Global home audio systems market has observed a major paradigm shift as wireless technology has canopied the world. The convergence of wireless technology with audio systems has offered a perfect blend of portability, enhanced hearing experience, and convenience. The ever-evolving technology and high consumer expectations have generated a positive impact on this industry.
As per a report by Global Market Insights Inc.,“Home audio systems Market is anticipated to record a CAGR of 4% over the period of 2015-2022.”
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Digital audio technology occupies a large portion of overall home audio systems industry in comparison to analog audio technology which holds a smaller stake of the market. Home audio speakers, a major product of home audio systems market, has been driving the business space owing to its portable connectivity with Bluetooth devices. MP3 players, CD/DVD players, rack systems, and mini disc players are among the trending home audio speakers and systems. Home theater in-a-box (HTIB) is another lucrative product gaining remarkable popularity with its high-quality sound and unrestricted mobility features. HTIB market is estimated to surpass USD 6.5 billion by 2022, at a CAGR of 5.8% over the period of 2015-2022.
Home theaters play a vital role in the smooth functioning of smart homes, as these home audio systems are connected with smart TVs and game consoles to create a theater-like experience at home. Improved spending capacity on smart homes and hi-tech devices has led to a momentous spur in home audio systems industry. Moreover, emerging technologies, such as Barco Auro, Dolby Atmos, and DTS Neo are providing spherical audio for acoustic spaces and sophisticated music experience, which will further uplift the industry growth.
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Taking into consideration the geographical perspective of home audio systems market, Europe is leading the regional landscape with rising adoption of home theaters for residential and commercial spaces. Europe home audio systems market, worth USD 5.49 billion in 2014, is expected to register a y-o-y growth of over 3.2% between 2015-2022.
Asia Pacific, prominently driven by China home audio systems market is also set to record a CAGR of 5% over 2015-2022. Swift urbanization and the rising proliferation of advanced consumer electronics is likely to boost the regional demand over the coming five years.
This industry is foreseen to witness a fierce competition among the major players. Novel product development synchronized with innovative solutions will offer a clear competitive advantage for these companies. Key home audio systems industry participants include LG, Panasonic, Bose, Philips, JVC Kenwood, Sony, Onkyo, Pioneer, and Sharp.
Browse key industry insights spread across 115 pages with 17 market data tables & 18 figures & charts from the report Home Audio Systems Market in detail along with the table of contents:
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