiencing notable surges in demand for advanced home audio equipment, driven by the evolving preferences and tastes of the younger generation in these countries.
Fast city building, along with growing money that people can spend easily, is one of the main things helping this business. Also, more people are buying big HD TV screens by the day. This exciting entertainment business and growing liking for content you can watch when you want is making market look very good too.
So, more people are using OTT services. This means they want better home audio gear for a deeper watching experience. More and more people are joining in with streaming services, which is making the industry grow.
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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.
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.
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“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.
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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
by Distribution Channel:
- Online
- Offline
by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
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