Ocean View, DE -- (SBWIRE) -- 06/23/2020 -- Home audio equipment market size is slated to witness tremendous growth prospects owing to rapid proliferation of smart devices and newer advancements regarding home entertainment systems. From the advent of high-definition audio system to home-media servers, the industry has seen significant developments with the aim to continuously provide a more realistic experience to the users.
Global home audio equipment market size will surpass USD 20 billion by 2024. It has been observed from the past few years that there has been a consistent usage of smartphone applications connected with modern music systems, to facilitate communication with IoT-enabled smart devices. The recent emergence of revolutionary solutions such as digital sound projector, network media players, and among others have provided surreal customer experiences that propelled the evolution of home audio equipment to a whole new level.
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The audio device industry is experiencing behavioral shift among consumers with the penetration of devices such as tablets and smartphones. Consumers are demanding compact and wireless devices that focus on convenience and luxury. High degree of portability, remote accessibility, and manageability is expected to drive the wireless home audio equipment market.
The flourishing electronics industry in Asia Pacific is expected to positively impact the home audio equipment market growth. The presence of large number of players in the region enables the production of devices at low costs, thus gaining high consumer focus. Growing disposable income and increasing consumer spending on luxury devices is expected to provide growth opportunities in Asia Pacific, particularly in countries including India and China.
Growing number of smart homes in developed economies including the U.S., UK, and Germany is expected to bode well for the technologically advanced products in the home audio equipment market. The consumers in these regions are increasingly demanding technologically advanced products such as smart speakers that provide them with enhanced experience, thus propelling the industry growth.
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The home audio equipment market is highly fragmented in nature, characterized by the presence of large number of global and regional players. Few players in the industry include AKG, LG Electronics, Acoustic Research, Philips, Bose Corporation, Klipsch Group, Bowers & Wilkins, Polk Audio, and Mark Levinson. These companies are increasing their sales using online retail, by selling the products directly or using third-party retailers such as Alibaba, eBay, and Amazon. The companies are focused on innovation and developing products enabled with advanced technologies such as digital personal assistants and multi-room technology. For instance, in 2015, Google launched Google cast, a streaming protocol service.
Table of Contents (ToC) of the report:
Chapter 4. Home Audio Equipment Market, By Price Range
4.1. Global home audio equipment market share by price range, 2016 & 2024
4.2. High (more than USD 1000)
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by technology, 2013 – 2024
4.2.3. Market estimates and forecast, by region, 2013 – 2024
4.3. Moderate (USD 500 - USD 1000)
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by technology, 2013 – 2024
4.3.3. Market estimates and forecast, by region, 2013 – 2024
4.4. Low (Less than USD 500)
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by technology, 2013 – 2024
4.4.3. Market estimates and forecast, by region, 2013 – 2024
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