Hi-Fi System Global Market Report 2024

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 observed in the historical period can be ascribed to the expansion of the music and entertainment industry, an increase in consumer fascination with high-fidelity audio, the introduction of vinyl records and analog technology, advancements in audio amplifier technology, and the proliferation 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 anticipated growth in the forecast period can be linked to the increasing demand for wireless and smart audio solutions, the adoption of high-resolution audio formats, the incorporation of voice recognition in audio systems, the sustained expansion of streaming services, and the continued growth of the audiophile market. Noteworthy trends expected in the forecast period include the creation of high-resolution audio streaming platforms, the integration of artificial intelligence in hi-fi audio systems, a rise in demand for modular and customizable audio components, the growing popularity of vintage audio equipment, and the expansion of the market for audiophile headphones.

The anticipated increase in the adoption of portable devices is poised to drive the growth of the Hi-Fi system market. Portable devices, characterized by their small form factor and battery-powered nature, encompass essential computing resources such as a CPU, memory, storage, and network connectivity. Notably, smartphones, as prevalent portable devices, serve as a convenient source for accessing a diverse range of music and audio content. Their compatibility with hi-fi systems enables users to enjoy media in a more immersive and high-fidelity manner, thereby enhancing the overall audio experience. For instance, in 2022, Ericsson reported that mobile smartphone subscriptions reached 8390 million units, with an expected expansion to 9230 million units by 2028. Consequently, the increased adoption of portable devices acts as a driving force for the Hi-Fi system market.

The escalating number of smart homes is also expected to contribute to the growth of the Hi-Fi system market. Smart homes, characterized by advanced automation systems and connected devices, enhance efficiency, security, comfort, and overall management of various household tasks. Within the context of smart homes, Hi-Fi systems play a crucial role in elevating the audio experience and contributing to the comprehensive smart home ecosystem. For example, as of 2023, the global count of smart homes is estimated at around 300 million, with an anticipated increase to 478.2 million by 2025, according to Today's Homeowner Media, a US-based media company. Therefore, the rising prevalence of smart homes acts as a driving factor for the Hi-Fi system market.

Product innovations emerge as a prominent trend gaining traction in the Hi-Fi system market, with major companies actively developing new offerings to maintain their market standing. An illustrative example is Yamaha, a Japan-based multinational conglomerate corporation, which introduced the 2000 Series Hi-Fi System in January 2023. This innovative product comprises a Hi-Fi receiver and speaker combo that seamlessly integrates analog heritage with digital versatility. The R-N2000A Network Receiver combines revered analog Hi-Fi sound performance, robust build quality, and timeless design with cutting-edge digital, streaming, and wireless capabilities.

Prominent companies in the Hi-Fi system market are directing their efforts toward pioneering solutions, exemplified by the development of wireless Hi-Fi systems. A wireless Hi-Fi system harnesses wireless technology for the transmission and reception of audio signals. For instance, KEF Holdings Ltd., a US-based high-end audio products manufacturing company, unveiled the LSX II Wireless HiFi System in June 2022. LSX II delivers unparalleled audio quality through the advanced W2 wireless platform, drawing inspiration from the groundbreaking LS50 Wireless II and LS60 Wireless systems. The LSX II combines technological advancements with a sleek and modern design, offering consumers a choice of five different color options.

In September 2021, VOXX International Corporation, a US-based consumer electronics manufacturer, completed the acquisition of specific assets of the audio/video business of Onkyo Home Entertainment Corporation for $30.8 million. This strategic move allowed VOXX International Corporation to expand its audio/video business and globally distribute the Pioneer and Pioneer Elite brands. Onkyo Corporation, a Japan-based consumer electronics company, specializes in high-quality home cinema and audio equipment, including Hi-Fi systems, AV receivers, surround sound speakers, and portable devices.

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 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.


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. The countries covered in the hi-fi system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of Hi-Fi systems include products and devices. Hi-fi products, also referred to as high-fidelity audio products, denote the degree of accuracy in sound reproduction offered by premium audio setups and other devices such as sound bars, speakers, headphones, and CD and DVD players. These products come with both wired and wireless connectivity options and are available for purchase through online platforms and retail outlets. They serve various purposes, catering to residential, commercial, automotive, and other settings.

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

The Hi-Fi system market consists of sales of stereo systems, stereo systems, bookshelf systems, component systems, and wireless or streaming systems. 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.