Global Home Audio Equipment Market Insights Forecasts to 2030

• The Global Home Audio Equipment Market Size was valued at USD 25.32 billion in 2021.
• The Market is growing at a CAGR of 10.75% from 2022 to 2030
• The Global Home Audio Equipment Market Size is expected to reach USD 82.07 billion by 2030
• North America is expected to grow the fastest during the forecast period

The growth of this market has been greatly aided by the rising number of smart homes in developing nations, rising incomes, and the increasing affordability of high-end audio equipment, particularly for amplifiers, receivers, speakers, and other home stereo equipment, which are used by consumers from all consumer segments. The epidemic that began in 2020 caused professionals all across the world to work from home, which raised spending on indoor entertainment systems.

Market Overview

The home audio equipment market is predicted to experience healthy expansion in the future years as a result of the collaborative efforts of industry participants and product manufacturers to offer cutting-edge and creative goods. Companies in the home audio equipment market are working harder to boost manufacturing capacity in order to take advantage of market prospects worldwide. The worldwide home audio equipment market in developing economies is being driven by factors like digitalization, technological innovation and advancement, and fast urbanization. Modern consumers are more willing to spend their money on high-quality electronics that they can use every day.

Increasing disposable income, shifting consumer preferences, quick urbanization, digitalization, and technological advancements are some of the key market drivers for home audio equipment. Due to online advertising and promotions, home audio equipment is becoming more popular and more widely used, which increases sales of these devices. Potential prospects for the market players are being created by the rising popularity of internet distribution platforms. Because consumer demand is expanding, market firms are concentrating on raising their production capacity. Such technologies' ongoing technological development and rising R&D spending are accelerating market expansion even more.

The global market is being driven by the rising sales of home audio equipment such as speakers, headphones, amplifiers, receivers, etc. Sales of this equipment are boosted by the expansion of offline retail channels like department shops, hypermarkets, and supermarkets. The practice of buying home audio equipment through online distribution channels is becoming more and more popular. Online shops, e-commerce websites, and business-owned websites are very well-liked by customers all over the world. The growing competition between local and international market participants is what is driving the global market for home audio equipment.

Report Coverage

This research report categorizes the market for Home Audio Equipment Market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Home Audio Equipment market. Recent market developments and competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Home Audio Equipment market.

Segmentation Analysis

• In 2021, the soundbars segment will dominate the market with the largest market share of 9.01%.

Based on product, the global home audio equipment market is segmented into Speakers, Soundbars, Receivers, and others. Among these, the soundbars segment holds the largest market share at 9.01%. The ability to deliver bass and other enhanced features at lower volume levels, along with compact size, hassle-free installation, and power efficiency, are some of the key drivers propelling the growth of this market. Multiple forward-facing speakers, improved volume controls, and a variety of mounting options would allow for better sound clarity for consumers due to increased audio directionality.

Additionally, customized volume specifications, such as setting a maximum volume limit, and spatial versatility would encourage widespread adoption of this product and hasten the market's expansion. Along with improving its interoperability with other devices, the ability to detect IR signals from other devices and the decreasing amount of room available in TVs for speaker driver installation has given home audio equipment a significant boost in the market.

• In 2021, microphones will dominate the market with the largest market share of 9.23%.

On the basis of components, the global home audio equipment market is segmented into Microphones, Mixers, Digital & Signal Processors, Amplifiers, & others. Among these, the microphones segment holds the largest market share of 9.23%. The market for home audio equipment is seeing a rise in the sales of smartphones, tablets, and other similar devices, as well as a rise in consumer desire for music on the go. These are the main drivers of the growth of microphones. The advent of the WFH phenomenon, coupled with the brisk pace of investments in film and television, has led to a significant increase in demand for microphones with improved audio quality and increased audio directionality.

Regional Segment Analysis of the Home Audio Equipment Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
•  

North America emerged as the largest market for the global Home Audio Equipment market.

• Throughout the projected period, the Asia Pacific will dominate the market with the most market share and expand at a CAGR of 29%. Rising demand for smart homes in emerging nations, soaring purchasing power, and shifting consumer preferences are the factors driving the growth of the home audio equipment market in APAC. The expansion of this market in this region will receive a significant boost from expanding private consumption as the economy improves, technical developments, and the increased affordability of audio equipment in developing economies.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global Home Audio Equipment market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

The market includes many key and niche players including Amazon.com, Inc., Apple Inc., Blaupunkt GmbH, Bose Corporation, Bowers & Wilkins Group Ltd., Creative Technology Ltd., Edifier Technology Co., Ltd., Google LLC, JVCKenwood Corporation, Koninklijke Philips N.V., Sennheiser Electronic GmbH & Co. KG., LG Corporation, Panasonic Corporation, Pioneer Corporation, Plantronics Inc., Polk Audio, Samsung Electronics Co. Ltd., Sonos, Inc., Sony Corporation, VIZIO Inc., Voxx International Corporation, and Yamaha Corporation. 

List of Key Market Players:

• BOSE Corporation
• Boston Acoustics
• Sony
• Yamaha
• Pioneer
• JBL
• Klipsch
• Bower and Wilkins
• Harman International Industries

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Third-party knowledge providers
• Value-Added Resellers (VARs)

Recent Developments

• May 2022: The 8-inch wired subwoofer and two satellite speakers (2 x 35W) are part of Klipsch's 2200w Pro-Media Heritage System (150W). These technical developments will accelerate the expansion of this sector.
• September 2021: With a sturdy and small design, bass and other cutting-edge audio effects, and easy connectivity to other devices, BL introduced the FLIP 6 soundbar. Such changes will have a favourable effect on market expansion.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Spherical Insights has segmented the global home audio equipment market based on the below-mentioned segments:

Home Audio Equipment Market, by Product

• Speaker
• Soundbars
• Home-Theatre in a Box
• Receiver
• Others

Home Audio Equipment Market, by Component

• Microphones
• Mixers
• Digital & Signal Processors
• Amplifiers
• Others

Home Audio Equipment Market, by Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of Middle East & Africa