Newark, March 08, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the home audio equipment market will grow to USD 28.37 billion in 2022 and reach USD 94.19 billion by 2032. In just eight years, growing consumer demand for high-quality home theatre experience attributed to raised disposable income is helping to stimulate market growth. Further, the increasing number of smart homes in developing countries, rapid economic growth, along with growing customer preferences for quality products are also anticipated to drive market growth during the forecast period.
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Key Insight of the home audio equipment market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the home audio equipment market. Key factors favoring the growth of the home audio equipment market in North America include the increasing disposable incomes of customers and the introduction of smart electronic gadgets are helping stimulate market growth. Further, the rising demand for wireless soundbars that operate using Wi-Fi or Bluetooth connections is expected to drive market growth in this region.
The wireless segment is expected to augment the home audio equipment market during the forecast period.
The wireless segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the increased mobile phone and internet penetration, as well as raised acceptance of digital payments and favourable demographics. However, the increasing internet penetration, rapid technological progress, digital transformation of the broadcasting industry, and declining product costs are also helping to stimulate the segment’s market growth. Further, by 2032, the wired segment will likely dominate the market due to the increasing adoption of smart homes.
The home audio speakers and systems segment market size is 15.94 billion in 2022
The home audio speakers and systems segment is anticipated to dominate the market over the forecast period owing to the rising requirement for wireless streaming audio content. Additionally, the increasing spending capacity of consumers, especially in developing countries, is also helping to drive the segment’s market growth. Further, by 2032, the home theatre in a box (HTIB) segment will likely dominate the market due to the increasing need to create an atmosphere or ambiance to accompany a presentation. Additionally, the growing demand for customized home theater and the rising demand for portable sound systems are also expected to drive the segment’s market growth.
The microphones segment is anticipated to dominate the market by 38.09% in 2032.
The microphones segment is anticipated to dominate the market in the forthcoming years, owing to the increasing demand for hearing help and virtual reality (VR) headsets. Further, by 2032, the digital & signal processor segment will likely dominate the market due to the increasing use of technologies such as internet protocol (IP) cameras for video surveillance.
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Market Dynamics
Driver: The increasing applications in the entertainment industry:
The increased spending on entertainment and the change in the lifestyle of people in emerging economies is one of the driving factors of the market growth. Moreover, the ever-increasing popularity of 3D movies that give the audience a virtual reality experience, the growing inclination of the younger generation towards music, and the rising investments in R&D activities on the development of enhanced home audio equipment is expected to propel the market growth. However, the increasing usage of online entertainment, deployment of reliable and sophisticated music storage tools, and high-speed data streaming is also helping to stimulate market growth during the forecast period.
Restraint: The availability of low-quality equipment:
The high development cost and fear of hearing loss among consumers hinder the market growth. Moreover, the availability of low-quality and low-cost substitutes is also a restraining factor of the market growth during the forecast period. Additionally, the lack of awareness among a large section of the rural population and poor internet facilities are expected to impede market growth. However, the issues with audio implementation in the virtual room and rising hearing issues because of the constant use of headphones are hindering the market growth over the forecast period.
Opportunity: The advancement in technology:
The continuous technological advancements in such devices and rising investments in R&D are the opportunity factor for market growth. Further, the upsurge in the popularity of music streaming, along with the increasing customer expenditure, is helping to stimulate market growth over the forecast period. Moreover, the technological progress in digital technology with changing media options from conventional to the latest systems is expected to propel the market growth during the forecast period. Additionally, the easy availability of technologically advanced products and high customer awareness about the features & benefits of the products across various countries are expected to propel the market growth in the upcoming year.
Some of the major players operating in the home audio equipment market are:
● Apple Inc.
● Amazon.com, Inc.
● Bowers & Wilkins Group Ltd.
● Blaupunkt GmbH
● Creative Technology Ltd.
● Bose Corporation
● Edifier Technology Co., Ltd.
● Sonos, Inc.
● Google LLC
● JVCKenwood Corporation
● Koninklijke Philips N.V.
● Sennheiser Electronic GmbH & Co. KG.
● Panasonic Corporation
● LG Corporation
● Pioneer Corporation
● Plantronics Inc.
● Polk Audio
● Sony Corporation
● Samsung Electronics Co. Ltd.
● Yamaha Corporation
● VIZIO Inc.
● Voxx International Corporation
Key Segments cover in the market:
By Application Type:
● Wireless
● Wired
By Product Type:
● Home Audio Speakers And Systems
● Home Theatre In-A-Box (HTIB)
By Audio Components:
● Digital & Signal Processors
● Microphones
● Amplifiers
● Mixers
● Others
By Region
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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