HOME AUDIO EQUIPMENT MARKET ANALYSIS

Home Audio Equipment MarketSize and Trends

Market Overview

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.

Figure 1: Global Home Audio Equipment Market Share (%), in terms of Value, By Region, 2019

Figure 2: Global Home Audio Equipment Market Value (US$ Bn), 2017 - 2027

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.

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.

Market Trends

1. Major opportunities for OEMs

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.

2. Partnership and collaboration activities among market players

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.