Home Audio Equipment Market - Forecast(2024 - 2030)
Home Audio Equipment Market Overview
The global Home Audio Equipment Market is currently valued at $26.54 billion in 2022 and is expected to reach a valuation of $45.66 billion by 2027 growing at a CAGR of 8.4% during 2022-2027. The increasing number of smart homes in developing countries, rising incomes, and increasing affordability of sophisticated audio equipment have provided great impetus to the growth of this market, especially in the cases of amplifiers, receivers, speakers, and other home stereo equipment which are used by everybody across consumer segments. The advent of the pandemic in 2020 resulted in professionals worldwide working from home which led to increased investments in indoor entertainment systems. In March 2022, Bower and Wilkins launched the Panorama 3 soundbar equipped with AirPlay 2 and Bluetooth with atpX, which will drastically elevate the aesthetics of the customer experience. Such developments will lead to widespread adoption of Home Audio Equipment systems and accelerate the growth of this market.
Report Coverage
By Product Type:
Speaker, Soundbars,
Home-Theatre in a Box, Receiver, and others.
By Application Type: Wired, Wireless
By
Audio Components: Microphones, Mixers,
Digital and Signal Processors, Amplifiers, and others
By Geography: North America (U.S, Canada,
Mexico), Europe (U.K, Germany, France, Italy, Spain, Others), APAC (China,
Japan, South Korea, India, Australia, Others), South America (Brazil,
Argentina, Others) and RoW (Middle East, Africa)
Key Takeaways
- Soundbars will be the fastest-growing segment in this market with a CAGR of about 9.01% due to their energy efficiency, low cost, and advanced audio capabilities.
- Microphone is the fastest-growing segment by components in this market owing to increased sales of electronic gadgets, rapid growth in the entertainment industry, low cost, and a wide variety of applications.
- APAC region holds the largest market share at 29% due to rapid economic growth, expansion of end-user industries in emerging economies especially China and India, and a massive increase in the number of smart homes as these countries transition from low income to middle-income economies.
Home Audio Equipment Market Value Share, By Geography 2021, (%)
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Home Audio Equipment Market Segment Analysis- By Product Type
The Home Audio Equipment market can be classified into many segments according to product type such as Speakers, Soundbars, Receivers and others. Among the, Soundbars are projected to have the fastest growth at a CAGR of 9.01% in the forecast period of 2022-2027. Compact size, hassle free installation and power efficiency coupled with the unique ability of providing bass and other enhanced features at lower volume levels are some of the major factors that are driving the growth of this market. The incorporation of multiple forward-facing speakers, enhanced volume controls, and multiple mounting options would enable the consumers to have better sound clarity due to increased audio directionality, customised volume specifications such as putting a cap on maximum volume, and spatial versatility would encourage widespread adoption of this product which will result in rapid expansion of this market. The ability to detect IR signals from multiple devices along with shrinking space in TVs for fitting speaker drivers has not only increased its interoperability with other devices but has simultaneously made it an essential accessory to go along with a TV set which is providing a massive boost to the Home Audio Equipment market. The widescale deployment of soundbars to address the issue of poor sound-transference in enclosed areas such as classrooms, staterooms, hostels and other such places has also been a significant driving factor for this market. In May 2022, Porsche Design launched Soundbar PDB90 which has 3D surround sound, integrated subwoofers, and 16 drivers in total with upward-facing speakers angled at 20° for maximized 3D sound. The factors such as rapid technological advancement, product innovation and changing customer preferences will accelerate the growth of the market.
Home Audio Equipment Market Segment Analysis- By Component
Among the components of Audio Systems, microphones are the fastest-growing segment with a CAGR of 9.23% in the forecast period of 2022-2027. Flexibility in placement and setup, increased sales of smartphones, tables and other such devices, and growing consumer demand for music on the go are the key factors that are propelling the growth of microphones in the Home Audio Equipment market. The rapid pace of investments in cinema and television coupled with the onset of the WFH phenomena has resulted in big boost in demand for microphones with greater audio directionality and enhanced sound quality. In May 2022, Oslo-based sensiBel raised $18 million from TRUMPF investors which would be used to ramp up production facilities and improve R&D capabilities. Such developments will positively impact the growth of the markets in the coming years.
