The global home audio equipment market is projected to soar at a 12% annual growth rate, reaching a value of US$ 90 billion by 2032. The increasing demand for home audio equipment is fuelled by consumers’ growing inclination towards high-end products and the rising number of households in urban areas. Developing nations such as Mexico, India, and South Africa are experiencing notable surges in demand for advanced home audio equipment, driven by the evolving preferences and tastes of the younger generation in these countries.
Fast city building, along with growing money that people can spend easily, is one of the main things helping this business. Also, more people are buying big HD TV screens by the day. This exciting entertainment business and growing liking for content you can watch when you want is making market look very good too.
So, more people are using OTT services. This means they want better home audio gear for a deeper watching experience. More and more people are joining in with streaming services, which is making the industry grow.
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Furthermore, the development of showrooms and the e-commerce business is resulting in the simple availability of items accompanied by added conveniences such as free doorstep delivery, interesting deals, and safe payment options. This contributes to the market’s growth. Leading manufacturers are also engaging in competitive marketing strategies and promotional activities in order to reach a larger customer base and enhance product sales.
Additionally, technical breakthroughs such as the creation of architecturally appropriate Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window coverings, and huge LED panels are fueling market expansion. Furthermore, significant expenditures in research and development (R&D) activities are projected to fuel the market.
Key Takeaways:
The global home audio equipment market is estimated at US$ 25 Billion in 2021
The global home audio equipment market to value US$ 30 Billion in 2022.
The global Home Audio Equipment market is estimated at US$ 90 Billion by 2032.
The global home audio equipment market is expected to expand at a 12% growth rate till 2032.
North America is anticipated to exhibit a 10.6% CAGR from 2022 to 2032.
Asia Pacific is projected to record an 11% CAGR during the forecast period.
The online segment is likely to expand at 10% CAGR in the forecast period.
Competitive Landscape
Key players in the global home audio equipment market include:
Amazon.com, Inc.
Apple Inc.
Blaupunkt GmbH
Bose Corporation
Bowers & Wilkins Group Ltd.
