Home Audio Equipment Market Trend Analysis 2024 With Key Players AKG Audio, Anthem, Bose Corporation, Bowers & Wilkins, Creative Labs, Devialet, JVC, LG Electronics, Panasonic, Samsung Electronics, Sonos, Sony, VIZIO

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.

Some of the major players in the home audio equipment market comprise AKG Audio, Anthem, Bose Corporation, Bowers & Wilkins, Creative Labs, Devialet, JVC, LG Electronics, Panasonic, Samsung Electronics, Sonos, Inc., Sony, VIZIO.

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Growing popularity of technologically advanced products such as voice-enabled speakers are expected to challenge the traditional speakers and soundbar growth over the forecast period. Companies in the traditional audio device segment are swiftly upgrading to voice-enabled devices to remain in the competition. For instance, in October 2017, Sonos launched Sonos One with a built-in Alexa assistant. The company has also announced the launch of its Google voice assistant-enabled speaker in 2018.

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 demand for wireless receivers are expected to witness considerable increase, owing to increasing availability of high resolution products such as 4K ultra high definition TV, thus propelling the home audio equipment market growth. Furthermore, the growth is propelled by the growing demand for the connected music systems, that use the A/V receivers.

The manufacturers of home theater systems are investing in developing latest advanced technology products. Development of technologies such as SED displays, XBOX 360, holographic front projection, carbon nanotube displays, and enhanced interactive television are gaining consumer focus as they offer enhanced entertainment experience, thus fueling the home audio equipment market growth.

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The U.S. home audio market is expected to witness a large-scale growth owing to the growing number of large personal music libraries. The growing penetration of cloud technology has enabled the consumers to access a large number of songs through easy access to music libraries such as Spotify, Google Play Music, Amazon Music, and Style Jukebox. Increasing proliferation of downloaded and streamed music in the U.S. is pushing the manufacturers to develop devices compatible with these music libraries and smartphones. According to Consumer Technology Association, the U.S. consumers are becoming inclined toward high-resolution audio files downloaded from the authorized sources. This is expected to bode well for the home audio equipment market in the U.S.

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