Home Audio
Equipment Market
Segment Analysis- By Geography
The Home Audio Equipment market in the APAC region will account for the highest share at 29% in 2021. The factors that are propelling the growth of the Home Audio Equipment market in APAC are rising demand of smart homes in emerging economies, surging purchasing power, and changing customer preferences. Increased affordability of audio equipment’s in developing economies, technological advancements, and rising private consumption as the economy recovers will provide a massive boost to the growth of this market in this region. In May 2022, Gizmore launched its T1000 Pro Speaker with enhanced sound quality and volume controls. Such developments will further propel the growth of this market in the coming years.
Home Audio Equipment Market Drivers
Rapid Adoption of Home Audio Equipment in Emerging Economies: Increased affordability of audio equipment, rising incomes, and changing customer preferences leading to widespread adoption of Home Audio Equipment
The rapid growth of high speed data streaming as well as online entertainment, surging incomes, and changing customer preferences are the main driving factors behind the rapid expansion of the Home Audio Equipment market in developing economies. The drastic reduction in manufacturing cost of audio equipment coupled with the demand of an immersive audio-visual experience are the key factors that are driving the growth of the market. Apart from this, the rising rates of smart home adoption, and increased internet penetration have led to the rapid expansion of the Home Audio Equipment market. The onset of the pandemic has drastically altered the lifestyle of GenZ and millennials which has resulted in increased investment in indoor entertainment systems. . The factors such as, rapid industrial development, are the main factors that will drive the growth of this market.
Integration of advanced technologies such as Spatial Studio, Networked Audio and Sonar works resulting in widespread adoption of Home Audio Equipment Systems
The rapid pace
of technological advancements in the audio equipment market coupled with the
decrease in production costs has led to an exponential increase in the adoption
of home audio equipment across the globe, especially among the emerging
economies. One of the most important advancements to occur in the industry was
Spatial Studio which drastically improves the sound quality when multiple people
are conversing simultaneously. Another important technological breakthrough has
been the application of Networked Audio which streamlines the path the microphone
takes to the mixer. In May 2022, Corsair launched its HS65 Surround with
Sonarworks ID technology which is a new audio technology from Corsair that uses
sample audio clips to help gauge ideal sound profile, custom-tuned to one’s
audio preferences. Such developments will lead to the widespread adoption of Home
Audio Equipment systems and accelerate the expansion of the market in coming
years.
Home Audio Equipment Market Challenges
High Costs and Technological Constraints:
The high
equipment cost and technological constraints are the major challenges that are
impeding the growth of this industry. The cost of Home audio equipment ranges from
$100 to $350 depending upon the specifications which becomes an insurmountable
barrier in the case of lower-income families in rural areas, and others. The
lack of awareness among a large section of the rural population and poor
internet facilities have been major constraints in the widespread adoption of Home
Audio equipment systems. The rise in inflation due to the ongoing
Russia-Ukraine war will adversely affect the spending power of the middle and
lower-middle classes . Such developments will negatively impact the growth of
this market.
Home Audio Equipment Market Landscape
Product
launches, collaborations, and R&D activities are key strategies adopted by
players in the Home Audio Equipment System market. The top 10 companies in the Home
Audio Equipment market are:
- BOSE Corporation
- Boston Acoustics
- Sony
- Yamaha
- Pioneer
- JBL
- Klipsch
- Bower and Wilkins
- Harman International Industries
Acquisitions/Technology Launches/Partnerships
- In September 2021, JBL launched its FLIP 6 soundbar which has a rugged and compact design, provides bass and other advanced audio effects and can be easily connected to other devices. Such developments will positively impact the market growth.
- In May 2022, Klipsch launched the 2200w Pro-Media Heritage System that is equipped with a pair of satellite speakers (2 x 35W) and an 8-inch wired subwoofer (150W). Such technological advancements will propel the growth of this market.
