Dublin, July 27, 2022 (GLOBE NEWSWIRE) -- The "Home Audio Equipment - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Home Audio Equipment Market to Reach US$49.9 Billion by the Year 2026
The audio-visual space is also being influenced by rising attention on smart home theaters that yield a hi-tech media room. These smart rooms enable an integrated approach and provide users with a universal remote for controlling their connected appliances for a convenient and futuristic audio-visual experience. Homeowners planning to get rid of wired systems without compromising over the sound quality are embracing minimal audio equipment with powerful performance.
The market is witnessing increasing influx of wireless audio equipment with inbuilt components. New multi-speaker and multi-channel systems are supported by single soundbars. Tech advancements such as architecturally friendly Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window treatments, and large LED screens, are improving the prospects of home theater market.
The global market for Home Audio Equipment was estimated at US$36.3 Billion in the year 2022, and is projected to reach a revised size of US$49.9 Billion by 2026, growing at a CAGR of 9.6% over the analysis period. Home Theater Systems, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$15.1 Billion by the end of the analysis period.
The U.S. Market is Estimated at $13.1 Billion in 2022, While China is Forecast to Reach $6.1 Billion by 2026
The Home Audio Equipment market in the U.S. is estimated at US$13.1 Billion in the year 2022. The country currently accounts for a 36.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.1 Billion in the year 2026 trailing a CAGR of 11.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR while Rest of European market (as defined in the study) will reach US$3.6 Billion by the end of the analysis period.
Sound Bars Segment to Reach $12.9 Billion by 2026
Soundbars are enjoying extensive uptake across households following the COVID-19 impetus and increasing availability of diverse content and adoption of home entertainment products. In the recent years, an increasing number of people have started consuming streaming content like free e-books, gaming and movies.
The soundbar trend is also catalyzed by the rise of smart TVs and rising installation of home theater systems for enhanced listening and viewing experience. In the global Sound Bars segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment.
Key Players
- Amazon.com, Inc.
- Apple, Inc.
- Bose Corporation
- Creative Technologies, Inc.
- Edifier International Limited
- Harman International Industries, Inc.
- JVCKenwood Corporation
- Klipsch Group, Inc.
- LG Electronics Inc.
- Nortek Inc.
- Onkyo & Pioneer Corporation
- Panasonic Corporation
- Polk Audio
- Samsung Electronics Co., Ltd.
- Sharp Corporation
- Sony Electronics Inc.
- VIZIO, Inc.
- Voxx International Corporation
- Yamaha Corporation
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Homebound Customers Charge Premium Audio Products' Demand amid Pandemic
- Home Audio Technology Exhibits Consistent Evolution with Addition of New Features
- Future Home Theater & Audio Equipment Trends Coming Down the Pipe
- Major Design Trends in Home Theaters
- Digital Boom and Growth in Music Streaming Drives Demand for Wireless Speakers
- Growing Smart Homes Catalyst to Home Theatre and Other Audio Products
- E-Commerce Drives Sales of Home Audio Equipment
- Growing Population of Music Listeners & Rise of Mass-Market Audiophiles Augments Business Prospects
- Connectivity: A Critical Feature for Modern Speakers
- Rise in Internet Penetration and Availability of High-Speed Broadband Networks to Spur Opportunities
- Technology Advancements Drive Significant Improvements in Speaker Systems
- Rise in Home Entertainment Spending Drives Opportunities
- Rapid Growth of OTT Platforms & Rise in Demand for High-Quality Streaming Content to Drive Market Gains
- Artificial Intelligence (AI) Emerges as a Key Technology to Induce Market Growth
- In-Wall Speakers Gain Consumer Interest
- Soundbars Continue to Grow in Popularity
- New Soundbars Set to Redefine User Listening Experience
- AI-enabled Speakers and Use of Digital Assistants in Speaker Systems Gain Traction
- Bulkier and Larger Speakers Benefit from Better Performance Capabilities
- Rise in Penetration of Large Flat Panel TVs Fuels Demand for Soundbars
- A Peek into Consumer Behavior
- Favorable Demographic & Socio-Economic Trends Strengthen Market Prospects
- Rapid Growth in Urban Households
- Growing Affluence of Middle Class Consumer Segment
- Rising Living Standards
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/cc8nn9
