Home Audio Equipment Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Product Type (Blu-Ray And DVD Players, Home Theatres, Sound Bars), By Distribution Channel (Online, Offline), And By Geography - Forecasts From 2020 To 2025

The home audio equipment market is projected to grow at a CAGR of 4.12% to reach US$25.426 billion by 2025, from US$19.954 billion in 2019.

The home audio equipment is a series of accessorized equipment which is used to substitute the standard speakers such as that of television to enhance the sound quality and give a cinematic audio experience at home.

The presence of a wide range of audio equipment like home theatre systems, soundbars, DVD Players, among others, compatible with different devices is expected to boost the demand for the audio equipment market.

Technological advancements in audio equipment in conjunction with the rising development of streaming content is a major demand driver of this market. These devices are evolving every day with new features being added to the device to ease its use and enhance the quality. Features such as Bluetooth connectivity, smart mode, noise cancellation, and wireless adaptability, among others are attracting larger audiences towards the purchase of such audio equipment. The big players in the streaming application market like Amazon Prime and Netflix are investing huge amounts to generate audience-centric content to earn the maximum revenue. Also, the high number of movies that are being released today is also driving people to maintain a home theater in their homes. This is expected to drive the sales of audio equipment market too. The lifestyles of the people are changing with the advent of the internet and digital devices. People resort to audio-visual sources for entertainment and relaxation at the comfort of their homes with the aid of home audio equipment.

Additionally, consumers are demanding highly equipped varieties of electronic and digital devices. As a result, several big players in the market are developing state-of-the-art equipment to gain a larger share of the market by standing out in the features provided in their devices.

Rising urbanization and disposable incomes in conjunction with growing technical know-how among people are driving the sales of the audio equipment market.

According to the World Bank, the urban population in East Asia and the Pacific rose from 1.086 billion in 2008 to 1.375 billion by the year 2018. This trend is expected to follow through the years 2019 to 2025 as well. 

The urbanization trend is followed by an increase in the literacy rate among people. Digital literacy is also expanding as a result. With the increased proclivity towards an urban lifestyle, the sales of electronic devices like PCs, smartphones and television sets are getting augmented with the support of rising digital literacy among people.

Major Market Developments

The launch of better-equipped varieties of audio systems with enhanced sophistication by existing and new players in different markets is expected to propel the growth of this market in the forecast period. Some of the examples of big launches are as follows:

• In September 2019, Roku, a one-year-old startup that debuted the speaker business with the launch of Roku TV Wireless speakers, launched two new audio devices: the Roku Smart Soundbar and Roku Wireless Subwoofer. The price of both the products was kept at $180. The new devices are equipped with Roku OS that provides easy setup, with four premium drivers to deliver a clear, deep, and dynamic bass response. It has a feature named Night Mode which lowers the volume for loud scenes and makes the audio more pronounced for the quiet ones.
• In October 2019, Harman Kardon launched Citation smart home speakers in India with smart connectivity powered by the Google Assistant and added with a Chromecast feature.
• In October 2019, Yamaha Music launched smart soundbars with a built-in smart assistant Alexa feature. The soundbars are named ass YAS-109 and YAS-209. The company claims that the soundbars are ultra-slim and offer immersive music experience coupled with rich and deep bass subwoofers.
• In December 2019, Philips launched two Soundbars, named HTL3320 and HTL3310 in India. The soundbars are equipped with wireless subwoofer and Dolby Digital. The company claims that the soundbars are stylish and compact to enhance the audio experience irrespective of the device they are connected to.
• In January 2020, Sennheiser launched Ambeo Soundbar with 3D sound and Dolby Atmos in India after one year of the global launch. The system consists of 13 speakers that include six woofers, five tweeters and two top-firing speakers.
• In January 2020, LG launched a new range of premium soundbars at CES 2020. The soundbars included SN11RG, SN10YG, SN9YG, and SN8YG models. The soundbars are to be used predominantly with LG’s high-end televisions.
• In February 2020, Sony launched Dolby Audio Home Theatre at a low price of Rs 14,990. The company claims that the device is specifically designed to merge dramatic, top-notch sound with 400W power output, Bluetooth and USB connectivity for flawless music experience.
• In February 2020, Realme, a Chinese startup, announced that it will launch smart bands, smart speakers, soundbars, smartwatch, and earphones in an attempt to focus on personal, family and travel needs.

The Asia Pacific region is expected to witness a high CAGR in the home audio equipment market due to the increasing demand for digital and electronic devices in this region.

Also, the presence of major players in China, who are developing newer versions of the sound equipment, is expected to fuel the market in this region. Rapid urbanization in conjunction with a rising per-capita income of people in India is driving people towards purchasing entertainment and comfort devices for their homes. The American region is anticipated to hold a major share of this market owing to the technological advancements happening in that region. Additionally, the European region is also projected to expand throughout the forecast period with a lot of product launches.

Home Audio Equipment Market Scope:

Segmentation:

• By Product Type
  • Blu-ray and DVD players
  • Home Theatres
  • Soundbars

• By Distribution Channel
  • Online
  • Offline

• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Others
  • The Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • Others