NEW
YORK, June 21, 2024 /PRNewswire/ -- The global
home audio equipment market size is estimated to grow by
USD 18.96 billion from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 12.34% during the forecast period. Rapid adoption of home
audio equipment is driving market growth, with a trend towards
microphones segment. However, availability of counterfeit products
poses a challenge. Key market players include Alphabet Inc.,
Amazon.com Inc., Apple Inc., Bose Corp., Boston Acoustics Inc.,
DOLBY LABORATORIES INC., Edifier International Ltd., HP Inc.,
JVCKENWOOD Corp., Koninklijke Philips N.V., LG Corp., Masimo Corp.,
Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp
Corp., Sonos Inc., Sony Group Corp., VIZIO Holding Corp., VOXX
International Corp., and Yamaha Corp..
Get a detailed analysis on regions, market
segments, customer landscape, and companies- View the
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Home Audio Equipment
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
12.34%
|
Market growth
2024-2028
|
USD 18967.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
10.76
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 38%
|
Key
countries
|
US, China, UK, Japan,
and Germany
|
Key companies
profiled
|
Alphabet Inc.,
Amazon.com Inc., Apple Inc., Bose Corp., Boston Acoustics Inc.,
DOLBY LABORATORIES INC., Edifier International Ltd., HP Inc.,
JVCKENWOOD Corp., Koninklijke Philips N.V., LG Corp., Masimo Corp.,
Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp
Corp., Sonos Inc., Sony Group Corp., VIZIO Holding Corp., VOXX
International Corp., and Yamaha Corp.
|
Market Driver
The home audio equipment market is experiencing significant
growth due to the increase in remote work and learning, as well as
the rise in TV productions and content creation. Vendors are
introducing new microphone products to cater to this demand, such
as Sony Electronics' C-80 condenser microphone. Tesla is also
entering the market with its audio gear, including headphones and
microphones. These expansion activities will broaden the market's
reach and serve a larger customer base.
The home audio equipment market is thriving with innovative
technologies and devices. Smart home technology is a significant
trend, with voice control and connectivity to other smart devices
becoming increasingly popular. Devices like Amazon Echo and Google
Home are leading this trend. Fundamental components of home audio
systems include speakers, amplifiers, and consoles. Colored and
wireless speakers are gaining traction, with Funands and Unbound
bringing new designs to the market. Consumers are also seeking
improved sound quality and longer battery life in portable
speakers. Additionally, the demand for Dolby Atmos technology in
home theaters is on the rise. Overall, the home audio equipment
market is witnessing significant growth and innovation.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global home audio equipment market faces challenges from
the prevalence of counterfeit products. Unauthorized dealers sell
fake versions of reputed brands like Sony, JBL, and SAMSUNG.
Vendors offer tutorials to identify these fakes, but the issue
negatively impacts original ideas and profits. Rural populations
with limited awareness and poor Internet access further hinder
market growth. The full impact of these factors is still unfolding,
making it a significant concern for the forecast period.
- The home audio equipment market faces several challenges in the
current technological landscape. Devices such as speakers, home
theaters, and soundbars require continuous innovation to keep up
with consumer demands for better sound quality and connectivity.
Manufacturers must consider factors like cost, design, and
compatibility with various devices and platforms. Additionally, the
rise of voice control technology and streaming services adds
complexity to the market. Sensing the trend, some companies focus
on creating smart home audio systems that integrate with other
smart devices. However, ensuring seamless connectivity and
compatibility across various brands and models remains a
significant challenge. Furthermore, the increasing popularity of
wireless audio technology necessitates advancements in battery life
and charging solutions. Overall, the home audio equipment market
requires a strategic approach to address these challenges and meet
the evolving needs of consumers.
For more insights on driver and
challenges - Request a sample report!
Segment Overview
This home audio equipment market report extensively covers
market segmentation by
- Distribution Channel
- Type
- 2.1 Smart speakers
- 2.2 Home theater system
- 2.3 Sound bars
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Offline- The offline distribution channel for home
audio equipment dominated the market in 2022 due to its
convenience, large stock-keeping units, and wide product variety.
Specialty stores, including multi-branded and brand-specific ones,
were the main revenue generators. Customers prefer these stores for
their extensive product offerings and the technical expertise of
sales staff. The offline segment's growth in the global home audio
equipment market is expected to continue during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
The home audio equipment market is experiencing significant
growth, driven by advancements in technology such as Ambisound and
Dolby's Atmos. Consumers are increasingly turning to Android
smartphones and Apple iPhones as convenient audio playback devices,
utilizing audio applications and artificial intelligence for
conversational voice responses. Audio equipment manufacturers are
focusing on ease of use and domestic manufacturing to cater to the
expanding consumer spending power. Counterfeit products remain a
challenge in the consumer electronics market, with companies
implementing measures to ensure authenticity. Consumer electronics,
including home audio equipment, continue to benefit from
innovations like DTS Sound Unbound and advanced audio amplifiers,
enhancing the overall listening experience.
Market Research Overview
The Home Audio Equipment Market encompasses a variety of devices
designed to enhance the audio experience within residential spaces.
These devices include speakers, soundbars, headphones, and
amplifiers. The market is driven by advancements in technology,
leading to the development of smart and wireless audio systems.
Consumers seek devices that offer superior sound quality,
connectivity options, and compatibility with voice assistants and
streaming services. Additionally, the market is influenced by
trends such as increasing disposable income and the growing
popularity of home entertainment. Overall, the Home Audio Equipment
Market is expected to grow significantly in the coming years,
offering numerous opportunities for manufacturers and
innovators.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
-
- Type
-
- Smart Speakers
- Home Theater System
- Sound Bars
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio