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 observed in the historical period can be attributed to trends in entertainment consumption, the popularity of home theater systems, the rise of music streaming services, evolving lifestyles, and innovations 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 anticipated growth in the forecast period can be attributed to smart home integration, the growth of high-resolution audio, the rising popularity of voice assistants, home renovation and remodeling activities, and the increasing demand for premium audio experiences. Major trends expected in the forecast period include the development of compact and portable audio devices, the adoption of immersive audio formats such as Dolby Atmos, the inclusion of customization and personalization features, a focus on sustainability and eco-friendly design, and collaborations with streaming services.

The anticipated surge in smart homes is poised to drive the expansion of the home audio equipment market. Smart homes, equipped with various smart devices, offer convenient setups where appliances can be remotely controlled from anywhere with an internet connection through mobile or networked devices. People's interest in adopting smart home devices for luxurious benefits such as technological comforts and easy device access is increasing, resulting in a growing demand for home audio equipment. In 2023, the number of households using smart home devices increased from 57.4 million in 2022 to over 60.4 million, marking a 3% rise from the previous year, as reported by Oberlo. Hence, the proliferation of smart homes is a driving force behind the home audio equipment market.

The anticipated growth in the construction industry is set to propel the expansion of the home audio equipment market. The construction industry encompasses planning, design, development, and execution of physical structures and infrastructure. Home audio equipment enhances residential spaces by integrating sound systems for entertainment and ambiance. According to the Office for National Statistics, the annual construction sector rose by a record 12.7% in 2021 compared to the previous year. The rising construction industry is a key factor driving the growth of the home audio equipment market.

A significant trend gaining traction is product innovations. Leading companies are introducing innovative products to maintain their position in the market. For example, in October 2022, Rode, an Australian manufacturer of high-quality microphones and audio equipment, unveiled Rode X, a new division comprising hardware and software. This includes two microphones and Unify, designed for streaming and gaming. Unify is virtual mixing software allowing users to mix multiple USB microphones and virtual audio sources through a single interface, enhancing audio quality by removing background noise using noise gates, high-pass filters, and compressors.

Major companies are actively developing innovative products such as smart audio equipment to expand their customer bases, boost sales, and increase revenue. Smart audio equipment integrates advanced technologies, connectivity features, and intelligent functionalities into audio devices and systems. For example, in May 2023, Skyball, an India-based consumer electronics company, introduced a home audio product line-up characterized by aesthetically pleasing design and superior sound quality. The line-up includes diverse speakers such as the Portable Sound Bar Neo20, Party Box 600, Party Pillar 1100, Party Pillar 1200, and Party Pillar 1300, offering a seamless blend of form and function.

In April 2022, Sonos, Inc., a US-based audio products manufacturer, acquired Mayht Holding BV (Mayht) for an undisclosed amount, expecting to gain advanced technology and intellectual property. This acquisition aims to further distinguish the Sonos experience and enhance competitive advantage by expanding its audio portfolio. Mayht, based in the Netherlands, is known for developing innovative solutions for audio transducers.

Major companies operating in the home audio equipment market report are Amazon.com Inc., Apple Inc., Google LLC, Samsung Electronics Co. Ltd., Sony Corporation, LG Corp., Panasonic Corporation, Pioneer Corporation, Sharp Corporation, Koninklijke Philips Electronics NV, Alps Electric Co. Ltd., Bose Corporation, JVC KENWOOD Holdings Inc., Nice North America LLC, Dolby Laboratories Inc., Sennheiser Electronic GmbH & Co. KG, Onkyo, Edifier Technology Co. Ltd., Sanyo Electric Co., Bowers and Wilkins Group Ltd., Creative Technology Ltd., Blaupunkt GmbH, Nakamichi Corporation, Akai Electric Co., DTS Inc., Audio Partnership PLC, Digital Theater Systems Inc., Intex Technologies, Vistron (Dong Guan) Audio Equipment Co. Ltd., Audiotonix Group Ltd., Music Tribe.

Asia-Pacific was the largest region in the Home Audio Equipment market in 2023. The regions covered in the home audio equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the home audio equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of home audio equipment are speakers, headphones, amplifiers, receivers, digital-to-analog converters (DACs), phono pre-amp, turntables, CD players, digital music streamers, and other product types. Speakers, one of the most common audio devices, connect to a virtual machine to generate sound. Various connectivity types, including wired and wireless, are available at different price points such as low, medium, and high. These devices are distributed through various channels such as online and offline and are used in various applications such as TV, computers, and other applications.

The home audio equipment market research report is one of a series of new reports that provides home audio equipment market statistics, including home audio equipment industry global market size, regional shares, competitors with a home audio equipment market share, detailed home audio equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the home audio equipment industry. This home audio equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The home audio equipment market consists of sales of hi-fi and home audio speakers, multimedia speaker systems, soundbar speakers, tower speakers, and Bluetooth speakers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.