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Home Audio Equipment - Global Market Trajectory & Analytics

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    Report

  • 529 Pages
  • July 2022
  • Region: Global
  • Global Industry Analysts, Inc
  • ID: 2832313

Global Home Audio Equipment Market to Reach US$49.9 Billion by the Year 2026


High-quality audio equipment is an indispensable element of enhanced audio-visual experience, with options such as surround sound systems converting the home theater into a cinema-like audio experience. Increasing affordability of sophisticated audio equipment is anticipated to drive more homeowners to embrace these systems for creating an immersive and engaging experience for movies, sports and music. The audio-visual space is also being influenced by rising attention on smart home theaters that yield a hi-tech media room. These smart rooms enable an integrated approach and provide users with a universal remote for controlling their connected appliances for a convenient and futuristic audio-visual experience. Homeowners planning to get rid of wired systems without compromising over the sound quality are embracing minimal audio equipment with powerful performance. The market is witnessing increasing influx of wireless audio equipment with inbuilt components. New multi-speaker and multi-channel systems are supported by single soundbars. Tech advancements such as architecturally friendly Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window treatments, and large LED screens, are improving the prospects of home theater market. These factors along with COVID-19 have provided the significant stimulus to the audio equipment market and are likely to further favor the market expansion in the coming years.

Amid the COVID-19 crisis, the global market for Home Audio Equipment estimated at US$36.3 Billion in the year 2022, is projected to reach a revised size of US$49.9 Billion by 2026, growing at a CAGR of 9.6% over the analysis period. Home Theater Systems, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$15.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Speakers segment is readjusted to a revised 11.9% CAGR for the next 7-year period. This segment currently accounts for a 40.2% share of the global Home Audio Equipment market. Smart speakers are poised to benefit from the growing use of mobile phones for playing digital music. The smart speaker market delivered a phenomenal performance amid COVID-19, with global shipment of smart speakers reporting solid gains in 2020. In addition, the market maintained its strong momentum in 2021 as a result of unabated product demand, enabling companies to reap rich dividends. Some of the most recent trends in home theater world include the development of a multi-screen environment; introduction of home theater with social networking capabilities; remodeling of stereotypical home theater into hybrid home theater, and the use of better wired and wireless home networking.

The U.S. Market is Estimated at $13.1 Billion in 2022, While China is Forecast to Reach $6.1 Billion by 2026


The Home Audio Equipment market in the U.S. is estimated at US$13.1 Billion in the year 2022. The country currently accounts for a 36.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.1 Billion in the year 2026 trailing a CAGR of 11.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR while Rest of European market (as defined in the study) will reach US$3.6 Billion by the end of the analysis period.

Sound Bars Segment to Reach $12.9 Billion by 2026


Soundbars are enjoying extensive uptake across households following the COVID-19 impetus and increasing availability of diverse content and adoption of home entertainment products. In the recent years, an increasing number of people have started consuming streaming content like free e-books, gaming and movies. The soundbar trend is also catalyzed by the rise of smart TVs and rising installation of home theater systems for enhanced listening and viewing experience. In the global Sound Bars segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.7 Billion will reach a projected size of US$10.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 10% CAGR through the analysis period.

Select Competitors (Total 148 Featured):

  • Amazon.com, Inc.
  • Apple, Inc.
  • Bose Corporation
  • Creative Technologies, Inc.
  • Edifier International Limited
  • Harman International Industries, Inc.
  • JVCKenwood Corporation
  • Klipsch Group, Inc.
  • LG Electronics Inc.
  • Nortek Inc.
  • Onkyo & Pioneer Corporation
  • Panasonic Corporation
  • Polk Audio
  • Samsung Electronics Co., Ltd.
  • Sharp Corporation
  • Sony Electronics Inc.
  • VIZIO, Inc.
  • Voxx International Corporation
  • Yamaha Corporation

What`s New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the digital archives
  • Complimentary updates for one year

