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Global Hi-Fi System Market Size, Share, Development, Growth and Demand Forecast to 2023
Hi-Fi System Market
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High-fidelity equipment offers minimal noise and distortion and an accurate frequency response. The demand for wireless audio devices arises not only from the home applications, but also from the commercial and other niche applications such as security, military and automotive. Now-a-days, the Hi-Fi market is gaining maximum traction due to its increasing application in automotive sector.
The technological advancement in wireless audio devices such as wireless headphones and growing demand for portable devices such as tablets and smartphones are the major growth contributing factors for the global Hi-Fi system market.
Geographically, Asia-Pacific is expected to be the largest market of Hi-Fi systems during the forecast period, owing to factors such as growing population, rapid increase in purchasing power parity (PPP) and technological developments. North America, being a mature market holds second largest share in the global Hi-Fi system market.
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However, Europe having accommodated developed economies such as Germany and France, is expected to experience considerable growth with increasing demand for luxury automotive that comes with wireless Hi-Fi sound system. Among Hi-Fi products category, speakers & sound bars collectively accounted for the largest market share. During the forecast period, the market for automotive application is expected to grow at the highest rate.
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Some of the major players operating in the global Hi-Fi system market include Bowers & Wilkins Group Ltd, Onkyo Corporation, Bose Corporation, Panasonic Corporation, Yamaha Corporation, DEI Holdings Inc., LG Electronics Co., Ltd., Sony Corporation, Harman International, Inc., Koninklijke Philips N.V., and Samsung Electronics Co. Ltd.
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