Overview and Scope
A Hi-Fi system is an audio system or piece of equipment that strives to recreate the sound with high precision and quality, recreating the original recording. Hi-fi systems are used for various purposes, including listening to music, viewing movies, and playing video games.
Sizing and Forecast
The hi-fi system market size has grown strongly in recent years. It will grow from $15.2 billion in 2023 to $16.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth in the music and entertainment industry, rise in consumer interest in high-fidelity audio, introduction of vinyl records and analog, evolution of audio amplifier, expansion of home entertainment systems.
The hi-fi system market size is expected to see strong growth in the next few years. It will grow to $20.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing demand for wireless and smart audio solutions, adoption of high-resolution audio formats, integration of voice recognition in audio systems, continued growth of streaming services, expansion of the audiophile market. Major trends in the forecast period include development of high-resolution audio streaming platforms, integration of artificial intelligence in hi-fi audio systems, rise in demand for modular and customizable audio components, growing popularity of vintage audio equipment, expansion of the market for audiophile headphones.
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Segmentation & Regional Insights
The hi-fi system market covered in this report is segmented –
1) By System: Product, Device
2) By Connectivity And Technology: Wired, Wireless
3) By Distribution Channel: Online Sales, Retail Sales
4) By End-User: Residential, Commercial, Automotive, Other End-Users
Asia-Pacific was the largest region in the Hi-Fi system market in 2023. The regions covered in the hi-fi system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
An increase in the adoption of portable devices is expected to propel the growth of the Hi-Fi system market going forward. A portable device is a computing device with a tiny form factor that is typically a battery-powered device with essential computing resources such as a CPU, memory, storage, and network connectivity. Portable devices such as smartphones are a convenient source for accessing a wide range of music and audio content, and their compatibility with hi-fi systems allows users to enjoy their favorite media in a more immersive and high-fidelity manner, further enhancing the overall audio experience. For instance, in 2022, according to Ericsson, a Sweden-based networking and telecommunications company, the mobile smartphone subscription in 2022 was 8390 million units, and it was expected to expand to 9230 million units by 2028. Therefore, the increase in the adoption of portable devices drives the Hi-Fi system market.
Key Industry Players
Major companies operating in the hi-fi system market report are Apple Inc., Samsung Electronics Co.Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, James B. Lansing Sound Inc., koninklijke Phillips N.V, Bose Corporation, VIZIo Inc., Sonos Inc., VOXX international Corporation, Sennheiser Electronics Gmbh & Co. KG, Band & Olufsen AG, Yamaha Corporation, Bowers and Willins (B&W Group Ltd.), KEF International, Klipsch Group Inc., McIntosh Laboratory, Naim Audio, Tannoy Ltd., Linn Products Inc., Rega Research Limited, Marantz, Polk Audio Inc., Cambridge Audio Laboratories Ltd., MartinLogan Ltd., Human Inc., Oppo Digital Inc., Audioengine LLC, DEI Holdings Inc.
The hi-fi system market report table of contents includes:
1. Executive Summary
2. Hi-Fi System Market Characteristics
3. Hi-Fi System Market Trends And Strategies
4. Hi-Fi System Market – Macro Economic Scenario
5. Global Hi-Fi System Market Size and Growth
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31. Hi-Fi System Market Other Major And Innovative Companies
32. Global Hi-Fi System Market Competitive Benchmarking
33. Global Hi-Fi System Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Hi-Fi System Market
35. Hi-Fi System Market Future Outlook and Potential Analysis
36.Appendix
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