An upswing in global economy has led to a huge sophisticated consumer base. The ever-evolving entertainment industry is estimated to register a global revenue of approximately USD 1.8 trillion by 2017, with electronics & media market sharing a major portion of this yield. Home audio equipment market looks poised to embark its significant presence across the electronics & media industry. Growing consumer inclination towards technologically advanced devices and a noticeable surge in the purchasing power of the consumers will primarily drive the home audio equipment market size over the coming years. As per a report by Global Market Insights, Inc., ‘global home audio equipment market share is forecast to be worth USD 23.97 billion by 2022.’
Evolving technology and consumer expectations have highly influenced the home audio system market size. Though traditional analog audio systems still share a small portion of the overall home audio equipment market landscape, a large portion has already been captivated by the digitized networked audio technology, which are portable, affordable, efficient, and hi-tech as compared to the former.
Asia Pacific home audio equipment market size by product, 2012-2022 (USD Billion)
Wireless technology is transforming the global home audio equipment business space. This technology enhances the customer experience by offering a perfect blend of portability, simplicity, and convenience. Home audio speakers, a major component of the home audio equipment market, has been under a high influence of the growing trend of wireless technology. Home audio speakers & systems contributed towards 25% of the overall home audio equipment market share, and is expected to witness a CAGR of 3% over 2015-2022.
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Home theatre in-a-box or HTIB is another lucrative component contributing towards home audio system market size. The growth can be attributed to the high-quality sound and portability features offered by this system. HTIB market share is anticipated to be worth USD 6.5 billion by 2022, registering a CAGR of 5.8% over 2015-2022.
The penetration of mobile devices such as smartphones and laptops is changing the home audio landscape. Technology giants like Samsung, Sony, Bose, LG, Panasonic, Qualcomm, Denon, and DTS are aggressively exploring the booming market of network connected speakers. It is estimated that over the next few years, wireless speakers, particularly the connected multi-room audio systems will completely take over the traditional analog audio systems.
A major factor contributing towards the global home audio equipment market share is the buying decision of the customers, which is influenced by the refined consumer base. Asia Pacific market will witness a strong growth over the coming years owing to the rapid industrialization and fast-paced technology adoption across this region. Moreover, growing electronics industry in countries such as India, Japan, Korea, and China will also favor APAC market size. Asia Pacific home audio equipment market is estimated to witness a CAGR of 5% over 2015-2022.
Europe market dominated the global home audio equipment industry and is likely to maintain its position over the coming years. Huge demand for residential audio systems and technological advancements across this region will drive the industry growth. Europe home audio equipment market size is estimated to record a CAGR of 3.2% over 2015-2022.
The industry is highly competitive with both established and new entrants sharing the business space. Product portfolio enhancement in sync with the latest technology will be a major growth strategy of the manufacturers. For instance, Bose and Harman registered top positions in the home audio market in 2015, with their appreciable grip in Bluetooth speakers segment. In addition to this, Google’s recent announcement to offer voice assistance features to third party home audio hardware is another interesting development in the market. After the successful launch of Google’s Chromecast, with 30 million units sold in 3 years, Google home smart speaker is all set to bring new innovations on board.
The market is on the verge of being transformed wholly into a ‘connected’ industry. With the evolving technology and a ‘smart’ consumer base, home audio equipment industry will maintain its momentum over the coming years.
Author Name : Shikha Sinha