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:
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.
Report Metric | Details |
Market size value in 2019 | US$19.954 billion |
Market size value in 2025 | US$25.426 billion |
Growth Rate | CAGR of 4.12% from 2019 to 2025 |
Base year | 2019 |
Forecast period | 2020–2025 |
Forecast Unit (Value) | USD Billion |
Segments covered | Product Type, Distribution Channel, And Geography |
Regions covered | North America, South America, Europe, Middle East and Africa, Asia Pacific |
Companies covered | Foxconn Technology Group, Panasonic, Bose Corporation, Akai Electric Co., Intex, LG Electronics Inc., Philips, Sony Corporation, Yamaha, Qualcomm Technology |
Customization scope | Free report customization with purchase |
Segmentation:
Frequently Asked Questions (FAQs)
Panasonic
Bose Corporation
Akai Electric Co.
Intex
LG Electronics Inc.
Philips
Sony Corporation
Yamaha
Qualcomm Technology
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