Home Audio Equipment Market Will Cross US$ 84.1 billion by 2031; Technological Advancements Augmenting the Market Growth | Says Transparency Market Research

Wilmington, Delaware, United States, May 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The home audio equipment market is projected to reach US$ 84.1 billion by 2031 from US$ 29.1 billion in 2022. The global market is expected to grow at a CAGR of 11.1% between 2023 and 2031. The increasing popularity of entertainment gadgets that improve audio quality is leading to a rise in home audio equipment use. Growing sales of Bluetooth devices and speakers are expected to drive market growth.

Technology advancements provide greater convenience, comfort, and a higher level of sound quality. With technological advances and progress in recent years, cloud-based distribution channels have become a key component of home audio equipment sales in the global marketplace.

Newcomers incorporate attractive features into their marketing strategies to make their products more appealing. Voice assistants and wireless charging are innovative features incorporated into these systems.

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With significant decreases in manufacturing costs, along with increasing demand for immersive audiovisual experiences, the price of audio devices has dropped significantly. These factors will significantly lead to the growth of the market. Companies that can meet all such demands will see lucrative growth prospects in the future.

Customers are increasingly choosing integrated media gadgets that can be controlled directly or remotely and can easily be connected to other devices. Several companies now provide multi-room audio systems that can be controlled remotely to extend audio services to additional rooms.

Key Findings of Market Report

• Globally, the sound bar product type segment holds a dominant position in terms of market share.
  
  
• The wireless connectivity market is expected to grow significantly over the next few years.
  
  
• Computers are becoming more prevalent in industrial and commercial spaces, which has driven market growth for both products and services.
  
  
• Increasing sales and discount prices are expected for these products at online stores and e-commerce businesses.
  
  
• Home audio equipment is expected to see an increase in demand due to a growing demand for innovations and miniaturization of these devices.
  

Global Home Audio Equipment Market: Growth Drivers

• Smart homes are becoming more popular, and technological advances are helping to grow the market.
  
  
• Smart cities are also being supported by governments to facilitate industry expansion by enabling the penetration of smart data.
  
  
• A new generation of ultra-fast internet connections is being introduced to developing countries, boosting the market.
  
  
• Growing hardware demand and modern miniaturization of devices will drive the market.
  
  
• Video games and the rapidly growing entertainment sectors are expected to offer significant expansion opportunities in the forecast period.
  
  
• Increasing smartphone and laptop usage will propel the market in the next few years.
  
  
• Future years will see a significant increase in the demand for AI devices and connected devices.
  

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Global Home Audio Equipment: Regional Landscape

• Population growth in emerging economies and the presence of untapped markets in the Asia Pacific will drive growth during the forecast period.
  
  
• Economic growth in developing countries such as India and China is increasingly associated with an increase in living standards and an increase in disposable incomes.
  
  
• Developing technology and a powerful IT infrastructure in North America have contributed to market growth.
  
  
• Germany is experiencing an increase in demand for 5G internet services, which allow devices to be used smoothly.
  
  
• The Middle East region is experiencing an increase in urbanization and the development of a high-speed internet network
  

Global Home Audio Equipment Market: Key Players

Competitiveness and fragmentation in the home audio equipment market have been exacerbated by several competitors with strong influence in research and development and consolidation activities. A global and regional product network is being strengthened by introducing new products, collaborating with major industry players, and establishing partnerships.

• 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

Key Developments in the Market:

• In April 2023, Alphatec AV announced the launch of two leading professional audio brands in India, a leading distributor for professional audio and video gear. An exclusive distribution agreement will be signed with Alphatec between German loudspeaker manufacturer BEC-AKUSTIK, a manufacturer of ultra-flat and slim speakers, and Swedish audio company Audio Pro, which designs and manufactures high-quality speakers using advanced streaming technology.

• In April 2023, Jabra announced its new line of hybrid work headsets and speakers. Jabra Evolve 2 and Speak 2 ranges have a few products in the new range. In the new Evolve 2 series models Evolve 2 50 and Evolve 2 55, the company introduces Active Noise Cancellation (ANC). Dual ANC microphones, an advanced speech-separation chipset, and 28mm custom speakers are all features of the Evolve 2 50 and Evolve 2 55.

Key Points from TOC:

1. Preface

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions

3. Research Methodology

4. Executive Summary

5. Market Overview

    5.1. Introduction

    5.2. Market Dynamics

        5.2.1. Drivers

        5.2.2. Restraints

        5.2.3. Opportunities

    5.3. Key Trends Analysis

        5.3.1. Demand Side Analysis

        5.3.2. Supply Side Analysis

    5.4. Technology Overview

    5.5. Key Market Indicators

    5.6. Porter’s Five Forces Analysis

    5.7. Industry SWOT Analysis

    5.8. Value Chain Analysis

    5.9. Global Home Audio Equipment Market Analysis and Forecast, 2017 - 2031

        5.9.1. Market Value Projections (US$ Bn)

        5.9.2. Market Volume Projections (Million Units)

6. Global Home Audio Equipment Market Analysis and Forecast, By Product Type

    6.1. Home Audio Equipment Market Size (US$ Bn and Million Units) Forecast, By Product Type, 2017 - 2031

        6.1.1. Blu-Ray and DVD Players

        6.1.2. Home Theater In-a-Box

        6.1.3. Soundbars

        6.1.4. Speakers

        6.1.5. CD Players

        6.1.6. Others

    6.2. Incremental Opportunity, By Product Type

7. Global Home Audio Equipment Market Analysis and Forecast, By Connectivity

    7.1. Home Audio Equipment Market Size (US$ Bn and Million Units) Forecast, By Connectivity, 2017 - 2031

        7.1.1. Wired

        7.1.2. Wireless

    7.2. Incremental Opportunity, By Connectivity

8. Global Home Audio Equipment Market Analysis and Forecast, By Price

    8.1. Home Audio Equipment Market Size (US$ Bn and Million Units) Forecast, By Price, 2017 - 2031

        8.1.1. Low

        8.1.2. Medium

        8.1.3. High

    8.2. Incremental Opportunity, By Price

TOC Continued……

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Global Home Audio Equipment Market: Segmentation

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
  

Application

• Television
• Computers
• Others
  

Distribution Channel

• Online
  • E-commerce Websites
  • Company Owned Websites
• Offline
  • Specialty Stores
  • Hypermarkets & Supermarkets
  • Departmental Stores
  • Convenience Stores

Regions

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
  

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