Home Audio Equipment Market Size and Growth Analysis by Top Key Players Akai, Audio Partnership, Philips, Panasonic, Sony, Bose, Samsung Electronics, Pioneer Corporation, Sonos, Yamaha and LG

Home audio equipment market is expected to grow owing to the growing penetration of internet of things (IoT) technology across the globe. With the introduction of IoT, consumers are increasingly demanding the devices compatible with multiple other devices to increase convenience and enhance experience. For instance, smart speaker range by Amazon perform several other functions that control smart homes, including control heaters, fans, lights, and thermostats. With the proliferation of this technology, the demand for audio devices that perform such functions is expected to propel the home audio equipment market growth.

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With the advancements in the technology, customers can buy speakers without complicated racks & components that deliver desired quality of sound. Growing focus on wireless capabilities in these devices is gaining consumer attention and the manufacturers in the industry are developing products that appeal to the customers, thus aiding the home audio equipment market. For instance, Bose Corporation recently launched its wireless speaker, SoundTouch 10, that can be operated through smartphones and costs USD 200. According to BestBuy, the number of wireless networked soundbars sold has increased two-fold in the last few years.

Home Audio Equipment Market, By Price Range

• Low (less than USD 500)
• Moderate (USD 500 – USD 1000)
• High (over USD 1000)

Home Audio Equipment Market, By Product

• Speaker
• Soundbar
• Home theater-in-a-box
• Receiver
• HTIB

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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.

Mid-price home audio equipment market segment is expected to grow at significant rate over the future, owing to the rising adoption in Asia Pacific. The region is experiencing economic growth leading to rising disposable income that is leading to increased spending in leisure products including personal and home audio electronics. Moreover, the customers in the region are replacing the low-priced devices with the average pricing products and the traditional systems with the wireless High-Fi systems, thus propelling the home audio equipment market growth.

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Some of the major players in the home audio equipment market comprise Akai, Audio Partnership, Philips, Panasonic, Sony, Bose, Samsung Electronics, Pioneer Corporation, Sonos, Yamaha and LG.

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