The Global Home Audio Equipment Market is
expected to reach USD 22.50 billion by 2020, according to a new study by Grand
View Research, Inc. Growing consumer demand for high-quality home theater
experience attributed to increased disposable income is expected to drive the
market over the forecast period. Increasing trend towards deployment of
sophisticated equipment, high-speed data streaming, faster internet
connectivity and internet-exclusive entertainment are expected to proliferate
the need for external audio solutions. Emergence of Bluetooth products coupled
with wireless Blu-ray home theater systems is expected to positively impact
market growth.
Home audio equipment comprises
a wide range of equipment including multi-channel amplifiers, compact audio
system and home radios. Manufacturers of this equipment have been striving to
expand market penetration by innovating visually less intrusive and
user-friendly systems. Therefore, technological advancement in digital
technology with changing media options from conventional to latest systems is
expected to be positively impact home audio equipment market growth over the
next six years. High development cost and fear of hearing loss among the
consumers may hamper market growth through the forecast period. Emergence of
realistic immersive home audio equipment along with better internet
connectivity offers a wide avenue to drive demand for the home audio equipment
market.
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Further key findings from the study suggest:
- The home audio equipment market comprises products such as audio systems, home radios, Home Theater-in-a-box (HTiB) and other accessories. The home audio systems segment includes MP3 players, mini disc players, compact audio systems, cassette deck, rack system and CD/DVD players. HTiB products include 5.1, 6.1, 7.1 and 9.1 channels and the segment is expected to witness significant growth over the forecast period. This can be attributed to several benefits associated with this technology such as unrestricted mobility and high quality sound systems.
- Widening consumer base in Asia Pacific markets owing to higher affordability and rapid urbanization trends is expected to significantly drive the home audio equipment industry. Demand for digital home radios driven by growing promotional activities is expected to drive regional market growth. The North American market is characterized by rise in unit sales of flat-panel HD TVs.
- Key companies operating in the market include Sony Corporation, Bose Corporation, LG Electronics, JVC KENWOOD Holdings Inc., Philips, Dolby Laboratories Inc. and Akai. Rising emphasis on vertical integration activities in order to obtain greater product reliability and optimized manufacturing throughput is estimated to be the major growth strategy.
For the purpose of this study, Grand View Research has
segmented the global home audio equipment market on the basis of product and
region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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