Home Audio Equipment Market Size By Technology (Wired [Speaker, Receiver, Soundbar, Home Theater In a Box (HTIB)], Wireless [Speaker, Receiver, Soundbar, Home Radio, Home Theater In a Box (HTIB)]), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027

Published Date: Feb 2021  |  Report ID: GMI157  |  Authors: Preeti Wadhwani, Saloni Gankar

Report Format: PDF   |   Pages: 400   |   Base Year: 2020




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Home Audio Equipment Market size exceeded USD 25 billion in 2020 and is expected to expand at around 10% CAGR from 2021 to 2027. The global industry shipments are projected to exceed 380 million units by 2027.

 

Home Audio Equipment Market

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Growing popularity of OTT services has boosted the demand for high-performance home audio equipment. An increasing number of consumers are subscribing to streaming services such as Netflix and Amazon Prime. Netflix earned revenues of USD 9.5 billion, 8 billion, and 6.6 billion in the U.S in 2019, 2018, and 2017 respectively. Companies operating in the video-on-demand industry are expanding their reach to capture a larger revenue share. The OTT industry has gained traction in both developing and developed economies. This has encouraged consumers to adopt advanced home audio equipment that improve the viewing experience. The expanding content of the on-demand industry will foster the home audio equipment market growth during the forecast timeframe.

 

In 2020, the coronavirus (COVID-19) pandemic hampered the home audio equipment market expansion. As several government organizations imposed stringent lockdowns, there was a decline in the demand for home audio equipment. The market witnessed delays in production schedules and procurement of raw materials due to restrictions imposed on domestic and international travel. As global market players, such as Sony Corporation, Panasonic Corporation, and Samsung Electronics Co., Ltd., have offices and manufacturing plants established globally, there were hindrances in global shipments owing to bans imposed on international travel. However, relaxations in lockdowns in the third quarter 2020 coupled with the resumption of industrial activities positively impacted the market revenue. The industry will regain traction in 2021 with the resumption of manufacturing activities and global supply chains.

 

Home Audio Equipment Market Report Coverage
Report Coverage Details
Base Year:2020Historical Data for:2016 to 2020
Market Size in 2020:USD 25 MillionForecast Period:2021 to 2027
Forecast Period 2021 to 2027 CAGR:10%No. of Pages:400
2027 Value Projection:USD 45 Billion Tables, Charts & Figures:501
Geographies covered (19):U.S., Canada, UK, Germany, France, Italy, Spain, Russia, China, India, Japan, ANZ, South Korea, Singapore, Brazil, Mexico, Saudi Arabia, South Africa, UAE
Segments covered:Technology, Distribution Channel and Region
Growth Drivers:
  • Increasing technological advancements and product innovation
  • Penetration of IoT technology in the U.S.
  • Growing number of smart homes in North America
  • Increasing consumer preferences towards technologically advanced products in Europe
  • Increased adoption of home theater in Asia Pacific
  • Growing trend of subscription-based streaming services in Asia Pacific and Latin America
  • Increasing disposable income and high consumer spending in Asia Pacific and Latin America
  • Rise in urbanization and internet infrastructure development in the MEA
Pitfalls & Challenges:
  • High cost of equipment
  • High unemployment rates hamper market growth across several countries
  • Unorganized sector is challenging home audio equipment market

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Increasing popularity of wireless home audio equipment in Germany

The Germany home audio equipment market is predicted to observe 11% growth rate till 2027. The robust IT & telecom industry in the region coupled with government initiatives to strengthen the telecom infrastructure will enhance the adoption of wireless home audio equipment. The Federal Government of Germany has developed a framework of action with the 5G strategy for Germany that was launched in 2017 to support network expansion and development of 5G applications. Telefónica Deutschland aims to provide around 30% of the German population with 5G by the end of 2021 and about half of the German population by the end of 2022. Such initiatives will support the development and acceptance of wireless home audio equipment, in turn, propelling the market value.
 

The expanding e-commerce industry in the Middle East & Africa will impel the home audio equipment market demand

UAE Home Audio Equipment Market

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The UAE home audio equipment market is estimated to attain a CAGR of 8% through 2027. The country leads the e-commerce industry among the Gulf Cooperation Council (GCC) states and is projected to be worth over USD 25 billion by 2022. The UAE Ministry of Economy (MoE) projects that e-commerce constitutes 10% of total sales in the region. Online retailers focus on offering a wide range of market products from different brands on their portals. This enables consumers to compare different brands & their market prices on a single platform and select the best-suited home audio equipment.
 

The e-commerce market in the Middle East has also gained traction led by the growing penetration of the Internet in countries such as the Israel, UAE and Saudi Arabia. As online retailers focus on reducing the time to delivery, the regional market will gain traction in the coming years.

 

The expanding smart home market in APAC will offer strong growth opportunities to the market

Asia Pacific Home Audio Equipment Market

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Asia Pacific home audio equipment market accounted for around 20% of the revenue share in 2020 driven by the growing penetration of smart homes in several countries. For instance, in Australia around 50% citizens/residents used some form of smart home technology as of 2020. Moreover, in May 2019, Samsung Electronics Co., Ltd. signed a contract to construct smart homes by merging several Internet of Things (IoT) technologies. The company will redevelop apartments in the South Korean city of Busan. Increasing penetration of intelligent homes will fuel the adoption of smart home audio equipment. The market will gain traction with consumers opting for connected entertainment devices that can be controlled remotely and linked to other devices seamlessly. Increasing popularity of smart homes will boost the industry expansion.
 

Focus on launching innovative solutions to attain high market share forms a key trend among industry players

Companies operating in the home audio equipment market are launching new products with integrated advanced technologies to strengthen their position. For instance, in January 2020, JVCKenwood Corporation launched JVC XP-EXT1, a wireless home theater system that offers a full multi-channel sound field through a headphone. The system also supports up-mixing of 2-channel and 5.1-channel material to 7.1.4 channels.
 

Key leaders operating in the home audio equipment market include Amazon.com, Inc., Bose Corporation, Apple, Inc., Sony Corporation, Panasonic Corporation, Voxx International Corporation, Samsung Electronics Co., Ltd., Vizio, Inc., Google LLC (Alphabet Inc.), Polk Audio, LG Electronics, Inc., and JVCKenwood Corporation, among several other regional and international participants.
 

The home audio equipment market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027 for the following segments:
 

Market, By Technology

  • Wired
    • Speaker
    • Soundbar
    • Home Theater in a Box (HTIB)
    • Receiver
  • Wireless
    • Speaker
    • Soundbar
    • Home Radio
    • Home Theater in a Box (HTIB)
    • Receiver

Market, By Distribution Channel

  • Online
  • Offline

The above information has been provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia & New Zealand (ANZ)
    • Singapore
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa
       

Frequently Asked Questions (FAQ) :

The global market for home audio equipment had reached USD 25 billion in 2020 and will register about 10% CAGR up to 2027 with global product shipments hitting 380 million units.
Germany market share is anticipated to record around 11% CAGR between 2021-2027 owing to a robust telecom infrastructure and increased demand for wireless home audio equipment.
UAE industry size will witness around 8% CAGR up to 2027 with expanding e-commerce sector in the region and availability of a wide range of brands on a single platform.
APAC held nearly 20% of global home audio equipment market share during 2020 and will expand with increased demand for smart home products across the region.

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Premium Report Details

  • Published Date: Feb 2021
  • Pages: 400
  • Tables: 468
  • Charts / Figures: 33
  • Companies covered: 22
  • Countries covered: 19

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