The home audio equipment market is projected to grow at a CAGR of 6.11% to reach US$31.239 billion by 2027, from US$20.620 billion in 2020.
Home audio equipment is a series of accessorized equipment that is used to substitute the standard speakers, such as those on 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, and 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 are a major demand driver of this market. These devices are evolving every day, with new features being added to them to ease their use and enhance their quality. Features such as Bluetooth connectivity, smart mode, noise cancellation, and wireless adaptability, among others are attracting larger audiences to 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. The high number of movies that are being released today is also driving people to maintain a home theatre in their homes. This is expected to drive the sales of the audio equipment market too. The lifestyles of people are changing with the advent of the internet and digital devices. People resort to audio-visual sources for entertainment and relaxation in 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 they provide 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 being augmented with the support of rising digital literacy among people.
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.
The presence of major players in China, who are developing newer versions of 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 anticipated to expand during the forecasted period because of upcoming product launches.
Every industry was affected by the COVID-19 pandemic. All corporate operations worldwide were severely impacted by the rapidly spreading coronavirus. The impact of supply chain disruption on the world economy has been seen. The protracted shutdown and business suspension had a significant impact on the home audio equipment market. To increase sales of home audio equipment, however, industry participants introduced cutting-edge goods. Manufacturers prepared to start up again in order to maintain the economies after the pandemic. The growing culture of working from home, technical innovation, the introduction of smart electronic gadgets, and increasing sales of Blu-ray technology are the main factors driving the global market for home audio equipment. Another factor driving market expansion is the rising acceptance of online distribution platforms. In 2022, the home audio equipment market is expected to experience growth as the top players strive to globalize their operations in order to provide compatibility with premium TVs.
|Market Size Value in 2020||US$20.620 billion|
|Market Size Value in 2027||US$31.239 billion|
|Growth Rate||CAGR of 6.11% from 2020 to 2027|
|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||Hon Hai Precision Industry Co., Ltd., Panasonic, Bose Corporation, Akai, Intex Technologies, LG Electronics, Koninklijke Philips N.V., Sony Corporation, Yamaha Corporation, Qualcomm Technologies, Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the home audio equipment market size by 2027?
A1. The home audio equipment market is projected to reach a total market size of US$31.239 billion by 2027.
Q2. What are the growth prospects for the home audio equipment market?
A2. The global home audio equipment market is projected to grow at a CAGR of 6.11% during the forecast period.
Q3. What is the size of the global home audio equipment market?
A3. Home Audio Equipment Market was valued at US$20.620 billion in 2020.
Q4. Which region holds the largest share of the home audio equipment market?
A4. The American region is anticipated to hold a major share of the home audio equipment market owing to the technological advancements happening in that region.
Q5. What factors are anticipated to drive the home audio equipment market growth?
A5. Technological advancements in audio equipment in conjunction with the rising development of streaming content are a major demand driver of home audio equipment market growth.
1.1. Market Overview
1.2. COVID-19 Scenario
1.3. Market Definition
1.4. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Home Audio Equipment Market Analysis, by Product Type
5.2. Blu-ray and DVD players
5.3. Home Theatres
6. Home Audio Equipment Market Analysis, by Distribution Channel
7. Home Audio Equipment Market Analysis, by Geography
7.2. North America
7.2.1. United States
7.3. South America
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.5.2. United Arab Emirates
7.6. Asia Pacific
7.6.4. South Korea
8. Competitive Environment and Analysis
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. Company Profiles
9.1. Hon Hai Precision Industry Co., Ltd.
9.3. Bose Corporation
9.5. Intex Technologies
9.6. LG Electronics
9.7. Koninklijke Philips N.V.
9.8. Sony Corporation
9.9. Yamaha Corporation
9.10. Qualcomm Technologies, Inc.
Hon Hai Precision Industry Co., Ltd.
Koninklijke Philips N.V.
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