Home Audio Equipment Market: Outlook, Opportunity and Demand Analysis, Forecast 2021- 2027
A detailed analysis of the home audio equipment market is entailed in this research report. The driving forces responsible for propelling the growth graph of this vertical in addition to the regional and competitive trends are mentioned in the study. A comprehensive document comprising details about vital parameters such as the industry ecosystem analysis, market segmentation, and the vendor matrix, the market report also contains information on the pivotal industry insights for core players to look out for.
In October 2020, Apple, Inc., a prominent player in the home audio equipment market, released HomePod mini, the latest addition to the company’s HomePod family which delivers the intelligence of Siri, impressive sound, and a smart home experience that provides convenience and comfort.
The product is 3.3 inches tall and is packed with advanced software and innovative technologies that allow computational audio for providing breakthrough audio quality. Such developments are set to drive the demand for home audio systems installation through the forthcoming years.
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Wireless speakers are anticipated to amass a significant revenue share through the next few years. This is owing to the rising popularity and penetration of AI-ready devices across the globe. Several industry participants are also coming up with advanced smart speakers to allow users to play music, switch on lights, and make restaurant reservations. This can be attributed to the deep learning technologies integrated into the smart speakers that help to identify sound patterns among other data and make the interface user-friendly.
Furthermore, the incorporation of voice recognition technology in the speakers allows users to use their voice in order to deliver several commands to the system. This technology recognizes voice with the help of natural language processing as well as performs tasks based on the user’s command. It has been estimated that the number of smart speaker users saw a hike of 32% in the U.S. in January 2019.
Demand for online home audio equipment will grow at a prominent CAGR up to 2027 due to the strong presence of leading e-commerce participants like Amazon.com Inc. and eBay, which provide an extensive range of products on their portals. Besides, the ongoing COVID-19 pandemic has fueled the need for online retailing as consumers are consistently opting to buy products online in view of the social distancing policy. It has also resulted in a reduced footfall at the physical retail stores.
The provision of various discounts and offers by e-commerce companies along with easy replacement policies has also urged people to take up online purchasing. There is also a large availability of high-end home audio products on these platforms.
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The home audio equipment market in North America will gain traction in the coming years owing to the rising popularity of video-on-demand services. As per estimates, over 46% of the broadband households in the U.S. subscribed to two or more OTT services in 2019. This has paved the way for numerous opportunities for leading market players in the region like Hulu, Netflix, and The Walt Disney Company.
Major Key Points from Table of Content:
Chapter 5 Home Audio Equipment Market, By Technology
5.1 Key trends by technology
5.2 Wired
5.2.1 Home audio equipment market estimates and forecast, 2016 – 2027
5.2.2 Home audio equipment market estimates and forecast, by product, 2016 – 2027
5.2.3 Speaker
5.2.4 Soundbar
5.2.5 Home Theater in a Box (HTiB)
5.2.6 Receiver
5.3 Wireless
5.3.1 Market estimates and forecast, 2016 – 2027
5.3.2 Market estimates and forecast, by product, 2016 – 2027
5.3.3 Speaker
5.3.4 Soundbar
5.3.5 Home Radio
5.3.6 Home Theater in a Box (HTiB)
5.3.7 Receiver
Chapter 6 Home Audio Equipment Market, By Distribution Channel
6.1 Key trends by distribution channel
6.2 Online
6.2.1 Market estimates and forecast, 2016 – 2027
6.3 Offline
6.3.1 Market estimates and forecast, 2016 – 2027
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