- In September 2021, Bower and Wilkins launched its 805D4 speakers equipped with Biomimetic Suspension – which reduces unwanted noise created by the conventional fabric suspension and adopts a revised version of the Solid Body Tweeter-on-Top housing with an elongated tube-loading system to produce an even more open sound. Such products will lead to an aesthetic experience for the consumers and propel the growth of the market.
Relevant Reports
Report Code: ESR51466
Report Code: ESR 0209
Report Code: ESR 0149
For more Electronics Market reports, please click here
LIST OF TABLES
1.Global Home Audio Equipment Product Outlook Market 2023-2030 ($M)1.1 Home Theater In-A-Box Market 2023-2030 ($M) - Global Industry Research
1.2 Home Audio System Market 2023-2030 ($M) - Global Industry Research
1.3 Home Radio Market 2023-2030 ($M) - Global Industry Research
2.Global Competitive Landscape Market 2023-2030 ($M)
2.1 Akai Electric Co Market 2023-2030 ($M) - Global Industry Research
2.2 Audio Partnership Plc Market 2023-2030 ($M) - Global Industry Research
2.3 Bose Corporation Market 2023-2030 ($M) - Global Industry Research
2.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Global Industry Research
2.5 Dts Inc Market 2023-2030 ($M) - Global Industry Research
2.6 Harman International Industry Market 2023-2030 ($M) - Global Industry Research
2.7 Intex Market 2023-2030 ($M) - Global Industry Research
2.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Global Industry Research
2.9 Lg Electronics Inc Market 2023-2030 ($M) - Global Industry Research
2.10 Nakamichi Corporation Market 2023-2030 ($M) - Global Industry Research
2.11 Nile Audio Market 2023-2030 ($M) - Global Industry Research
2.12 Onkyo Market 2023-2030 ($M) - Global Industry Research
2.13 Panasonic Market 2023-2030 ($M) - Global Industry Research
2.14 Philip Market 2023-2030 ($M) - Global Industry Research
2.15 Pioneer Corporation Market 2023-2030 ($M) - Global Industry Research
2.16 Sanyo Electric Co Market 2023-2030 ($M) - Global Industry Research
2.17 Sharp Corporation Market 2023-2030 ($M) - Global Industry Research
2.18 Sony Corporation Market 2023-2030 ($M) - Global Industry Research
2.19 Vistron Audio Equipment Market 2023-2030 ($M) - Global Industry Research
3.Global Home Audio Equipment Product Outlook Market 2023-2030 (Volume/Units)
3.1 Home Theater In-A-Box Market 2023-2030 (Volume/Units) - Global Industry Research
3.2 Home Audio System Market 2023-2030 (Volume/Units) - Global Industry Research
3.3 Home Radio Market 2023-2030 (Volume/Units) - Global Industry Research
4.Global Competitive Landscape Market 2023-2030 (Volume/Units)
4.1 Akai Electric Co Market 2023-2030 (Volume/Units) - Global Industry Research
4.2 Audio Partnership Plc Market 2023-2030 (Volume/Units) - Global Industry Research
4.3 Bose Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
4.4 Dolby Laboratory Inc Market 2023-2030 (Volume/Units) - Global Industry Research
4.5 Dts Inc Market 2023-2030 (Volume/Units) - Global Industry Research
4.6 Harman International Industry Market 2023-2030 (Volume/Units) - Global Industry Research
4.7 Intex Market 2023-2030 (Volume/Units) - Global Industry Research
4.8 Jvc Kenwood Holding Inc Market 2023-2030 (Volume/Units) - Global Industry Research
4.9 Lg Electronics Inc Market 2023-2030 (Volume/Units) - Global Industry Research
4.10 Nakamichi Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
4.11 Nile Audio Market 2023-2030 (Volume/Units) - Global Industry Research
4.12 Onkyo Market 2023-2030 (Volume/Units) - Global Industry Research
