Home audio systems are audio electronics made for home entertainment use such as surround sound receivers and shelf stereos. Home audio equipment is meant to process, record, and reproduce sound. The basic elements of the home audio system include amplifier, source, control unit, and speakers. More and more people are adopting wireless home audio equipment due to the advancement in streaming music services and WiFi technology. Most manufacturers provide control applications for free while some charge for the usage.
The global Home Audio Equipment market is estimated to account for US$ 28.2 Bn in terms of value by the end of 2027.
Market Dynamics- Drivers
Disposable income of consumers has increased over the years, with consumers buying more latest technological products available in the market. Blue-ray disk, MP3 players, computers, and video game players are the major sources of entertainment for families. With growing consumer preference for better quality products and an increase in disposable incomes, consumers are expected to buy home entertainment products. Therefore, these factors are expected to drive growth of the global home audio equipment market during the forecast period.
Home audio networking refers to a network of audio devices (TV, computer, stereo, and so on) and speakers distributed across a house. It is also known as whole-house audio or whole-home audio. The concept of audio networking has been introduced in the past. However; digital networked audio helps users in replacing error-prone and expensive cables. Audio networking can overcome the limitations imposed by traditional analog audio systems and provides a more economical design, efficient and enhanced features, and improved functionality. Networked audio technology has opened a wide array of possibilities for the audio industry. Furthermore, with the convergence of consumer electronics and personal computers (PC), manufacturers are adding more audio/video capability to the PC platform in an effort to succeed in the home electronics market. On the contrary, home audio equipment manufacturers are adding the networking capability to their products. Hence, these factors are expected to propel the global home audio equipment market growth over the forecast period.
Statistics:
APAC held dominant position in the global home audio equipment market in 2019, accounting for 28.0% share in terms of value, followed by Europe, North America, and RoW respectively.
Figure 1: Global Home Audio Equipment Market Share (%), in terms of Value, By Region, 2019
To learn more about this report, Request sample copy
Market Dynamics- Restraints
According to a series of research conducted in 2002 with 116 infants the effect on the hearing ability of infants in a noisy environment is similar to hearing loss at old age. Moreover, the research also indicated that moderate background noise can interfere with the way infants learn languages. Hence, there is much fear about the long-lasting effects of audio equipment that are tuned up loud enough to block out the surrounding sound. Noise levels above 85 decibels lead to hearing loss over time. Therefore, such factors are expected to hinder the global home audio equipment market growth in the near future.
There are certain regulations regarding the radio frequency spectrum in the case of wireless audio devices. Regulations could hinder the adoption of wireless audio devices for home use. Hence, these factors are expected to restrain growth of the global home audio equipment market during the forecast period.
Home Audio Equipment Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2019 | Market Size in 2019: | US$ 20.6 Bn |
Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
Forecast Period 2020 to 2027 CAGR: | 4.0% | 2027 Value Projection: | US$ 28.2 Bn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
Akai Electric Co. Ltd, Nakamichi Corporation, Dolby Laboratories Inc., Sanyo Electric Co. Ltd., DTS Inc., Bose Corporation, JVC KENWOOD Holdings Inc., Panasonic Corporation, Koninklijke Philips Electronics NV, and LG Electronics Inc. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Uncover macros and micros vetted on 75+ parameters: Get instant access to report
Market Opportunities
The rapidly increasing film and gaming industries have fostered the need for total audio immersion. Emerging technologies such as Barco Auro, DTS Neo, and Dolby Atmos provide spherical audio for acoustic spaces such as movie theatres. Usage of such immersive audio technologies at home requires more speakers, leading to an increased cost and high maintenance. The introduction of 3D audio equipment at homes is expected to provide a home audio equipment standard that focuses on the object-oriented sound field. The emergence of realistic immersive home audio equipment provides major opportunity areas for the home audio equipment industry. Furthermore, simplification of network configuration and improvement in command response time and reliability is expected to provide major opportunity areas for the home audio equipment market.
Key companies in the market are focused on research and development activities, in order to enhance the market presence. For instance, in October 2012, Akai launched a smart Box. The smart box helps to change any TV such as CRT, LCD, and LED among others into a smart TV. Furthermore, in April 2014, DTS Inc. in association with DivX introduced new software to integrate encoding and decoding DTS-HD technology.
Figure 2: Global Home Audio Equipment Market Value (US$ Bn), 2017 - 2027
To learn more about this report, Request sample copy
The global home audio equipment market was valued at US$ 20.6 Bn in 2019 and is forecast to reach a value of US$ 28.2 Bn by 2027 at a CAGR of 4.0% between 2020 and 2027.
Market Trends
In the recent past, the home audio equipment market has seen many opportunities with innovative product development and improved content quality; at the same time, it has witnessed severe challenges for original equipment manufacturers (OEM). The conversion of analog to digital media has introduced new standards and regulations in audio and video entertainment. This change in media will enhance the affordability and quality of user-multimedia experience. This creates a better opportunity for the OEMs to design equipment that supports digital media. Furthermore, accessing media and entertainment has become easier for consumers with the rising penetration of broadband services.
Major companies are focused on partnership and collaboration activities, in order to gain a competitive edge in the market. For instance, in March 2014, DTS collaborated with Vivo in order to provide DTS-HD streaming capabilities to vivo customers. Furthermore, in December 2013, DTS partnered with Vivo in order to provide DTS headphone with Vivo smartphone XPlay3S.
Global Home Audio Equipment Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their business. There is significant impact on home audio equipment market, as most of the countries across globe have imposed lockdown restriction to contain the spread of COVID-19 pandemic. Due to this, most of the companies are offering work from home option and after office hours people can save most of their time. This will increased the demand for various home audio equipment’s for entertainment purpose at home. As consumers are forced to stay at home that have increased the demand for popular OTT service providers such as Netflix, Amazon Prime, etc. Thus, in turn, increases the demand for home audio equipment market.
Value Chain Analysis
Raw materials and components are the major inputs for the home audio equipment market. The hardware components may include but are not limited to visual displays, integrated circuits, amplifiers, sensors, and electrical and electronic parts. Moreover, the hardware component requirement includes resistors, voltage regulators, power supplies, PCB’s (printed circuit boards), switches, wires, and panels among others. The quality of raw materials and hardware components play a vital role in improving efficiency and performance of devices. Manufacturers buy quality raw material from raw material suppliers to produce durable and reliable components to ensure amplified sound quality in audio equipment.
To learn more about this report, Request sample copy
Competitive Section
Major companies operating in the global home audio equipment market are Akai Electric Co. Ltd, Nakamichi Corporation, Dolby Laboratories Inc., Sanyo Electric Co. Ltd., DTS Inc., Bose Corporation, JVC KENWOOD Holdings Inc., Panasonic Corporation, Koninklijke Philips Electronics NV, and LG Electronics Inc.
Key Development
Share
Missing comfort of reading report in your local language? Find your preferred language :
Transform your Strategy with Exclusive Trending Reports :
Frequently Asked Questions
Select a License Type
Credibility and Certifications
860519526
9001:2015
27001:2022
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients