Press release
Home Audio Equipment Market Report 2024: Analysis By Size, Share, Growth, Trends Up To 2033
Home Audio Equipment Market Report
The Business Research Company offers in-depth market insights through Home Audio Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The home audio equipment market size has grown rapidly in recent years. It will grow from $37.87 billion in 2023 to $42.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to entertainment consumption trends, home theater systems, music streaming services, evolving lifestyles, innovation in audio technologies.
The home audio equipment market size is expected to see rapid growth in the next few years. It will grow to $66.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to smart home integration, growth of high-resolution audio, rising popularity of voice assistants, home renovation and remodeling, premium audio experiences. Major trends in the forecast period include compact and portable audio devices, immersive audio formats like Dolby Atmos, customization and personalization features, sustainability and eco-friendly design, collaborations with streaming services.
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Market Segmentation:
The home audio equipment market covered in this report is segmented -
1) By Product Type: Speakers, Headphones, Amplifiers, Receivers, DACS, Phono Pre-amp, Turntables, CD Players, Digital Music Streamers, Other Product Type
2) By Connectivity: Wired, Wireless
3) By Price: Low, Medium, High
4) By Distribution Channel: Online, Offline
5) By Application: TV, Computers, Other Applications
Major Driver - Rising Smart Home Adoption Fuels The Surge In Demand For Home Audio Equipment
The growing number of smart homes is expected to propel the growth of the home audio equipment market going forward. Smart homes are homes that are equipped with various smart home devices with a convenient home setup where appliances and devices can be automatically controlled remotely from anywhere with an internet connection using mobile or other networked devices. People are showing interest in the adoption of smart home devices for opting various luxurious benefits such as smart technological comforts, and easy access to the devices, as a result, there is an increase the demand for home audio equipment. For instance, in 2023, according to an article published in Oberlo, a drop shipping app, the number of households using smart home devices increased from 57.4 million households in 2022 to over 60.4 million households in 2023, which was 3% more than in 2022. Therefore, the growing number of smart homes drives the home audio equipment market.
Competitive Landscape:
Major companies operating in the home audio equipment market report are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Sony Corporation, LG Corp., Panasonic Corporation, Pioneer Corporation, Sharp Corporation, Koninklijke Philips Electronics NV, Alps Electric Co. Ltd., Bose Corporation, JVC KENWOOD Holdings Inc., Nice North America LLC, Dolby Laboratories Inc., Sennheiser Electronic GmbH & Co. KG, Onkyo, Edifier Technology Co. Ltd., Sanyo Electric Co., Bowers and Wilkins Group Ltd., Creative Technology Ltd., Blaupunkt GmbH, Nakamichi Corporation, Akai Electric Co., DTS Inc., Audio Partnership plc, Digital Theater Systems Inc., Intex Technologies, Vistron (Dong Guan) Audio Equipment Co. Ltd., Audiotonix Group Ltd., Music Tribe
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Top Trend - Product Innovation Drives The Home Audio Equipment Market
Major companies operating in the home audio equipment market are developing innovative products, such as smart audio equipment, to meet larger customer bases, increase sales, and increase revenue. Smart audio equipment refers to audio devices and systems that incorporate advanced technologies, connectivity features, and intelligent functionalities. For instance, in May 2023, Skyball, an India-based consumer electronics company, launched a home audio product line-up. Distinguished by its aesthetically pleasing design that seamlessly integrates with any home interior, the product line-up encompasses a diverse array of speakers. Engineered to deliver an unmatched listening experience, the line-up boasts superior sound quality, effortless connectivity, and a modern design that excels in both form and function. Included in the range are standout offerings such as the Portable Sound Bar Neo20, Party Box 600, Party Pillar 1100, Party Pillar 1200, and Party Pillar 1300.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Home Audio Equipment Market Characteristics
3. Home Audio Equipment Market Trends And Strategies
4. Home Audio Equipment Market - Macro Economic Scenario
5. Home Audio Equipment Market Size And Growth
…..
27. Home Audio Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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