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Home Audio Equipment Market to Gain Substantial Share from Wireless Technology Enabled Gadgets

Author : Ronak Bora | Published Date : 2019-04-01 

Home Audio Equipment Market is projected to exceed USD 20 billion by 2024. Rapid proliferation of IoT technology is expected to drive the industry growth, owing to the increasing focus of consumers to integrate modern music systems with the IoT-enabled smart homes. Growing usage of smartphone applications with these music devices to enable communication with the smart devices is anticipated to drive the home audio equipment market growth over the forecast timespan.

Technological advancements such as cloud-based personal music libraries in these devices has attracted young consumers, thus positively impacting the industry growth. Libraries such as Apple, Spotify, Deezer, Pandora, and Amazon Music are allowing the consumers to access a large number of music files available on the internet. Growing trend of consumers to play these files through in-house entertainment devices is expected to propel the home audio equipment market growth.

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High-price (more than USD 1,000) segment is expected to grow rapidly over the next seven years, owing to the increasing demand for superior quality of the audio. The high-paying consumers from Europe and Middle East are demanding devices that provide high sound quality, in addition to aesthetic compatibility of the devices with the homes. However, with the proliferation of home entertainment systems in modern homes, the consumers are likely to prefer the home entertainment systems over the high-cost music devices. This is expected to impact the high-price home audio equipment market.

Wireless technology enabled gadgets are expected to gain substantial share in the home audio equipment market over the forecast period, owing to increasing operability and compatibility of these devices with other devices such as other speakers, smartphones, and tablets. High degree of standardization offered in wireless protocols is expected to benefit the wireless home audio equipment market growth. In 2011, Wireless Speaker and Audio Association was formed to address wireless applications in home-based theater environment. The standardization is supported by major vendors such as Bang & Olufsen, Polk, & Klipsch, component suppliers such as Pioneer & Sharp, and chip makers such as NXP Semiconductors & Silicon Image.

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The flourishing electronics industry in Asia Pacific is expected to positively impact the home audio equipment market growth. The presence of large number of players in the region enables the production of devices at low costs, thus gaining high consumer focus. Growing disposable income and increasing consumer spending on luxury devices is expected to provide growth opportunities in Asia Pacific, particularly in countries including India and China.

Growing number of smart homes in developed economies including the U.S., UK, and Germany is expected to bode well for the technologically advanced products in the home audio equipment market. The consumers in these regions are increasingly demanding technologically advanced products such as smart speakers that provide them with enhanced experience, thus propelling the industry growth.

Some of the major players in the home audio equipment market comprise AKG, Bang & Olufsen, Samsung Electronics, Acoustic Research, Blaupunkt, Boston Acoustics, Denon, Fluance, Edifier, Klipsch Group, Koninklijke Philips N.V., Pioneer Corporation, and Mark Levinson.

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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.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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