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Home Audio Equipment Market size to cross $70 Bn by 2030

  • Published Date: July 7, 2022

Home Audio Equipment Market size is anticipated to exceed over USD 70 billion and the global industry shipments are poised to cross 585 million units by 2030, according to a new research report by Global Market Insights, Inc.

The growing interest of customers in home entertainment systems has boosted the need for receivers that can handle a wide range of digital audio streams. The industry demand for receiver devices with built-in Wi-Fi, Bluetooth connection, 4K resolution support, and 3D capability is rising globally. The growing need for high-quality audio systems along with developments in home audio technology is driving the market for audio receivers. The players offer home-based audio equipment that are controlled through an easy-to-use app on smartphones, tablets, and computers. Wi-Fi and Bluetooth connectivity is expected to contribute majorly to the growth phase of the home audio equipment market revenue.

The COVID-19 pandemic had a moderate impact on the market growth in 2020 owing to supply chain disruptions. The high adoption of home audio equipment was enabled in 2021 due to the availability of smart devices that can be interconnected to perform various tasks, thereby having a positive impact. The home audio equipment industry is slated to have a optimistic outlook in 2022 as leading home audio equipment market participants are aiming to expand their presence globally to offer compatibility with high-end TVs.

For instance, in June 2022, Samsung Electronics Co. Ltd. launched its soundbar lineup including the ‘Q’ & ‘S’ series. The company incorporated the Q-Symphony technology, allowing soundbars to stream audio in the speaker construction that are compatible with Samsung TVs.

High availability of cost-effective wired home audio equipment

The wired home audio devices offer easy setup and complete auditory control to users. They also enable manual connectivity to other electronic deceives, ensuring continuous & stable power to audio devices. The market is being driven by the benefits offered by these devices including the ability to eliminate disturbances & interferences from other sources. Several players including Sony Corporation, Bose Corporation, Sonos, and LG Electronics, Inc. are offering affordable wired products with better sound quality. The industry expansion will be influenced by the inflexibility & limited extensibility of wired devices.

Browse key industry insights spread across 400 pages with 467 market data tables and 36 figures & charts from the report, “Home Audio Equipment Market Size, By Technology (Wired [Speaker, Receiver, Soundbar, Home Theater In a Box (HTIB)], Wireless [Speaker, Receiver, Soundbar, Home Theater in a Box (HTiB)]), By Distribution Channel (Online, Offline), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:

The growing penetration of offline retail stores offering multifunctional home audio equipment

The offline distribution segment is projected to witness steady growth in the home audio equipment market due to benefits such as easy return and better customer support offered by brick & mortar stores. The growing trend of in-store promotions and attractive loyalty discounts is augmenting the sector growth. Despite the exponential development of the e-commerce globally, the majority of consumers prefer to purchase goods in physical stores. This has encouraged the top online retailers to open such stores. Additionally, as of May 2022, Amazon opened around 26 Amazon Go convenience stores with cashier-less checkout experience features. These stores are offering a wide variety of home audio equipment brands by collaborating with companies to maintain their product portfolios.

Rising disposable incomes in North America

The home audio equipment market is expanding in North America owing to increasing number of individuals with higher disposable incomes. According to the Bureau of Economic Analysis, personal incomes in the U.S. grew by USD113.4 billion or 0.5%, on a monthly basis in May 2021 while consumer expenditure increased by USD 32.7 billion or 0.2%. This enabled customers to buy advanced home audio equipment from leading market players that offer realistic & immersive audio experience.

The home audio equipment market will expand as these devices have an easy setup and provide complete auditory control to users. Consumers are investing in these equipment as they have various features such as multiple HDMI inputs, sound quality, signal-to-noise ratio, and communication with other devices. These are some of the differentiation factors that are increasing the sale of home audio devices in the region.

Companies are focusing on introducing agile & interconnected home audio equipment

The market leaders aim to launch home audio equipment with audio technologies that can be engineered & customized. The participants are aiming to deliver a variety of sound effects that can be simply made by positioning smart home audio equipment in various areas and coupling them with the right sources.

The competitors 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, and Yamaha Corporation.

Authors: Preeti Wadhwani, Smriti Loomba

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