Dublin, July 28, 2023 (GLOBE NEWSWIRE) -- The "Hi-Fi Systems - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Hi-Fi Systems Market to Reach $24.2 Billion by 2030, Fueled by Technological Advancements
The global market for Hi-Fi Systems has undergone significant changes. The market, valued at US$15.9 Billion in 2022, is projected to reach a substantial size of US$24.2 Billion by 2030, growing at a healthy CAGR of 5.4% during the analysis period from 2022 to 2030. The report highlights the Products segment, which is expected to record a robust 5.8% CAGR, reaching US$14.2 Billion by the end of the forecast period. Additionally, the Device segment is readjusted to a revised 4.9% CAGR for the next 8-year period, considering the ongoing post-pandemic recovery.
The United States stands as a major player in the Hi-Fi Systems market, estimated at US$4.2 Billion in 2022. Meanwhile, China, the second-largest economy globally, is forecasted to reach an impressive market size of US$5.6 Billion by 2030, with a CAGR of 8.5% during the analysis period from 2022 to 2030. Other notable geographic markets include Japan and Canada, both expected to witness growth at rates of 3.2% and 4.4%, respectively, over the same period. In Europe, Germany is projected to grow at an approximate CAGR of 3.9%.
What's New for 2023?
The year 2023 is poised to bring a series of critical developments and challenges on the global stage. The report includes special coverage on significant events such as the Russia-Ukraine war, global inflation, easing of zero-COVID policy in China, and its "bumpy" reopening, supply chain disruptions, global trade tensions, and the risk of recession. Furthermore, it provides insights into global competitiveness and key competitor percentage market shares, along with market presence across multiple geographies categorized as Strong, Active, Niche, or Trivial. Online interactive peer-to-peer collaborative bespoke updates, access to digital archives, and the Research Platform are also available, complemented by one year of complimentary updates.
Looking Ahead to 2023
The global economy is facing a pivotal moment with several interlocking challenges and crises. The Russia-Ukraine conflict's unfolding consequences, coupled with global inflation, pose continued economic uncertainties. Food and fuel inflation remain persistent problems, impacting consumer confidence and spending. Governments' attempts to combat inflation by raising interest rates may lead to slower job creation and economic activity. Companies are likely to reduce capital expenditure due to inflation concerns and weaker demand, potentially pushing developed markets into recession. Moreover, fears of new COVID-19 outbreaks and China's uncertain post-pandemic path could cause additional supply chain disruptions and manufacturing challenges. Volatile financial markets, growing trade tensions, stricter regulations, and pressure to address climate change further compound the complexities faced in 2023. Despite these challenges, businesses and their leaders who embrace resilience and adaptability will find opportunities in this dynamic landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 244 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $15.9 Billion |
| Forecasted Market Value (USD) by 2030 | $24.2 Billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Key Topics Covered
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- HI-FI Systems - Global Key Competitors Percentage Market Share in 2022 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
- Impact of COVID-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
III. MARKET ANALYSIS
IV. COMPETITION
A selection of companies mentioned in this report includes:
- Bose Corporation
- Bowers & Wilkins
- DEI Holdings, Inc.
- HARMAN International
- Koninklijke Philips NV
- LG Electronics Inc.
- Onkyo Corporation
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Sony Corporation
- Tannoy Ltd.
- Yamaha Corporation
For more information about this report visit https://www.researchandmarkets.com/r/mn133w
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