The latest report published by IMARC Group, titled “Home Audio Equipment Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028″offers a comprehensive analysis of the industry, which comprises insights on home audio equipment market. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global home audio equipment market size reached US$ 28.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 47.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.13% during 2023-2028.
What is Home Audio Equipment?
Home audio equipment represent a range of compact electrical acoustic devices that are specifically designed to process, reproduce, recreate, and amplify sound performance. They comprise home theatre systems, smart speakers, soundbars, shelf stereos, radio receivers, AV receivers, microphones, tape recorders, etc. Home audio equipment provide reliable and sophisticated performance and help in enhancing the standard equipment. They play the same song in every space flawlessly without saving space, disturbing neighbors, reducing clutter, etc. Home audio equipment offer better sound quality, hands-free listening to content, ultimate convenience, more control, and minimal interruptions, as they can be operated via several internet-enabled devices, such as television, computers, tablets, laptops, etc. Consequently, they are gaining extensive traction across the globe.
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What are the growth prospects and trends in the home audio equipment industry?
The increasing utilization of flat-panel HD TVs, the expanding media and entertainment industry, and the widespread adoption of on-demand content are primarily driving the home audio equipment market. Additionally, the growing number of individuals who are subscribing to streaming services is further catalyzing the market growth. Besides this, the inflating popularity of OTT services is propelling the need for home audio equipment to improve the viewing experience, which is acting as another significant growth-inducing factor. Moreover, the easy availability of products supported with additional benefits, such as exciting offers, free doorstep delivery, secure payment methods, etc., is also positively influencing the global market. Apart from this, the rising investments in competitive marketing strategies and promotional activities by leading manufacturers are anticipated to fuel the home audio equipment market over the forecasted period.
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Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- LG Electronics, Inc.
- Qualcomm Technologies Inc.
- Sony Corporation
- Yamaha Corporation
- Bose Corporation
Home Audio Equipment Market Segmentation:
Our report has categorized the market based on region, product type, application and distribution channel.
Breakup by Product Type:
- Blu-ray and DVD players
- Home Theater in-a-box (HTIB)
- Soundbars
- Others
Breakup by Application:
- Television
- Computers
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Specialty Stores
- Convenience Stores
- Online
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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