According to the latest research by GMI, Inc., the global home audio equipment market size is anticipated to surpass USD 45 billion by 2027. In October 2020, Apple, Inc., a prominent player in the home audio equipment industry, 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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This growth is attributed to the increase in online retailing as e-commerce players, comprising eBay and Amazon.com Inc, have started providing an extensive variety of products on their portals. The COVID-19 pandemic has given a boost to online retailing as customers have begun to prefer online product purchases for ensuring social distancing.

The outbreak has also caused a reduction in the number of people visiting the physical retail stores. In addition, various offers and discounts provided by e-commerce companies encourage people to go ahead with the online purchase of home audio amplifiers and other products. Easy policies of replacement have also fostered the growth of the online retailing segment through the recent years.

The home audio equipment market is further driven by an increase in the demand for speakers owing to the escalating trend of AI-ready speakers at the global level. Numerous industry players are providing smart speakers that allow users to turn on lights, play music, and make reservations at restaurants. These smart speakers are combined with deep learning technology that recognizes sound patterns and other data, offering a user-friendly interface.

In fact, the United States recorded an upsurge of 32 per cent in the number of smart speaker users in the month of January 2019. The implementation of voice recognition technology in speakers helps users to utilize their voice for the provision of numerous commands to the system. Voice assistant technology focuses on the recognition of voice via natural language processing and performs tasks according to the command of the user.

The North America home audio equipment industry is projected to record appreciable growth through the analysis period, owing to the rising popularity of video-on-demand services in the region. In 2019, nearly 46 per cent of the broadband households in the U.S. subscribed to two or more OTT services. Prominent home audio equipment manufacturers, comprising The Walt Disney Company, Hulu, and Netflix, are dominating the video-on-demand industry in the region.

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North America has also recorded an increase in the adoption of high-end home theater systems and home audio receivers for enjoying an improved viewing experience. Additionally, soundbars are enabling high-quality audio delivery, improving the audio-visual experience.

In a nutshell, the surging demand for wirelessly connected audio devices will augment home audio equipment market size over the assessment span.

Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology and forecast parameters

1.3    COVID impact

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    Latin America

1.3.5    MEA

1.4    Data sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Home audio equipment market 360⁰ synopsis, 2016 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Technology trends

2.1.4    Distribution channel trends

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