Over the years, innovations in technology has consistently helped humans in making lives simpler and convenient. One such technology being home audio equipment which is installed inside the home, aimed to imitate the commercial theatre performance. It imparts a bona fide theatre experience and replicates the realistic scenario by enhancing the audio quality. Some of the components of home audio equipment include shelf stereos, surround sound receiver and a projection system. A new research report by IMARC Group, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was worth US$ 17 Billion in 2017. The report further anticipates the market to cross US$ 23 Billion by 2023, at a projected CAGR of more than 5% over the forecast period.
Market Drivers/Constraints:
- The primary factor for the growth of the home audio equipment market is a rise in the streaming of audio content via wireless systems, for instance, Bluetooth which can be connected to a portable device.
- Further, a shift in the preferences of consumers towards a high-performance home theatre system and expanding need for an improved user experience are positively influencing the market growth.
- With the development of the internet of things (IoT) technology worldwide, there has been a soaring demand for devices which are compatible with different devices. This has broadened the growth aspects of the global home audio equipment market.
- Flourishing entertainment industry, increasing disposable incomes, urbanisation and industrialisation rates, technological advancements and product innovations by manufacturers are some of the other factors which are strengthening the demand for home audio equipment.
- However, high audio frequency coming from home audio equipment may injure the inner ear structures and cause noise-induced hearing loss (NIHL) within the longer run. This acts as a major constraint for the growth of the home audio equipment market.
Product Type Insights:
On the basis of type, the market is segmented as Blu-ray and DVD players, home theatre in-a-box (HTIB) and soundbars. Among these, Blu-ray and DVD players currently exhibit a clear dominance in the market.
Application Insights:
Based on application, the major segments include television and computers. Home audio equipment is extensively used in television as well as computers on account of its ability to amplify the volume emitted by the standard device and cater convenience as well as luxury within the domestic sphere.
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Distribution Channel Insights:
On the basis of distribution channel, supermarkets and hypermarkets represent the largest segment as they offer easy accessibility and convenience to the consumers. They are followed by specialty stores, convenience stores and online stores.
Regional Insights:
On a geographical front, North America presently holds the majority of the market share owing to the inclination towards technologically advanced entertainment products in the region. North America is followed by Europe, Asia Pacific, Middle East and Africa, and Latin America.
Competitive Landscape:
The market is highly concentrated with the presence of established manufacturers who compete in terms of prices. There is an intense competition in the market which makes it difficult for new entrants to survive. Some of the leading players operating in the market are:
- LG
- Qualcomm
- Sony Corporation
- Yamaha Corporation
- Bose Corporation
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