GIA Finds Technology Developments Drive Demand for Home Audio Equipment
Global Industry Analysts (GIA) announces the release of a comprehensive global report on Home Audio Equipment markets. Global market for ...
Global Industry Analysts (GIA) announces the release of a comprehensive global report on Home Audio Equipment markets. Global market for Home Audio Equipment is projected to reach US$21 billion by 2020, driven by continued technological advancements, increasing consumer preference for high quality audio, and declining average unit prices of audio products.
Home Audio Equipment represents a huge market after television in the consumer electronics industry. Factors propelling growth in the industry include incessant developmental of innovative products with technologically advanced features and growing consumer preference for high quality audio products. Consumers are increasingly preferring audio systems with superior visual appearance, innovative features, and enhanced aesthetic design. Demand is on rise for portable audio equipment that integrate USB drives and have the capability to stream high-quality audio content from the Internet. Developments in digital technology in tandem with changing media options from traditional systems to contemporary systems such as speaker docks and soundbars for audio playback are also contributing towards market growth.
Device networking and streaming are emerging trends in the home audio market. The market for networked home audio devices is expected to surge during the analysis period, driven by networked speakers and dedicated speaker docks. Although networked devices represent a relatively small share in these markets at present, the coming years are forecast to witness strong growth. Another key trend in the market is the increasing demand for wireless systems that connect multiple devices wirelessly. The market for wireless devices is driven by growing customers’ penchant for unrestricted mobility, high quality sound, and appealing designs. The market is expected to gain from continuous decline in average unit prices of audio products, mainly due to improvements in production technologies that help reduce manufacturing costs.
As stated by the new market research report on Home Audio Equipment, the United States represents the single largest market worldwide. Growth in the market is led by technology developments, and increased consumer spending on audio components in tandem with rise in unit sales of flat-panel high definition televisions as a result of falling prices. Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 4.9% in volume terms over the analysis period. Rapid economic growth, and increasing disposable incomes in most Asian countries are driving sales of home audio equipment in the region. Home radios represents the largest product market in volume terms, while Home Theater in a Box (HTiB) ranks the fastest growing market.
Major players covered in the report include Bose Corporation, Boston Acoustics, Creative Technologies Ltd., Harman International Industries Inc., LG Electronics, Koninklijke ("Royal") Philips Electronics NV, Onkyo Corporation, Pioneer Corporation, Polk Audio, Samsung Group, Sonos, Inc., Sony Corporation and VOXX International Corporation among others.
The research report titled "Home Audio Equipment: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, and strategic industry activities of major companies worldwide. The report provides market estimates and projections in thousand units and million dollars for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India and Rest of Asia Pacific), Middle East & Africa, and Latin America (Brazil and Rest of Latin America). The report also analyzes the global and regional markets for Home Audio Equipment by product segments such as Home Audio Systems, Home Audio Separate Components, Home Theater in a Box and Home Radios.