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Home Audio Equipment Market
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Home Audio Equipment Market Size
Home Audio Equipment Market size surpassed USD 25 billion in 2021 and is anticipated to grow at around 10% CAGR between 2022 and 2030. Global industry shipments are projected to cross 585 million units by 2030. The industry is gaining traction as companies are introducing technologically advanced home audio equipment with different wireless technologies.
To get key market trends
The increasing consumer inclination toward high-end products owing to rising household disposable incomes is adding up to the home audio equipment market demand. The demand for advanced home audio equipment is majorly increasing in developing countries, such as Mexico, India, and the South Africa, due to the growing consumer preference for luxury home appliances.
Several market players such as Bose Corporation and Bowers & Wilkins offer tailor-made home audio equipment solutions to customers to match their home decor and styles. These systems are integrated with various advanced features such as voice assistants and wireless charging to enhance the user experience. These factors are increasing the adoption of home audio equipment as consumers are inclined toward entertainment devices that enhance the audio experience.
Home Audio Equipment Market Report Attributes
| Key Takeaway | Details |
|---|---|
| Market Size & Growth | |
| Base Year | 2021 |
| Market Size in 2021 | 25 million (USD) |
| Forecast Period 2022 to 2030 CAGR | 10% |
| Market Size in 2030 | 70 billion (USD) |
| Key Market Trends | |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
Home Audio Equipment Market Analysis
Learn more about the key segments shaping this market
The German home audio equipment market will attain gains nearly at 10% through 2030, due to the introduction of 5G internet services that enables the smooth functioning of the devices. The industry leaders focus on developing wireless solutions that enable remote operation to provide multi-room audio services to extend music to other locations.
The rising demand for this equipment can also be credited to better convenience, comfort, and high-fidelity sound provided by wireless home audio equipment technology. Moreover, introduction of high-speed internet services in developing countries will impel the market expansion.
Learn more about the key segments shaping this market
The U.S home audio equipment market is likely to register 15% growth rate during the forecast timeframe, impelled by the increasing espousal of e-commerce platforms to purchase entertainment devices. According to the Census Bureau of the Department of Commerce, the U.S. retail e-commerce industry sales in May 2022 were USD 250.0 billion, an increase of 2.4% from Q4 2021. The Q1 2022 e-commerce market estimate increased 6.6% from Q1 2021. To expand their worldwide consumer base, home audio equipment manufacturers are offering a diverse product line through online sales channels.
The overall market share of online channels is increasing owing to the availability of a robust IT infrastructure. The region will experience growth in 2022 credited to the strong presence of leading e-commerce players including eBay Inc. and Etsy. The home audio equipment market statistics will improve as online retailers offer various discounts and package deals that offer a cost-effective benefit to save money on home audio equipment.
In 2021, the home audio equipment market in Asia Pacific held about 30% of the global revenue share driven by the high acceptance of smart homes mainly in India, Japan, and Australia. Governments are also supporting the growing penetration of smart cities in region, thus enabling industry expansion.
The business will expand as customers choose integrated media devices that can be operated remotely and automatically connect to other devices. The rising consumer spending on smart homes in APAC is adding up to the demand for connected home audio systems.
Home Audio Equipment Market Share
Key players operating in the home audio equipment market include
- Amazon.com, Inc.
- Apple Inc.
- Blaupunkt GmbH
- Bose Corporation
- Bowers & Wilkins Group Ltd.
- Creative Technology Ltd.
- Edifier Technology Co., Ltd.
- Google LLC
- JVCKENWOOD Corporation
- Koninklijke Philips N.V.
- Sennheiser Electronic GmbH & Co. KG.
- LG Corporation
- Panasonic Corporation
- Pioneer Corporation
- Plantronics Inc.
- Polk Audio
- Samsung Electronics Co., Ltd.
- Sonos, Inc.
- Sony Corporation
- VIZIO Inc.
- Voxx International Corporation
- Yamaha Corporation
The companies are engaged in product development & innovation activities to strengthen their product portfolios, offering highly optimized devices. For instance, in April 2022, Sonos, Inc. acquired Mayht Holding BV (Mayht), a developer of innovative solutions for audio transducers. These devices are fundamental components of speakers that generate sound. Mayht has reengineered them for lighter and smaller form factors without degrading the quality. Mayht plans to create a speaker technology that enables the packing of multiple components into smaller spaces with power savings. Market participants are focusing on enhancing competitive advantage and accelerating their future roadmap.
This 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 2018 to 2030 for the following segments:
Market, By Technology
- Wired
- Speaker
- Soundbar
- Home Theater in a Box (HTiB)
- Receiver
- Wireless
- Speaker
- Soundbar
- 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 Question(FAQ) :
How big is the revenue share for home audio equipment in Asia Pacific?
APAC held close to 30% of the global home audio equipment industry revenue share in 2021 and will expand with higher acceptance of smart homes in India, Japan, and Australia.
Why is the demand for wireless home audio equipment growing in Germany?
German home audio equipment industry is set to witness a growth rate of over 10% through 2030 impelled by the rising influx of 5G internet services for smooth functioning of the devices.
What is the size of the home audio equipment market?
The market size of home audio equipment was over USD 25 billion in 2021 and is anticipated to record a 10% CAGR with global industry shipments of up to 585 million units through 2030 due to the higher adoption of technologically advanced devices with different wireless technologies.
How is the U.S. home audio equipment industry influenced by online channels?
The home audio equipment industry in the U.S. from the online distribution channel segment is poised to strike a 15% CAGR through 2030 driven by the rising adoption of e-commerce platforms for purchasing entertainment devices.
