DUBLIN, Feb. 2, 2024 /PRNewswire/ — The “Home Audio Equipment Market – Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
This new research on the global home audio equipment market indicates a steady rise in market value from US$21.868 billion in 2021 to a projected US$35.501 billion by 2028. This reflects a robust compound annual growth rate (CAGR) of 7.17% during the forecast period.
The research highlights consumer preferences shifting towards sophisticated home theater systems, largely due to increased disposable incomes and manufacturers’ focus on offering exceptional auditory experiences. The decline in integrated audio quality in televisions has also contributed to a growing inclination towards external audio solutions, reinforcing market expansion.
The introduction of AI technology into consumer electronics is another pivotal factor that has captured the attention of market players. For example, the integration of conversational voice functionalities in devices through platforms such as ChatGPT, unveiled in April 2023, underscores the innovative direction the industry is taking.
Within the North American market, North America is anticipated to retain the lion’s share. The consolidation of smart home technologies and the desire for high-resolution audio systems are driving the industry forward. Notably, investments in home entertainment have surged, with a special emphasis on audio equipment enhancing the immersive viewing experiences aligned with the proliferation of streaming services.
Key Market Highlights:
- The integration of state-of-the-art digital technologies, leading to portable and lightweight ‘smart’ home audio devices.
- A notable increase in revenue for leading manufacturers due to rising sales of home theatres and soundbars.
- The emergence of smart technologies providing connected home entertainment systems.
The market analysis delves into significant developments shaping the home audio landscape:
- In 2020, DTS Sound Unbound was announced, enhancing the Xbox One gaming console with premium DTS audio capabilities.
- August 2022 saw JBL release the JBL Bar 1000, a soundbar model boasting Dolby Atmos® and DTS:X 3D surround sound sans the wires.
- Apple’s launch of the HomePod (2nd generation) in January 2023, combining sophisticated acoustics, Siri intelligence, and offering unprecedented smart home functionalities.
The detailed market segmentation covers various product types including Blu-ray and DVD players, home theaters, and soundbars. It is also categorized by distribution channels, both online and offline, and encompasses an exhaustive geographic analysis across numerous regions.
This latest market research is integral for stakeholders within the home audio equipment industry, offering insights into patterns and growth prospects. It underscores the dynamic nature of consumer electronics, expanding upon current trends and forecasting future advancements to meet evolving consumer demands.
Report Segmentation:
By Product Type
- Blu-ray and DVD players
- Home Theatres
- Soundbars
By Distribution Channel
- Online
- Offline
Companies Profiled
- Hon Hai Precision Industry Co., Ltd.
- Panasonic
- Bose Corporation
- Akai
- Intex Technologies
- LG Electronics
- Koninklijke Philips N.V.
- Sony Corporation
- Yamaha Corporation
- Qualcomm Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/8on2mx
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SOURCE Research and Markets
