According to a new market report published by Credence Research, Inc. “Global Home Audio Equipment Market (By Product Type (Home Theatre Systems, Soundbars, and Blu-ray and DVD Players), and Sales Channel (Retail Channel and Online/E-commerce Channel) – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the global home audio equipment market is expected to witness a steady growth during the forecast period, exceeding US$ 24.3 Bn by 2023.
Browse the Global Home Audio Equipment Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/home-audio-equipment-market
Home audio equipment includes audio devices like home theater systems, soundbars, and DVD players among others that are specifically used for the entertainment purpose. Today’s advanced home audio equipment are feature-rich, equipped to support other music systems, televisions, and projectors. The advancements in technology have not only made these equipment feature-rich (wireless, noise cancellation technology, integration with Bluetooth device, etc.), but also more compact and light weight. Growing preference for wireless music is shaping the global home audio equipment market. In addition, growing consumer desire for high-performance music experience coupled with the increasing disposable income is expected to propel the demand for home audio equipment globally.
The global home audio equipment market is highly competitive and fragmented. Product portfolio expansion through new product development is the prime strategy adopted by the vendors in the market. Ideally, vendors compete on the basis of product features, performance, innovation, and cost. In addition, manufacturers are increasingly focusing on strengthening their distribution network and hence the reach. This will consequently enable retailers to push different home audio equipment (ex- wired and wireless) into the market. The advent of e-commerce has further encouraged manufacturers to strengthen their distribution network. Some of the leading and promising home audio equipment manufacturers identified in the research study include Bose Corporation, Dolby Laboratories Inc., LG Electronics Inc., Sony Corporation, Sharp Corporation, Panasonic Corporation, JVC Kenwood Corporation, Philips Electronics Ltd., Harman International Industries, Inc. (AKG), Akai Electric Co., Qualcomm Technologies, and Pioneer Corporation among others.
- Growing demand for wireless audio products
- Evolving digital habits of consumers
- Device networking and streaming represent emerging trends in the global home audio equipment market
- Demand for innovative audio products with technologically advanced features
- Threat from low quality, low cost domestic substitutes, especially in unorganized markets of Asia and RoW.