What's Driving the Home Audio Equipment Market Growth? AKG Audio, Anthem, Bose Corporation, Bowers & Wilkins, Devialet, JVC, LG Electronics, Panasonic, Samsung Electronics, Sonos, Inc., Sony

The landscape of home audio equipment market has also experienced a revolution with the emergence of the smart speaker. In fact, as is observed, home audio equipment industry is being inundated with devices like Amazon Echo, Sonos One, Google Home, JBL Link and others that can be commanded by the user to play music from the smartphone or cloud. These speakers can also read out a book, check the weather or play the news - a remarkable upgrade from speakers that could only play music from the playlist. The compatibility of audio devices with other smart home devices also determines the salability of the audio device.

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With a plethora of technological advancements in the electronics space, numerous giants in home audio systems market have been dedicatedly launching myriad products such as AI assisted audio systems, IoT based speakers, smart home speakers, and wireless audio devices. Ever since the advent of artificial intelligence and the Internet of Things, home audio systems industry trends have indeed observed a massive transformation.

The audio device industry is experiencing behavioral shift among consumers with the penetration of devices such as tablets and smartphones. Consumers are demanding compact and wireless devices that focus on convenience and luxury. High degree of portability, remote accessibility, and manageability is expected to drive the wireless home audio equipment market.

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.

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The home audio equipment market is highly fragmented in nature, characterized by the presence of large number of global and regional players. Few players in the industry include AKG, LG Electronics, Acoustic Research, Philips, Bose Corporation, Klipsch Group, Bowers & Wilkins, Polk Audio, and Mark Levinson.

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