4.13 Panasonic Market 2023-2030 (Volume/Units) - Global Industry Research
4.14 Philip Market 2023-2030 (Volume/Units) - Global Industry Research
4.15 Pioneer Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
4.16 Sanyo Electric Co Market 2023-2030 (Volume/Units) - Global Industry Research
4.17 Sharp Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
4.18 Sony Corporation Market 2023-2030 (Volume/Units) - Global Industry Research
4.19 Vistron Audio Equipment Market 2023-2030 (Volume/Units) - Global Industry Research
5.North America Home Audio Equipment Product Outlook Market 2023-2030 ($M)
5.1 Home Theater In-A-Box Market 2023-2030 ($M) - Regional Industry Research
5.2 Home Audio System Market 2023-2030 ($M) - Regional Industry Research
5.3 Home Radio Market 2023-2030 ($M) - Regional Industry Research
6.North America Competitive Landscape Market 2023-2030 ($M)
6.1 Akai Electric Co Market 2023-2030 ($M) - Regional Industry Research
6.2 Audio Partnership Plc Market 2023-2030 ($M) - Regional Industry Research
6.3 Bose Corporation Market 2023-2030 ($M) - Regional Industry Research
6.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Regional Industry Research
6.5 Dts Inc Market 2023-2030 ($M) - Regional Industry Research
6.6 Harman International Industry Market 2023-2030 ($M) - Regional Industry Research
6.7 Intex Market 2023-2030 ($M) - Regional Industry Research
6.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Regional Industry Research
6.9 Lg Electronics Inc Market 2023-2030 ($M) - Regional Industry Research
6.10 Nakamichi Corporation Market 2023-2030 ($M) - Regional Industry Research
6.11 Nile Audio Market 2023-2030 ($M) - Regional Industry Research
6.12 Onkyo Market 2023-2030 ($M) - Regional Industry Research
6.13 Panasonic Market 2023-2030 ($M) - Regional Industry Research
6.14 Philip Market 2023-2030 ($M) - Regional Industry Research
6.15 Pioneer Corporation Market 2023-2030 ($M) - Regional Industry Research
6.16 Sanyo Electric Co Market 2023-2030 ($M) - Regional Industry Research
6.17 Sharp Corporation Market 2023-2030 ($M) - Regional Industry Research
6.18 Sony Corporation Market 2023-2030 ($M) - Regional Industry Research
6.19 Vistron Audio Equipment Market 2023-2030 ($M) - Regional Industry Research
7.South America Home Audio Equipment Product Outlook Market 2023-2030 ($M)
7.1 Home Theater In-A-Box Market 2023-2030 ($M) - Regional Industry Research
7.2 Home Audio System Market 2023-2030 ($M) - Regional Industry Research
7.3 Home Radio Market 2023-2030 ($M) - Regional Industry Research
8.South America Competitive Landscape Market 2023-2030 ($M)
8.1 Akai Electric Co Market 2023-2030 ($M) - Regional Industry Research
8.2 Audio Partnership Plc Market 2023-2030 ($M) - Regional Industry Research
8.3 Bose Corporation Market 2023-2030 ($M) - Regional Industry Research
8.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Regional Industry Research
8.5 Dts Inc Market 2023-2030 ($M) - Regional Industry Research
8.6 Harman International Industry Market 2023-2030 ($M) - Regional Industry Research
8.7 Intex Market 2023-2030 ($M) - Regional Industry Research
8.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Regional Industry Research
8.9 Lg Electronics Inc Market 2023-2030 ($M) - Regional Industry Research
8.10 Nakamichi Corporation Market 2023-2030 ($M) - Regional Industry Research
8.11 Nile Audio Market 2023-2030 ($M) - Regional Industry Research
8.12 Onkyo Market 2023-2030 ($M) - Regional Industry Research
8.13 Panasonic Market 2023-2030 ($M) - Regional Industry Research