Table of Contents

I. METHODOLOGYII. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
  • Impact of Covid-19 and a Looming Global Recession
  • 2020: A Year of Disruption & Transformation
  • As the Race between the Virus & Vaccines Intensifies, Review of the World Economy in 2021
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • Home Audio Gains as COVID-19 Triggers Shift from Commercial to Home Theaters
  • Record Surge in Smart Speaker Market in Wake of COVID-19
  • Soundbars Inching towards Ubiquitous Status amid COVID-19 Crisis
  • Influencer Market Insights
  • World Market Trajectories
  • Home Audio Equipment - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
  • Home Audio Equipment: A Prelude
  • Outlook
  • Consumer Location Preference for Watching New Movies Post COVID-19
  • Market Challenges
  • Competition
  • Market Share of Leading Vendors in Global Smart Speaker and Smart Display market: Q2 2021
  • Soundbars Global Competitor Market Share Positioning for 2021E
  • Recent Market Activity
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
  • Homebound Customers Charge Premium Audio Products’ Demand amid Pandemic
  • Home Audio Technology Exhibits Consistent Evolution with Addition of New Features
  • Future Home Theater & Audio Equipment Trends Coming Down the Pipe
  • Major Design Trends in Home Theaters
  • Digital Boom and Growth in Music Streaming Drives Demand for Wireless Speakers
  • Increasing Consumer Preference for Music Streaming Drives Demand for Multi-Room Wireless Speakers for Streaming Music from Cloud Servers: Global Number of Music Streaming Subscribers (In Million) for the Years 2010, 2015, 2017, 2019, 2021 & 2023
  • Growing Smart Homes Catalyst to Home Theatre and Other Audio Products
  • Growth in Total Number of Smart Homes (In Millions) for the Years 2019, 2021, 2023, 2025 & 2026
  • E-Commerce Drives Sales of Home Audio Equipment
  • Surging E-commerce Market and Shifting Consumer Behavior Ensure Steady Demand for Home Audio Equipment: Global Retail E-Commerce Revenues (In US$ Trillion) for the Years 2019, 2021, 2023, 2025 & 2026
  • Growing Population of Music Listeners & Rise of Mass-Market Audiophiles Augments Business Prospects
  • Connectivity: A Critical Feature for Modern Speakers
  • Rise in Internet Penetration and Availability of High-Speed Broadband Networks to Spur Opportunities
  • World Internet Penetration Rate (in %) by Geographic Region: 2020
  • Internet Penetration Rate (%) in Select Countries for 2020
  • Device Ownership of Internet Users in %: 2020
  • Technology Advancements Drive Significant Improvements in Speaker Systems
  • Rise in Home Entertainment Spending Drives Opportunities
  • Leading Streaming Services by Subscriber Base (in Million): 2020
  • Global SVOD Services Market Breakdown of Subscriber Base (in %) by Service Provider: 2020E
  • Global Number of SVoD Subscribers (In Million): 2015-2024
  • Rapid Growth of OTT Platforms & Rise in Demand for High-Quality Streaming Content to Drive Market Gains
  • Global Number of OTT Video Users (In Million) for the Years 2019, 2021, 2023 & 2025
  • Artificial Intelligence (AI) Emerges as a Key Technology to Induce Market Growth
  • In-Wall Speakers Gain Consumer Interest
  • Soundbars Continue to Grow in Popularity
  • New Soundbars Set to Redefine User Listening Experience
  • AI-enabled Speakers and Use of Digital Assistants in Speaker Systems Gain Traction
  • Bulkier and Larger Speakers Benefit from Better Performance Capabilities
  • Rise in Penetration of Large Flat Panel TVs Fuels Demand for Soundbars
  • Global Sales of OLED and LED TVs (In Million Units) for the Years 2018, 2020, 2022, 2024, & 2026
  • Global Shipments of Televisions by Screen Resolution (2018 & 2022): Percentage Breakdown of Volume Shipments for HD/FHD, 4K and 8K TVs
  • A Peek into Consumer Behavior
  • Favorable Demographic & Socio-Economic Trends Strengthen Market Prospects
  • Rapid Growth in Urban Households
  • World Urban Population in Millions: 1950-2050
  • Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 2000, 2020 & 2050
  • Growing Affluence of Middle Class Consumer Segment
  • Global Middle Class Population (In Million) by Region for the Years 2020, 2025 and 2030
  • Global Middle Class Spending (US$ Trillion) by Region for the Years 2020, 2025, 2030
  • Rising Living Standards
4. GLOBAL MARKET PERSPECTIVEIII. MARKET ANALYSIS
UNITED STATES
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
CANADA
JAPAN
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2022 (E)
CHINA
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
EUROPE
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
FRANCE
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in France for 2022 (E)
GERMANY
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Germany for 2022 (E)
ITALY
UNITED KINGDOM
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)
SPAINRUSSIAREST OF EUROPE
ASIA-PACIFIC
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2022 (E)
AUSTRALIA
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Australia for 2022 (E)
INDIA
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in India for 2022 (E)
SOUTH KOREAREST OF ASIA-PACIFIC
LATIN AMERICA
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2022 (E)
ARGENTINABRAZILMEXICOREST OF LATIN AMERICA
MIDDLE EAST
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Middle East for 2022 (E)
IRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EAST
AFRICA
  • Home Audio Equipment Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Africa for 2022 (E)
IV. COMPETITION
  • Total Companies Profiled: 148

Companies Mentioned

A selection of companies mentioned in this report includes:

  • Amazon.com, Inc.
  • Apple, Inc.
  • Bose Corporation
  • Creative Technologies, Inc.
  • Edifier International Limited
  • Harman International Industries, Inc.
  • JVCKenwood Corporation
  • Klipsch Group, Inc.
  • LG Electronics Inc.
  • Nortek Inc.
  • Onkyo & Pioneer Corporation
  • Panasonic Corporation
  • Polk Audio
  • Samsung Electronics Co., Ltd.
  • Sharp Corporation
  • Sony Electronics Inc.
  • VIZIO, Inc.
  • Voxx International Corporation
  • Yamaha Corporation