Press release
Home Audio Equipment Market Size, Regional Overview, Competitive Landscape, Business Growth, Share Analysis And Forecast To 2033
Home Audio Equipment Market
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.
Market Overview -
Home audio equipment refers to electrical devices used to play or record sound at home. These are the devices that reproduce, record, or process sound.
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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
Innovative Trends In Home Audio Equipment
Product innovations are a key trend gaining popularity in the home audio equipment market. Major companies operating in the market are introducing innovative products to sustain their position in the home audio equipment market. For instance, in October 2022, Rode, an Australian-based manufacturer of high-quality microphones and audio equipment launched Rode X, a new audio hardware and software division including three products such as two new microphones and Unify designed for streaming and gaming. The Unify software is a virtual mixing solution that allows users to mix up to four USB microphones and up to six virtual audio sources through a single interface that can remove background noise and improve the quality of audio using noise gates, high-pass filters, and compressors.
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Key Segments -
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
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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