8.14 Philip Market 2023-2030 ($M) - Regional Industry Research
8.15 Pioneer Corporation Market 2023-2030 ($M) - Regional Industry Research
8.16 Sanyo Electric Co Market 2023-2030 ($M) - Regional Industry Research
8.17 Sharp Corporation Market 2023-2030 ($M) - Regional Industry Research
8.18 Sony Corporation Market 2023-2030 ($M) - Regional Industry Research
8.19 Vistron Audio Equipment Market 2023-2030 ($M) - Regional Industry Research
9.Europe Home Audio Equipment Product Outlook Market 2023-2030 ($M)
9.1 Home Theater In-A-Box Market 2023-2030 ($M) - Regional Industry Research
9.2 Home Audio System Market 2023-2030 ($M) - Regional Industry Research
9.3 Home Radio Market 2023-2030 ($M) - Regional Industry Research
10.Europe Competitive Landscape Market 2023-2030 ($M)
10.1 Akai Electric Co Market 2023-2030 ($M) - Regional Industry Research
10.2 Audio Partnership Plc Market 2023-2030 ($M) - Regional Industry Research
10.3 Bose Corporation Market 2023-2030 ($M) - Regional Industry Research
10.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Regional Industry Research
10.5 Dts Inc Market 2023-2030 ($M) - Regional Industry Research
10.6 Harman International Industry Market 2023-2030 ($M) - Regional Industry Research
10.7 Intex Market 2023-2030 ($M) - Regional Industry Research
10.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Regional Industry Research
10.9 Lg Electronics Inc Market 2023-2030 ($M) - Regional Industry Research
10.10 Nakamichi Corporation Market 2023-2030 ($M) - Regional Industry Research
10.11 Nile Audio Market 2023-2030 ($M) - Regional Industry Research
10.12 Onkyo Market 2023-2030 ($M) - Regional Industry Research
10.13 Panasonic Market 2023-2030 ($M) - Regional Industry Research
10.14 Philip Market 2023-2030 ($M) - Regional Industry Research
10.15 Pioneer Corporation Market 2023-2030 ($M) - Regional Industry Research
10.16 Sanyo Electric Co Market 2023-2030 ($M) - Regional Industry Research
10.17 Sharp Corporation Market 2023-2030 ($M) - Regional Industry Research
10.18 Sony Corporation Market 2023-2030 ($M) - Regional Industry Research
10.19 Vistron Audio Equipment Market 2023-2030 ($M) - Regional Industry Research
11.APAC Home Audio Equipment Product Outlook Market 2023-2030 ($M)
11.1 Home Theater In-A-Box Market 2023-2030 ($M) - Regional Industry Research
11.2 Home Audio System Market 2023-2030 ($M) - Regional Industry Research
11.3 Home Radio Market 2023-2030 ($M) - Regional Industry Research
12.APAC Competitive Landscape Market 2023-2030 ($M)
12.1 Akai Electric Co Market 2023-2030 ($M) - Regional Industry Research
12.2 Audio Partnership Plc Market 2023-2030 ($M) - Regional Industry Research
12.3 Bose Corporation Market 2023-2030 ($M) - Regional Industry Research
12.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Regional Industry Research
12.5 Dts Inc Market 2023-2030 ($M) - Regional Industry Research
12.6 Harman International Industry Market 2023-2030 ($M) - Regional Industry Research
12.7 Intex Market 2023-2030 ($M) - Regional Industry Research
12.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Regional Industry Research
12.9 Lg Electronics Inc Market 2023-2030 ($M) - Regional Industry Research
12.10 Nakamichi Corporation Market 2023-2030 ($M) - Regional Industry Research
12.11 Nile Audio Market 2023-2030 ($M) - Regional Industry Research
12.12 Onkyo Market 2023-2030 ($M) - Regional Industry Research
12.13 Panasonic Market 2023-2030 ($M) - Regional Industry Research
12.14 Philip Market 2023-2030 ($M) - Regional Industry Research
12.15 Pioneer Corporation Market 2023-2030 ($M) - Regional Industry Research
