Press release
Surging Internet Penetration Propels Growth In Audio And Video Equipment Market: An Emerging Driver Transforming The Audio And Video Equipment Market Landscape
Audio And Video Equipment
What Is the Projected Growth of the Audio And Video Equipment Market?
In the past few years, there's been a significant surge in the audio and video equipment market size. It is projected to increase from $308.39 billion in 2024 to a staggering $323.9 billion in 2025, a leap representing a 5.0% compound annual growth rate (CAGR). Several factors have contributed to this historical growth including the expansion of the broadcasting industry, media globalization, the uptake of color television, the rise of home recording studios, and the integration of mobile devices.
In the coming years, the audio and video equipment market is projected to experience consistent expansion. This market is predicted to reach a value of $378.07 billion in 2029, showing a compound annual growth rate (CAGR) of 3.9%. The growth anticipated during the forecast period is a result of factors such as the rising integration of smart homes, the increasing demand for podcasting and audio content, the surge in video conferencing requirements, the popularity of short-form videos, and the expansion of the e-sports industry. Some significant trends for the forecast period are 5G connectivity, smart and interconnected devices, home entertainment systems, the incorporation of artificial intelligence and machine learning, wireless audio solutions, and compact and mobile devices.
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What Are the Different Audio And Video Equipment Market 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, After market
4) By End-User: B2B, B2C
Subsegments:
1) By Audio Equipment: Speakers, Headphones And Earphones, Amplifiers, Microphones, Soundbars, Mixing Consoles, Audio Interfaces
2) By Video Equipment: Televisions, Projectors, Video Cameras, Streaming Devices, Video Conferencing Equipment, Display Screens
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What Are the Primary Drivers Shaping the Audio And Video Equipment Market?
The surge in internet coverage is anticipated due to substantial investments from public and private sectors aimed at expanding internet connectivity. This development will encourage the utilization of audio and video equipment that relies heavily on internet to improve user experience. The accessibility of affordable smartphones will also stimulate the expansion of internet users. For instance, Broadband Search, an American corporation that maintains a database of internet and TV providers and their respective plans, estimated that around 93.79% of the population, which equates to around 311.3 million individuals, in the United States were internet users as of September 2023. Hence, the rise in internet penetration is set to propel the audio and video equipment market forward.
Which Companies Are Leading in the Audio And Video Equipment Market?
Major companies operating in the audio and video equipment market include Kenwood Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, LG Electronics Inc., JBL Incorporated, Pioneer Corporation, TEAC Corporation, 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.
What Are the Major Trends Shaping the Audio And Video Equipment Market?
Alterations in the lifestyle and preferences of consumers greatly influenced the audio and video equipment market. The widespread adoption of smartphones and the internet, coupled with the progression of social media and digital technology, led to consumers transitioning from classical television to modern forms of amusement such as internet audio and video streaming services on mobile devices. The amount of people watching television dwindled, particularly amongst millennials. For example, the International Telecommunication Union, a specialized agency based in Switzerland, revealed in a report from October 2023 that about 67 percent of the worldwide population, totaling 5.4 billion individuals, are now connected to the internet. This signifies a rise of 4.7 percent from 2022, a notable increase from the 3.5 percent growth seen from 2021 to 2022. The shift in consumer preferences curtailed the demand for audio and video equipment.
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What Are the Top Revenue-Generating Geographies in the Audio And Video Equipment Market?
Asia-Pacific was the largest region in the audio and video equipment market in 2024. North America was the second largest region in the audio and video equipment market. The regions covered in the audio and video equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Audio And Video Equipment Market?
2. What is the CAGR expected in the Audio And Video Equipment Market?
3. What Are the Key Innovations Transforming the Audio And Video Equipment Industry?
4. Which Region Is Leading the Audio And Video Equipment Market?
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