Home Audio Equipment Market is Estimated to be worth USD 84.1 billion in 2031, Surging at a Remarkable 11.1% CAGR: TMR Report

The global home audio equipment market is predicted to expand significantly in the coming years due to technical advancements in devices with characteristics.

Wilmington, Delaware, United States, Oct. 10, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The home audio equipment market is projected to increase at an 11.1% CAGR from 2023 to 2031, reaching US$ 84.1 billion by the end of 2031.

The global home audio equipment market is a vibrant and significantly evolving sector within the consumer electronics industry. It includes a wide range of devices, including speakers, sound bars, home theater systems, and audio receivers. These are designed especially to enhance the audio experience for consumers in their homes. 

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One of the key drivers of the market is the growing consumer demand for high-quality audio experiences. It is not only for entertainment purposes but also for creating immersive home environments.

Smart home audio systems, equipped with voice assistants and internet connectivity, are gaining popularity, allowing users to control their audio devices seamlessly.

The rise of streaming services and digital music platforms has significantly influenced the market, prompting consumers to invest in premium audio equipment for superior sound quality. 

The increasing disposable income of consumers in emerging economies and a growing preference for home entertainment systems contribute to the market's expansion. 

The global home audio equipment market is expected to witness further growth and innovation as technology advances and consumer preferences evolve.

Key Takeaways from the Market Study

  • The global market was valued at US$ 29.1 billion in 2022.
  • In 2022, the sound bars product type segment held a market share of 39%.
  • The market in North America is poised to expand at a CAGR of 11% until 2031.
  • The market in Asia Pacific is likely to develop at a CAGR of 12% until 2031.
  • The Asia Pacific recorded a market share of 45% of the global market in 2022.

Global Home Audio Equipment Market- Key Drivers and Trends

  • The demand for wireless and smart home audio solutions is a dominant trend. Consumers increasingly seek audio equipment that can seamlessly connect to their devices and smart home ecosystems.
  • Smart speakers, soundbars, and home theater systems equipped with voice assistants like Amazon Alexa or Google Assistant are gaining traction. 
  • The market sees a surge in demand for high-resolution audio formats and immersive sound technologies like Dolby Atmos. This trend is reflected in the development of high-end sound systems and audiophile-grade speakers.
  • The rise of streaming services and the increasing popularity of online content consumption are driving the need for versatile home audio equipment.
  • Manufacturers are focusing on creating audio equipment that complements the streaming experience, offering features like multi-room audio and personalized recommendations.

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Regional Landscape of the Home Audio Equipment Market

  • According to the analysis of the industry, Asia Pacific is expected to dominate the global market throughout the projection period. The growing youth population, rising living standards, and increased disposal earnings in emerging nations, including India and China are pushing the market forward. The increasing number of people choosing smart homes in Asia Pacific is propelling the region's market growth.

  • North America held a 25% market share in 2022. The home audio equipment market in North America is a dynamic and technologically advanced sector. It is marked by a strong focus on high-quality audio experiences and smart integration. Consumers in North America demand cutting-edge technology, resulting in a growing preference for wireless and smart home audio solutions. 

Competitive Landscape

The market for home audio equipment is very competitive, with companies offering a diverse selection of items at varied price ranges. They are concentrating on innovation in products and the introduction of cost-effective home audio equipment.

The leading producers are focused on home audio equipment market potential and market study. They are also aiming to match client requests based on current trends. A few key players in the market are:

  • Sony Corporation
  • Panasonic Corporation
  • LG Electronics
  • Dolby Laboratories Inc
  • JVC KENWOOD Holdings Inc.,
  • Koninklijke Philips Electronics NV
  • Onkyo Corporation
  • Sanyo Electric Co. Ltd.
  • Sennheiser Electronic GmbH.
  • Co.KG
  • Bowers & Wilkins Group Ltd

Some key market developments are as follows:

  • Bowers & Wilkins Group Ltd. unveiled the PX7 S2, its recent wireless headphones with ANC (Active Noise Cancellation), on June 29, 2022. Px7 S2 is built on an entirely novel acoustic system that is meant to deliver excellent quality sounds via 40mm drive units particularly optimized for headphone use.

  • Sony Corporation released its flagship line of home theatre systems, the HT-A9 and HT-A7000 soundbar, on February 7, 2022. This revolutionary breakthrough is sustained by 360 spatial sound and sound field optimization It also offers an enveloping soundtrack for any movie, sound, or gameplay.

Key Segments Covered

  • By Product Type
    • Blu-ray and DVD Players
    • Home Theater In-a-Box
    • Soundbars
    • Speakers
    • CD Players
    • Others (Turntables, etc)
  • By Connectivity
    • Wired
    • Wireless
  • By Price
    • Low
    • Medium
    • High
  • By Application
    • Televisions
    • Computers
    • Others
  • By Distribution Channel
    • Online
      • E-commerce Websites
      • Company Owned Websites
    • Offline
      • Specialty Stores
      • Hypermarkets & Supermarkets
      • Departmental Stores
      • Convenience stores
  • By Region
  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • The Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

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