The Home Audio Equipment Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Home Audio Equipment Global Market Report 2024, The home audio equipment market size has grown rapidly in recent years. It will grow from $37.87 billion in 2023 to $42.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to entertainment consumption trends, home theater systems, music streaming services, evolving lifestyles, innovation in audio technologies.
The home audio equipment market size is expected to see rapid growth in the next few years. It will grow to $66.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.2%. The growth in the forecast period can be attributed to smart home integration, growth of high-resolution audio, rising popularity of voice assistants, home renovation and remodeling, premium audio experiences. Major trends in the forecast period include compact and portable audio devices, immersive audio formats like Dolby Atmos, customization and personalization features, sustainability and eco-friendly design, collaborations with streaming services.
The growing number of smart homes is expected to propel the growth of the home audio equipment market going forward. Smart homes are homes that are equipped with various smart home devices with a convenient home setup where appliances and devices can be automatically controlled remotely from anywhere with an internet connection using mobile or other networked devices. People are showing interest in the adoption of smart home devices for opting various luxurious benefits such as smart technological comforts, and easy access to the devices, as a result, there is an increase the demand for home audio equipment. For instance, in 2023, according to an article published in Oberlo, a drop shipping app, the number of households using smart home devices increased from 57.4 million households in 2022 to over 60.4 million households in 2023, which was 3% more than in 2022. Therefore, the growing number of smart homes drives the home audio equipment market.
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The home audio equipment market covered in this report is segmented –
1) By Product Type: Speakers, Headphones, Amplifiers, Receivers, DACS, Phono Pre-amp, Turntables, CD Players, Digital Music Streamers, Other Product Type
2) By Connectivity: Wired, Wireless
3) By Price: Low, Medium, High
4) By Distribution Channel: Online, Offline
5) By Application: TV, Computers, Other Applications
Major companies operating in the home audio equipment market are developing innovative products, such as smart audio equipment, to meet larger customer bases, increase sales, and increase revenue. Smart audio equipment refers to audio devices and systems that incorporate advanced technologies, connectivity features, and intelligent functionalities. For instance, in May 2023, Skyball, an India-based consumer electronics company, launched a home audio product line-up. Distinguished by its aesthetically pleasing design that seamlessly integrates with any home interior, the product line-up encompasses a diverse array of speakers. Engineered to deliver an unmatched listening experience, the line-up boasts superior sound quality, effortless connectivity, and a modern design that excels in both form and function. Included in the range are standout offerings such as the Portable Sound Bar Neo20, Party Box 600, Party Pillar 1100, Party Pillar 1200, and Party Pillar 1300.
The home audio equipment market report table of contents includes:
1. Executive Summary
2. Home Audio Equipment Market Characteristics
3. Home Audio Equipment Market Trends And Strategies
4. Home Audio Equipment market analysis
5.Home Audio Equipment Market Size And Growth
6.Home Audio Equipment Segmentation
7. Home Audio Equipment Regional And Country Analysis
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27. Home Audio Equipment Competitive Landscape And Company Profiles
28.Home Audio Equipment Key Mergers And Acquisitions
29.Home Audio Equipment Future Outlook and Potential Analysis
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