New York, United States, Jan. 11, 2023 (GLOBE NEWSWIRE) -- The Global Home Audio Equipment Market Size is expected to grow from USD 25.32 billion in 2021 to USD 82.07 billion by 2030, at a CAGR of 11.75% during the forecast period 2022-2030. The development of cutting-edge and innovative products by industry players and product manufacturers is expected to lead to a healthy expansion of the home audio equipment market in the coming years. The Worldwide Home Audio Equipment shipments is projected to cross approximately 605 million units by 2030.
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Businesses in the home audio equipment industry are working harder to increase production capacity in order to benefit from market opportunities globally. Globally, the home audio equipment market is being driven by factors including digitization, technological innovation and improvement, and rapid urbanisation in developing nations. Consumers in the modern era are more inclined to spend their money on durable electronics. Some of the main market factors for home audio equipment are rising disposable income, increasing customer preferences, rapid urbanisation, digitalization, and technological breakthroughs. Home audio equipment is becoming more well-known and used by more people as a result of online advertising and promotions, which boosts sales of these gadgets.
The growing popularity of internet distribution channels is generating potential opportunities for market players. Market players are working on increasing their production capacity because customer demand is rising. The continued technological advancement of these technologies and increased R&D expenditures are speeding up market expansion even more. The increase in sales of home audio equipment such speakers, headphones, amplifiers, receivers, etc. is driving the global industry. The growth of offline retail channels like department stores, hypermarkets, and supermarkets has boosted sales of this equipment. The custom of purchasing home audio gear through online distribution channels is gaining popularity. Customers all over the world are huge fans of online stores, e-commerce websites, and company-owned websites. The global market for home audio equipment is being driven by the escalating competition between local and international market participants.
Browse 55 market data Tables and 65 Figures spread through 195 Pages and in-depth TOC on “Global Home Audio Equipment Market Size, Share, and COVID-19 Impact Analysis, Home Audio Equipment Market Size, By Product Type (Speaker, Soundbars, Home-Theatre in a Box, Receiver, & others), By Audio Components (Microphones, Mixers, Digital & Signal Processors, Amplifiers, & others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030”
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The soundbar segment is witnessing the fastest market growth over the forecast period.
Based on product, the global home audio equipment market is segmented into Speakers, Soundbars, Receivers and others. Among these, the soundbars segment is estimated to witness faster market growth over the forecast period. One of the main factors driving the growth of this market is the capacity to produce bass and other increased features at lower volume levels. Other important factors are compact size, hassle-free installation, and power efficiency. Customers would hear more clearly if there were more speakers that faced forward, there were better volume controls, and there were more mounting possibilities. The market would grow more quickly if this product included customizable volume characteristics, such as the ability to define a maximum capacity limit, and spatial flexibility. The capacity to detect IR signals from other devices, along with the shrinking amount of space available in TVs for speaker driver placement, have all significantly increased the interoperability of home audio equipment market.
Microphone segment is witnessing a surge in growth during the forecast period.
On the basis of components, the global home audio equipment market is segmented into Microphones, Mixers, Digital & Signal Processors, Amplifiers, & others. Among these, the microphones segment is witnessing the fastest market growth. Sales of smartphones, tablets, and other such devices, as well as customer demand for music on the go, are both increasing in the market for home audio equipment. These are the primary forces behind the development of microphones. There has been a considerable rise in demand for microphones with better audio quality and more audio directionality as a result of the emergence of the WFH phenomena and the quick pace of investments in cinema and television.
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Asia Pacific is estimated to witness faster growth with the highest CAGR.
Asia Pacific region is going to witness faster market growth over the forecast period. The expansion of the home audio equipment market in APAC is being fuelled by factors such as rising consumer demand for smart homes in developing countries, soaring purchasing power, and changing consumer preferences. As the economy improves, private spending will rise, and as technology advances and audio equipment prices fall in developing economies, the market's growth in this region will be significantly accelerated.
Key Vendors in Home Audio Equipment Market: 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, and Yamaha Corporation.
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