Home Audio Equipment Market size to exceed USD 23.97 billion by 2022
Global home audio equipment market share is sustained by the need for continuous innovation to ensure growth. Increased implementation of surround sound speakers and multi-channel amplifier has encouraged audio systems installation. 3D Blu-ray audio players with super Wi-Fi connectivity have gained prominence. There has been an increase in adoption of sound platforms in one-box audio solutions. Emphasis on environment-friendly measures in order to avoid hearing loss issues will drive demand from 2015 to 2022.
Technological innovation and rapid industrialization have led to a steady stream of new products. This has encouraged retailers to influence new applications as well as strategies in order to deliver seamless consumer experience. Video games, Blu-ray disks, MP3 players and computers are the most commonly sold electronic goods for residential entertainment purposes. Rise in disposable income and growing consumer preference for high quality products are the major factors driving customer base. Emergence of digital music storage systems and Wi-Fi technology are encouraging customers to buy these products, thereby increasing the home audio equipment market share.
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Unrestricted mobility and high sound quality offered by home theater in-a-box systems will enable consumer oriented home theater systems. Innovation and design development has resulted in manufacturers providing technologies such as 3D pass-through, audio return channel and 4K compatiblility. Emergence of higher-end models with additional features such as USB connectivity, HDMI inputs, 5-disc platter and 1080i video resolution upscaling technologies will led to higher products penetration in the near future.
Audio distribution across the house through networked audio technology opens a wide array of possibilities. Digital networked audio can overcome the limitation of traditional analog systems, providing enhanced features, improved functionality, more economical design, and high efficiency.
Browse key industry insights spread across 115 pages with 17 market data tables & 18 figures & charts from the report, “Home Audio Equipment Market Size By Product (Home Radios, Home Theater in-a-box (HTIB), Home Audio Speakers & Systems), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2015 – 2022” in detail along with the table of contents:
Key insights from the report include:
- Home audio speakers and systems accounted for over 25% of the home audio equipment market size for 2014 and is anticipated to grow at more than 3% by 2022. Growth can be attributed to rising demand for Bluetooth devices.
- Home theater in-a-box segment revenue exceeded USD 4 billion for 2014, various features offered such as unrestricted mobility as well as superior sound quality will propel demand.
- Europe home audio equipment market size was USD 5.49 billion. The region will continue to lead via the rapid adoption for residential audio systems, considerable consumer demand, and high retail prices.
- China home audio equipment market size will drive the Asia Pacific revenue over the next few years. Regional growth is also a result of rapid electronics industry proliferation across South Korea, Japan, and India. Furthermore, rising adoption of sophisticated technologies paired with swift urbanization will catapult regional growth prospects.
- Major manufacturers include Sony, LG, Panasonic, Pioneer, Bose, Philips, Sharp, etc. The industry is characterized by participants focusing on new product development and innovative technologies to maintain competitive edge.
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