Summary
Major players in the home audio equipment market are Sony Corporation, Pioneer Corporation, Nakamichi Corporation, Bose Corporation, Panasonic Corporation, JVC KENWOOD Holdings Inc., Koninklijke Philips Electronics NV, LG Electronics, Bowers and Wilkins Group Ltd., Sharp Corporation, Onkyo, Sanyo Electric Co., Dolby Laboratories Inc., Akai Electric Co., DTS Inc., Samsung Electronics Co Ltd., and Blaupunkt GmbH.
The global home audio equipment market is expected to grow from $33.95 billion in 2022 to $37.88 billion in 2023 at a compound annual growth rate (CAGR) of 11.6%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The home audio equipment market is expected to reach $58.13 billion in 2027 at a CAGR of 11.3%.
The home audio equipment market consists of sales of hi-fi and home audio speakers, multimedia speaker systems, soundbar speakers, tower speakers, and Bluetooth speakers.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
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.
Asia-Pacific was the largest region in the Home Audio Equipment market in 2022. The regions covered in home audio equipment report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of home audio equipment are speakers, headphones, amplifiers, receivers, digital-to-analog converters (DACs), phono pre-amp, turntables, cd players, digital music streamers, and other product types.Speakers refer to one of the most common audio devices that connect to a virtual machine to generate sound.
The various connectivity types include wired, and wireless with various prices such as low, medium, and high. These devices are distributed through various distribution channels such as online, and offline and are used in various applications such as tv, computers, and other applications.
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 increases 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.
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 also improve the quality of audio using noise gates, high-pass filters, and compressors.
In April 2022, Sonos, Inc., a US-based manufacturer of audio products, acquired Mayht Holding BV (Mayht) for an undisclosed amount. This acquisition is expected to give more incredible technology and intellectual property that would further distinguish the Sonos experience, and enhance competitive advantage by expanding its audio portfolio. Mayht Holding BV (Mayht) is a Netherlands-based developer of innovative solutions for audio transducers.
The countries covered in the home audio equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The home audio equipment market research report is one of a series of new reports that provides home audio equipment market statistics, including home audio equipment industry global market size, regional shares, competitors with a home audio equipment market share, detailed home audio equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the home audio equipment industry. This home audio equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
