Selbyville, Delaware, July 13, 2022 (GLOBE NEWSWIRE) --
Home Audio Equipment Market is anticipated to cross over USD 70 billion by 2030, according to the research study by Global Market Insights Inc. The global industry shipments are poised to surpass 585 million units by 2030. The growth can be attributed to the increasing demand for home audio devices with enhanced quality & long battery life.
The wired HTiB units form a compact & integrated system that is easy to install. The growing popularity of Over-The-Top (OTT) services, such as Amazon Prime and Netflix, has urged customers to invest in high-performance home audio equipment for a better audio-visual experience. The growing video-on-demand market will fuel the adoption of these units, thereby propelling industry development. A wired HTiB eliminates compatibility issues among various components of the home theater system. Leading brands meticulously design & integrate surround sound technologies so that users can easily plug & play to get an immersive home theater experience.
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The home audio equipment market from online distribution channel is expected to witness high growth during the forecast period due to the inclination of customer towards online shopping. The development of high-speed internet has enabled customers to search & purchase several branded products on their smartphones & tablets.
According to the Adobe Digital Economy Index, global e-commerce sales are slated to hit USD 5.5 trillion in 2022. Several e-commerce platforms including eBay, Inc., Amazon.com, Inc., BestBuy, Flipkart, MediaMarkt, and Walmart are offering cost-effective solutions for ordering products online. Manufacturers are also offering products from their own e-commerce websites to gain a large customer base.
The Europe home audio equipment market is being driven by the rising trend of smart homes that enable the easy integration of smartphones with audio devices. For instance, in March 2022, Itron, Inc. and the City of Fuengirola collaborated to make the Spanish town a smart city. Fuengirola will use Itron's smart city software, which incorporates a city-wide mesh network designed for Itron's product & data management tools. The project will stimulate urban innovation and drive digital transformation in home entertainment devices. The industry will gain traction as consumers opt for connected media devices that can be operated remotely and integrated conveniently to other devices.
Some of the major findings of the home audio equipment market report are:
- The demand for home audio equipment increased due to the introduction of gaming consoles with the latest technologies incorporated into the hardware. These games require high-quality speakers for the maximized effectiveness of various types of sounds produced during different scenes and the delivery of spatial awareness. The introduction of 3D/4D games requiring virtual surround sound will further increase the home audio equipment market sales.
- The requirement for wired receivers is increasing as they consistently receive audio & video signals from several sources and amplify the audio signal to drive multiple speakers. These are less expensive, offer high controllability, and can be used for music & home theater applications. Consumers opt for receivers with a minimum of four HDMI inputs to connect a Blu-ray player, a cable box, and a PlayStation along with keeping one input for future expansion.
- The adoption of wireless speakers is increasing due to advancements in Artificial Intelligence, which enable the smooth functioning of voice-assistant-powered devices. AI is used by virtual digital assistants, such as Alexa, Siri, Cortana, and Google Home, to filter audio for users based on search history and respond to voice instructions. Industry players are leveraging the benefits of this technology to offer smart voice-assistant-based home speakers.
- The home audio equipment market is experiencing significant progress owing to the presence of retailers that provide in-store discounts. Furthermore, customers are provided with store credit or rewards cards, thereby offering direct access to savings. They have better policies to exchange or return defective or unwanted merchandise and cover for the shipping costs. They also provide one-stop shopping in a simple store with a wide variety of products at reasonable costs.
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Partial Table of Contents (ToC) of the report:
Chapter 2 Executive Summary
2.1 Home audio equipment industry 360º synopsis, 2018 - 2030
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Technology trends
2.1.4 Distribution channel trends
Chapter 3 Home Audio Equipment Industry Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Impact of Russia-Ukraine war
3.4 Industry ecosystem analysis
3.5 Technological & innovation landscape
3.6 Regulatory landscape
3.7 Price trend analysis
3.8 Industry impact forces
3.8.1 Growth drivers
3.8.1.1 Increasing technological advancements and product innovations
3.8.1.2 Penetration of IoT technology in the U.S.
3.8.1.3 Growing number of smart homes in North America
3.8.1.4 Increasing consumer preferences toward technologically advanced products in Europe
3.8.1.5 Increased adoption of home theaters in Asia Pacific
3.8.1.6 Growing trend of subscription-based streaming services in Asia Pacific and Latin America
3.8.1.7 Increasing disposable incomes and high consumer spending in Asia Pacific & Latin America
3.8.1.8 Rise in urbanization and internet infrastructure development in the MEA
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/home-audio-equipment-market-size
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
3.11 PESTEL analysis
