The Hi-Fi speaker market has seen considerable consolidation over the years, and the global Hi-Fi speaker market is expected to capture a CAGR of 6.20% and attain USD 7.69 Bn over the forecast period 2017-2023, reveals a study by Market Research Future (MRFR). High-Fidelity speakers commonly known as Hi-Fi speakers are majorly used in home audio systems and stereo listeners. They eliminate the bottlenecks of traditional audio systems and offer advantages such as ease of use, portability, better signal to noise ratio, less distortion and accurate frequency response Growing adoption and demand for wireless connectivity technology has augmented the demand for Hi-Fi speakers.
Hi-Fi speakers do not require cabling, and thus the cost of wiring is reduced considerably. Demand for wireless connectivity technology and adoption of Hi-Fi speakers for their relative advantage over conventional audio systems has propelled the growth of the Hi-Fi speakers market. Escalating use of wireless Hi-fi speakers in the in cars, increasing demand for portable audio devices, rising popularity of Hi-Fi speakers, growing demand for smart homes has provided an impetus for the market growth of Hi-Fi speakers. Increasing demand for multi-channel and multi-unit products, products which can be integrated with other systems have reflected positively on the Hi-Fi speaker system market. Additionally, booming electronic industry, the rise in purchasing power of consumers, growing demand for wireless Hi-Fi speakers in luxury cars, and continuous investment in R&D activities are spurring the market for Hi-Fi speakers.
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Major Key Players
Onkyo Corporation (Japan),
Yamaha Corporation (Japan),
Panasonic Corporation (Japan),
LG Electronics Corporation (South Korea),
Koninklijke Philips N.V. (Netherland),
Sony Corporation (Japan),
Bowers & Wilkins Group Ltd. (England),
Bose Corporation (U.S.),
Harman International Inc. (England),
DEI Holdings, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), and Tannoy Ltd. (England) among others.
According to MRFR, The Global Hi-Fi speaker system Market is expected to reach approximately USD 7.69 billion by the end of 2023 with 6.20% CAGR during forecast period 2017-2023.
Feb 2018, Bose Corporation had redefine the sport headphone by launching sound Sports free headphones which provides better sound quality for music. The advance earphones facilitates through charging case which holds the ear bud and increase the storage capacity by two times and increase the charging capacity in 10 hours of battery life.
Denon CEOL N10 is releasing a new Hi-Fi speaker system that is packed with all the latest technology while still supporting the old physical media like CDs. The N10 offers support for both Amazon’s Alexa voice assistant and Apple’s AirPlay 2.
Famous top-selling loudspeaker brand in America, Definitive Technology is set to launch its products in the European market. They are launching various home cinemas and hi-Fi speakers ranging from £499 – £3399.
The global Hi-Fi speaker system market has been segmented based on connectivity technology, distribution channel, and end-users. By Connectivity technology, the market has been segmented into wired and wireless. The wired sub-segment has been further segmented into Ethernet and Audio cables. The Wireless sub-segment has been further segmented into Bluetooth, Wi-Fi, airplay and others. By distribution channel, the market has been segmented into online sales and retail sales. By end-users, the market has been segmented into residential, commercial, automotive and others.
Geographically, the market is segmented into North America, Europe, Asia Pacific and Rest of the World. The regional segment is further bifurcated into U.S., Canada, Mexico, UK, France, Germany, China, Japan and India. Regionally, Asia Pacific accounted for the largest market share from countries such China, India and Japan among others due to larger unmet needs, larger demand, larger population and growing economy. Asia also has a large and growing automotive sector which is benefiting the market. Other factors benefiting the Asia Pacific market is the emergence of nations like China, Vietnam etc. as a low cost manufacturing base.
The Asia Pacific market is followed by Americas market which is dominated by the U.S. due to factors such as greater density of vehicles, large entertainment industry, faster technological uptake and others. The Latin America market is dominated by Brazil, Chile and Argentina.
Germany is the largest market in the European region followed by France, with U.K. registering highest growth. The Middle East and Africa market is led by Gulf economies such as UAE, Saudi Arabia and others. The Africa region is expected to yield fast growth for low cost devices.
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