Press release
Home Audio Equipment Market Expected to Reach USD 20.68 Billion in 2019
Growing consumer preference for better quality products and rise in disposable incomes of families are mainly encouraging customers to buy such home entertainment products, thus, driving the market for home audio equipment. Additionally, availability of home theatre system that can perform audio/video switching and play and stream audio stored on PC and internet radio stations is expected to boost the home audio equipment market. However, fear of hearing loss is the major restrain for this market. Introduction of wireless streaming is expected to boost the demand for home audio equipment.
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Home audio systems including music players, Blu-ray players, along with LCD and LED TVs and HTiBs are the most popular products in the market. In case of product types, other home audio accessories segment which includes speakers, subwoofers, and microphones among others held the largest share in 2012. This is mainly due to growing popularity of music applications and streaming capabilities. However, home theater in-a-box segment is expected to grow at faster rate due to the rising usage of digital entertainment and rapid transition to online platforms.
In 2012, Europe held the largest market share and accounted for 29.6% of the global home audio equipment market. This is because consumers in Europe are early adopter of technologically advanced entertainment products such as smartphones, Blu-ray players, and televisions among others. The Asia Pacific region is expected to be to the fastest growing owing to the rise in living standards of the population and presence of most home audio equipment manufacturers in the region.
Report Link: http://www.transparencymarketresearch.com/home-audio-equipments-market.html
According to a new market report published by Transparency Market Research “Home Audio Equipment (Product Types - Home Theatre in-a-box, Home audio systems, Home radios, Other home audio accessories) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019,” the market was valued at USD 15.94 billion in 2012 and is expected to reach USD 20.68 billion by 2019, growing at a CAGR of 3.7% from 2013 to 2019. Europe was the largest contributor to global home audio equipment market in 2012. Asia Pacific region is expected to be the fastest growing market for home audio equipment during the forecast period with a CAGR of 5.7% from 2013 to 2019. The rapid growth of electronic industry in Asia Pacific region, particularly in countries like China, Japan, Korea, and India is driving the growth of Asia Pacific in home audio equipment market.
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