The global home audio equipment market size is expected to reach USD 22.50 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer demand for high-quality home theater experience attributed to increased disposable income is expected to drive the market over the forecast period. Increasing trend towards deployment of sophisticated equipment, high-speed data streaming, faster internet connectivity, and internet-exclusive entertainment are expected to proliferate the need for external audio solutions. The emergence of Bluetooth products coupled with wireless Blu-ray home theater systems is expected to positively impact market growth.
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Home audio equipment comprises a wide range of equipment including multi-channel amplifiers, compact audio systems, and home radios. Manufacturers of this equipment have been striving to expand market penetration by innovating visually less intrusive and user-friendly systems. Therefore, technological advancement in digital technology with changing media options from conventional to the latest systems is expected to positively impact market growth over the next six years. High development costs and fear of hearing loss among the consumers may hamper market growth through the forecast period. The emergence of realistic immersive home audio equipment along with better internet connectivity offers a wide avenue to drive demand for the market.
Further key findings from the study suggest:
• The home audio equipment market comprises products such as audio systems, home radios, Home Theater-in-a-box (HTiB), and other accessories. The home audio systems segment includes MP3 players, mini disc players, compact audio systems, cassette deck, rack system, and CD/DVD players. HTiB products include 5.1, 6.1, 7.1, and 9.1 channels and the segment is expected to witness significant growth over the forecast period. This can be attributed to several benefits associated with this technology such as unrestricted mobility and high-quality sound systems.
• Widening consumer base in Asia Pacific markets owing to higher affordability and rapid urbanization trends is expected to significantly drive the home audio equipment industry. Demand for digital home radios driven by growing promotional activities is expected to drive regional market growth. The North American market is characterized by a rise in unit sales of flat-panel HD TVs.
• Key companies operating in the market include Sony Corporation, Bose Corporation, LG Electronics, JVC KENWOOD Holdings Inc., Philips, Dolby Laboratories Inc., and Akai. Rising emphasis on vertical integration activities in order to obtain greater product reliability and optimized manufacturing throughput is estimated to be the major growth strategy.
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Grand View Research has segmented the global home audio equipment market on the basis of product and region:
Home Audio Equipment Product Outlook (Revenue, USD Billion, 2012 - 2020)
• Home Theater in-a-Box
• Home Audio Systems
• Home Radios
• Others
Home Audio Equipment Regional Outlook (Revenue, USD Billion, 2012 - 2020)
• North America
• Europe
• Asia Pacific
• RoW
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.