Home Audio Equipment Market Revenue to Cross USD 45 Bn by 2027: Global Market Insights, Inc.
SELBYVILLE, Del., Feb. 24, 2021 -- According to the latest report "Home Audio Equipment Market by Technology (Wired, Wireless), Distribution Channel (Online, Offline), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027", by Global Market Insights, Inc., the market valuation of home audio equipment will cross $45 billion by 2027. The high demand for advanced audio-visual solutions will propel the market growth.
There is an increasing demand for speakers due to the growing trend of AI-ready speakers across the globe. Several companies are offering smart speakers that enable users to play music, turn on lights, and make restaurant reservations. Smart speakers are integrated with deep learning technology that identifies sound patterns and other data, making the interface user-friendly. The implementation of voice recognition technology in speakers helps users to use their voice to provide several commands to the system. Voice assistant technology recognizes the voice through natural language processing and performs tasks as per the user's command. In the U.S., the number of smart speaker users increased by 32% in January 2019. Thus, the growing popularity of advanced smart speakers will boost the home audio equipment market expansion.
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Online retailing in the home audio equipment market has gained traction over recent years with e-commerce players, such as Amazon.com Inc. and eBay, offering a wide range of products on their portals. The ongoing pandemic has further enhanced online retailing as consumers prefer buying products online to ensure social distancing. There is a reduction in the footfall at physical retail stores since the outbreak of the pandemic. Moreover, several discounts and offers provided by e-commerce companies encourage people to buy products online. Easy replacement policies have also fostered online retailing over recent years. The availability of high-end home audio products online will fuel the market value.
The growing popularity of video-on-demand services in North America will drive the demand for high-quality home audio equipment. Around 46% of U.S. broadband households subscribed to two or more OTT services in 2019. Players including Hulu, Netflix, and The Walt Disney Company are dominating the video on demand industry in the region. Consumers are adopting high-end home theater systems to enjoy an enhanced viewing experience at home. Soundbars on the other hand are enabling high-quality audio delivery, in turn, improving the audio-visual experience. Thus, the increasing number of consumers watching on-demand content in North America will foster the demand for home audio equipment.
Major companies functioning in the home audio equipment market include Apple, Inc., Sony Corporation, Amazon.com, Inc., Bose Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Voxx International Corporation, Vizio, Inc., Polk Audio, LG Electronics, Inc., Google LLC (Alphabet Inc.), and JVCKenwood Corporation.
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Some major findings of the home audio equipment market report are:
- The market will witness growth, which is attributed to rising disposable incomes in developed countries followed by consumers spending more on high-end audio devices for an enhanced listening experience.
- The growing popularity of video-on-demand services globally has encouraged consumers to adopt high-quality audio-visual equipment. The increasing number of people subscribing to services, such as Amazon Prime and Netflix, will influence the demand for home audio equipment such as soundbars and home theatres.
- The growing penetration of wireless communication technologies will also augment the industry growth. There is an increasing demand for wirelessly connected audio devices that can be easily connected to other systems without the hassle of wired cable links.
- The rising popularity of voice-based assistant systems and increasing use of smart speakers in developed & developing economies globally will also spur the market revenue.
- The increasing penetration of smart home technologies in Asia Pacific will offer growth opportunities to the home audio equipment market as consumers are using smart devices that can be controlled remotely or through voice commands.
- Players operating in the industry are focusing on integrating advanced technologies, such as AI and Bluetooth connectivity, into the systems to strengthen their offerings and market position. They are launching innovative solutions to capture a larger market share.
Table of Contents (ToC) of the report:
Chapter 3 Home Audio Equipment Market Insights
3.1 Industry segmentation
3.2 Impact of coronavirus (COVID-19) pandemic
3.2.1 Global outlook
3.2.2 Regional outlook
3.2.3 Industry value chain
188.8.131.52 Research and development
3.2.4 Competitive landscape
3.3 Industry ecosystem analysis
3.4 Technology and innovation landscape
3.4.1 NFC technology
3.4.2 Wireless charging
3.4.3 Bluetooth 5.0
3.4.4 Voice recognition
3.4.5 Dolby Atmos
3.5 Regulatory landscape
3.6 Price trends analysis
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.2 Industry pitfalls and challenges
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
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About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Home Audio Equipment Market Growth Predicted at 10% Through 2027: GMI
Online retailing in the home audio equipment market has gained traction over recent years with e-commerce players, such as Amazon.com Inc. and eBay, offering a wide range of products on their portals.
Smart Speaker Market
SOURCE Global Market Insights, Inc.