Home Audio Equipment Industry Trends Report, 2020
by Susan Hill Business ConsultantThe global home audio
equipment market size 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
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 market.
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Further key findings from the report 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.
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full research report on global home audio equipment market:
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Created on Jan 9th 2020 06:24. Viewed 332 times.