Audio And Video Equipment Market: Demand, Growth Challenges, Industry Analysis And Forecasts To 2033

The audio and video equipment market size has grown steadily in recent years. It will grow from $163.42 billion in 2023 to $169.86 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to broadcasting industry growth, globalization of media, adoption of color television, home recording studios, mobile devices integration.

The audio and video equipment market size is expected to see steady growth in the next few years. It will grow to $193.47 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to growing smart homes integration, podcasting and audio content, video conferencing demand, rise of short-form videos, e-sports industry growth. Major trends in the forecast period include 5g connectivity, smart and connected devices, home entertainment systems, ai and machine learning integration, wireless audio solutions, compact and portable devices.

Market Overview -
Audio equipment is defined as a device that is used for recording, reproducing, and processing sound. Video equipment is an electronic device that can broadcast or receive electromagnetic waves to represent both sound and image. Audio and video equipment is used for home entertainment, musical instrument amplification, motor vehicles, and public address.

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Surging Internet Penetration Propels Growth In Audio And Video Equipment Market
During the forecast period, internet penetration will increase rapidly due to increased public and private investments to increase internet connectivity. Many audio and video equipment use the internet to enhance the customer's experience. The growth in internet users will be also driven by greater access to affordable smartphones. For instance, in September 2023, according to Broadband Search, a US-based company that builds a database of internet and TV providers and plans, it is estimated that 93.79% of the population, approximately 311.3 million individuals are using the internet currently in the United States. Therefore, increasing internet penetration drives the audio and video equipment market going forward.

Competitive Landscape -
Major companies operating in the audio and video equipment market report are Kenwood Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, LG Electronics Inc., JBL Incorporated, Pioneer Corporation, TEAC Corporation, NXP Semiconductors N.V., Harman International Industries Inc., Yamaha Corporation, Bose Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Shure Incorporated, Bowers & Wilkins Ltd., AKG Acoustics GmbH, Peavey Electronics Corporation, Alpine Electronics Inc., Allen & Heath Limited, Klipsch Group Inc., McIntosh Laboratory Inc., Paradigm Electronics Inc., Naim Audio Ltd., Behringer GmbH & Co. KG, Audio-Technica Corporation, Krell Industries Inc., MartinLogan Ltd., Polk Audio Inc., Bryston Ltd.

Increasing Focus On Curved Tvs To Drive The Revenues In The Market
The growing demand for curved TVs is being driven by consumer preference for better viewing. A curved screen allows for a more immersive experience, as the curve makes the viewer fill more of the field of view and also provides a wider viewing angle. For example, in September 2022, LG, a South Korea-based electronics company launched, the OLED Flex TV LX3. This comes with a bendable display and can be used both as a flat and curved panel. The additional features include flexibility that offers a maximum curvature of up to 900R and can be used easily for regular viewing or even as a computer monitor.

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Key Segments -
The audio and video equipment market covered in this report is segmented -
1) By Type: Audio Equipment, Video Equipment
2) By Mode: Online, Offline
3) By Sales Channel: OEM, Aftermarket
4) By End-User: B2B, B2C

Subsegments Covered: Loudspeakers And Sound Bars, Microphones, Amplifiers And Mixers, Music Players And Other Audio Devices, Televisions, Video Players, Video Cameras
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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