Home Audio Equipment Market Will Generate Revenue of $20 by 2024

Mid-price home audio equipment market segment is expected to grow at significant rate over the future, owing to the rising adoption in Asia Pacific

Selbyville, United States - July 10, 2019 /MarketersMedia/ —

Home Audio Equipment Market is expected to exceed USD 20 billion by 2024. Consistent innovations in in-house entertainment systems and multi-room solutions are anticipated to drive the industry growth. For instance, Sono Bridge, a product developed by the company Sonos allows its users to connect its audio players with wireless router systems to play music from any of the connected devices. Consumers are shifting their focus from stand-alone audio systems to inter-connected audio devices such as multi-room speakers to augment their music experience. The proliferation of smart products, such as smart speakers, is encouraging users to opt for technically-advanced systems, providing an impetus to the home audio equipment industry.

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Rising adoption of internet-based applications, such as podcasts, music, and internet radio, is prompting manufacturers to develop products to include a wide range of media type content. E-commerce services have boosted the sale of these products enormously. Retailers are opting for novel strategies to gain a competitive advantage and deliver a rich user experience. Moreover, several companies are investing in R&D to develop widely-differentiated products. These factors are projected to further fuel the home audio equipment market growth.

The rising trend of IoT and the connected devices has resulted in a good scope for expansion of the home audio equipment market. The products are being equipped with Wi-Fi and Bluetooth functionalities, thereby increasing the flexibility of these products. The growth in the use of smartphones and deployment of data-friendly networks, such as 3G and 4G, are expanding the network connectivity across the globe. This is increasing the proliferation of home audio equipment by the consumers of smart technologies.

Laws pertaining to the loss of hearing or the risk of damage are hindering the growth of the home audio equipment market. For instance, prolonged exposure of individuals to the loud noise of over 85 decibels for more than eight hours from audio equipment will induce hearing loss. High audio frequency from the equipment may cause Noise-Induced Hearing Loss (NIHL) and injure the inner ear structures over the longer run. Considering these factors, various legislative authorities are implementing stringent laws regarding the usage of these products.

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High-priced segment with products costing more than USD 1,000 in the home audio equipment market is anticipated to witness a high growth owing to the rising user focus on obtaining high audio quality from their devices. The low-price segment with products costing less than USD 500 is projected to gain momentum over the forecast period with increasing sale of these products in Asia and African regions. Speakers are projected to witness the highest demand, assisting the home audio equipment industry growth. High compatibility of speakers with other products and a wide range of options available for the consumers will boost the home audio equipment industry.

The U.S. home audio equipment market is projected to witness a high growth owing to the increasing rise in the number of video streaming facilities such as Netflix, Hulu, YouTube, and music libraries in the region. The U.S. is leading the wireless revolution that is changing every aspect of consumers’ life. In July 2016, after the shift to 5G, the Federal Communications Commission of America opened a high-band spectrum. Earlier in the same year, FCC freed up 70 MHz of spectrum for wireless broadband. These efforts are actively boosting the usage of wireless equipment.

The home audio equipment market is expected to deploy multiple approaches to meet the demand for wireless connectivity. Providers are installing new wireless infrastructure, such as small cells & distributed antenna systems, and investing in the R&D to improve the spectrum efficiency. Techniques, such as carrier aggregation, are intended to increase data rates, boost network capacity, and use new spectra. This is expected to increase the focus on wireless devices, propelling the demand for this equipment and positively impacting the home audio equipment market.

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Key players operating in the home audio equipment market include AKG, Acoustic Research, Bose Corporation, Audio Partnership PLC, LG Electronics, and Bowers & Wilkins. These companies are focusing on introducing new products and investing in R&D to improve their foothold in the market. The companies are entering into collaborations and acquisitions for extending their product line up and efficient manufacturing activities. For instance, in 2016, Legrand Corporation acquired Luxul to strengthen its multiroom audio equipment product portfolio and regional presence in untapped markets.

Table of Contents (ToC) of the report:

Chapter 3. Home Audio Equipment Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Raw material suppliers
3.3.2. Technology providers
3.3.3. System integrators
3.3.4. Distribution channel analysis
3.3.4.1. Retailers
3.3.4.2. Wholesalers
3.3.4.3. Online channels
3.3.5. Vendor matrix
3.4. Technology roadmap
3.4.1. Voice-enabled technology
3.4.2. DLNA
3.4.3. Airplay
3.4.4. Multi-room technology
3.5. Regulatory landscape
3.6. Price trend analysis, 2013 - 2024
3.6.1. Wired
3.6.1.1. Speaker
3.6.1.2. Soundbar
3.6.1.3. HTIB
3.6.1.4. Receiver
3.6.2. Wireless
3.6.2.1. Speaker
3.6.2.2. Soundbar
3.6.2.3. Home radio
3.6.2.4. Receiver
3.7. Industry impact forces
3.7.1. Growth drivers
3.7.1.1. Increasing focus of manufacturers towards design and ergonomics of the products
3.7.1.2. Penetration of IoT technology in U.S.
3.7.1.3. Growing number of smart homes in North America
3.7.1.4. Increasing consumer preferences towards technologically advanced products in Europe
3.7.1.5. Booming electronics industry in China and India
3.7.1.6. Flourishing e-commerce sector in Asia Pacific and Latin America
3.7.1.7. Increasing disposable income and high consumer spending in Asia Pacific and Latin America
3.7.1.8. Growing inclination towards high-end products in Middle East & Africa
3.7.2. Industry pitfalls & challenges
3.7.2.1. Proliferation of technologically advanced portable audio systems
3.7.2.2. Increasing regulations pertaining to noise levels
3.7.2.3. Increasing security risks
3.8. Growth potential analysis
3.8.1. Wired
3.8.1.1. Speaker
3.8.1.2. Soundbar
3.8.1.3. HTIB
3.8.1.4. Receiver
3.8.2. Wireless
3.8.2.1. Speaker
3.8.2.2. Soundbar
3.8.2.3. Home radio
3.8.2.4. Receiver

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