12.16 Sanyo Electric Co Market 2023-2030 ($M) - Regional Industry Research
12.17 Sharp Corporation Market 2023-2030 ($M) - Regional Industry Research
12.18 Sony Corporation Market 2023-2030 ($M) - Regional Industry Research
12.19 Vistron Audio Equipment Market 2023-2030 ($M) - Regional Industry Research
13.MENA Home Audio Equipment Product Outlook Market 2023-2030 ($M)
13.1 Home Theater In-A-Box Market 2023-2030 ($M) - Regional Industry Research
13.2 Home Audio System Market 2023-2030 ($M) - Regional Industry Research
13.3 Home Radio Market 2023-2030 ($M) - Regional Industry Research
14.MENA Competitive Landscape Market 2023-2030 ($M)
14.1 Akai Electric Co Market 2023-2030 ($M) - Regional Industry Research
14.2 Audio Partnership Plc Market 2023-2030 ($M) - Regional Industry Research
14.3 Bose Corporation Market 2023-2030 ($M) - Regional Industry Research
14.4 Dolby Laboratory Inc Market 2023-2030 ($M) - Regional Industry Research
14.5 Dts Inc Market 2023-2030 ($M) - Regional Industry Research
14.6 Harman International Industry Market 2023-2030 ($M) - Regional Industry Research
14.7 Intex Market 2023-2030 ($M) - Regional Industry Research
14.8 Jvc Kenwood Holding Inc Market 2023-2030 ($M) - Regional Industry Research
14.9 Lg Electronics Inc Market 2023-2030 ($M) - Regional Industry Research
14.10 Nakamichi Corporation Market 2023-2030 ($M) - Regional Industry Research
14.11 Nile Audio Market 2023-2030 ($M) - Regional Industry Research
14.12 Onkyo Market 2023-2030 ($M) - Regional Industry Research
14.13 Panasonic Market 2023-2030 ($M) - Regional Industry Research
14.14 Philip Market 2023-2030 ($M) - Regional Industry Research
14.15 Pioneer Corporation Market 2023-2030 ($M) - Regional Industry Research
14.16 Sanyo Electric Co Market 2023-2030 ($M) - Regional Industry Research
14.17 Sharp Corporation Market 2023-2030 ($M) - Regional Industry Research
14.18 Sony Corporation Market 2023-2030 ($M) - Regional Industry Research
14.19 Vistron Audio Equipment Market 2023-2030 ($M) - Regional Industry Research
LIST OF FIGURES
1.US Home Audio Equipment Market Revenue, 2023-2030 ($M)2.Canada Home Audio Equipment Market Revenue, 2023-2030 ($M)
3.Mexico Home Audio Equipment Market Revenue, 2023-2030 ($M)
4.Brazil Home Audio Equipment Market Revenue, 2023-2030 ($M)
5.Argentina Home Audio Equipment Market Revenue, 2023-2030 ($M)
6.Peru Home Audio Equipment Market Revenue, 2023-2030 ($M)
7.Colombia Home Audio Equipment Market Revenue, 2023-2030 ($M)
8.Chile Home Audio Equipment Market Revenue, 2023-2030 ($M)
9.Rest of South America Home Audio Equipment Market Revenue, 2023-2030 ($M)
10.UK Home Audio Equipment Market Revenue, 2023-2030 ($M)
11.Germany Home Audio Equipment Market Revenue, 2023-2030 ($M)
12.France Home Audio Equipment Market Revenue, 2023-2030 ($M)
13.Italy Home Audio Equipment Market Revenue, 2023-2030 ($M)
14.Spain Home Audio Equipment Market Revenue, 2023-2030 ($M)
15.Rest of Europe Home Audio Equipment Market Revenue, 2023-2030 ($M)
16.China Home Audio Equipment Market Revenue, 2023-2030 ($M)
17.India Home Audio Equipment Market Revenue, 2023-2030 ($M)
18.Japan Home Audio Equipment Market Revenue, 2023-2030 ($M)
19.South Korea Home Audio Equipment Market Revenue, 2023-2030 ($M)
20.South Africa Home Audio Equipment Market Revenue, 2023-2030 ($M)
21.North America Home Audio Equipment By Application
22.South America Home Audio Equipment By Application
23.Europe Home Audio Equipment By Application
24.APAC Home Audio Equipment By Application
25.MENA Home Audio Equipment By Application