Home Audio Equipment Market To Reach $69.34 Billion By 2030

Home Audio Equipment Market Growth & Trends

The global home audio equipment market size is estimated to reach USD 69.34 billion by 2030, growing at a CAGR of 11.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rapid industrialization and technological innovation have led to a steady stream of new products and designs and these developments are expected to render hardware features obsolete over the next few months related to home audio devices. This growth has boosted retailers to leverage new applications and advanced technologies, such as the use of digital tablets and signage to provide easy access to information and deliver seamless customer experience.

Video game players, Blu-ray disks, MP3 players, and computers are the most sold electronic goods for home entertainment purposes. Furthermore, a rise in disposable incomes of families and growing consumer preference for better quality products are the major factors leading to the rise in customer base. The emergence of digital music storage systems and advances in Wi-Fi technology are encouraging customers to buy these products, thereby driving the growth of the market.

Home audio networking, also known as whole house audio, refers to a network of audio devices such as computers, TVs, stereos, and speakers distributed across the home. The increased demand for these systems has led to the replacement of affluent cable and error-prone audio systems. Digital networked audio can overcome the limitations of traditional analog audio systems, providing improved functionality, enhanced features, and an efficient and economical design. Networked audio technology is the primary means of distributing audio across a house and is creating a wide array of growth opportunities for the audio industry. For instance, voice assistants such as Alexa and Google Home are gaining popularity among consumers.

The first-mover strategy was effectively utilized by Amazon to establish a dominant position in the U.S. market. In addition, owing to the convergence of personal computers and consumer electronics, manufacturers have been adding more video/audio capabilities to personal computers to strengthen their market position. Product innovation by manufacturers such as the addition of video/audio switching and play & stream audio stored on PC as well as internet radio stations is expected to drive market growth.

As the industry continues to grow, brands are paying special attention to their target audience and have been reshaping their marketing strategies to attract customers. With the coronavirus pandemic, most of the brands in the market were compelled to switch to social media and online marketing to reach a wider customer base. Platforms such as Facebook, YouTube, and Instagram offered major opportunities for digital ad campaigns. The growing demand for technological innovations and their integration into home devices are driving the market growth.

Manufacturers are continuously developing and modifying smart home appliances to cater to the improved lifestyle needs of tech-savvy consumers. Furthermore, brands have been developing smart automation and hi-tech features for smart homes. These factors would further supplement the growth of the market during the forecast period.

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Home Audio Equipment Market Report Highlights

• In terms of service, the Home Theatre in-a-Box (HTIB) segment is anticipated to register the fastest CAGR of 12.7% from 2023 to 2030. The growth of this segment can be attributed to the Home Theater in-a-Box (HTiB)’s ease of use. Wi-Fi and Bluetooth connectivity are standard features of the most recent audio systems, including HTIB and soundbars. This connectivity function of home theater systems has attracted millennial consumers, who are rapidly adopting portable gadgets

• Based on technology, the wireless segment is expected to register the fastest CAGR of 12.2% from 2023 to 2030. The prevalence of wireless audio devices has increased due to improved features such as remote access for audio communication, portability, and ease of management

• Based on distribution channel, the online segment is expected to witness the fastest CAGR of 12.2% from 2023 to 2030. Online marketplaces and e-commerce sites such as Amazon, Flipkart, eBay, and Best Buy sell home audio equipment. These internet platforms include detailed specifications, customer reviews, and ratings, allowing customers to research and compare various audio options. They are generally available at affordable prices and discounts, providing buyers with cost-effective solutions

• In terms of region, the Asia Pacific segment is anticipated to grow at a CAGR of 10.1% from 2023 to 2030. Companies are attempting to improve their distribution networks in developing economies to increase the availability of branded items. This is expected to considerably increase the penetration of branded products in these markets. Collaboration with established local delivery companies and burgeoning delivery startups in the region has contributed to the formation of a solid distribution network for companies in the region

Home Audio Equipment Market Segmentation

Grand View Research has segmented the global home audio equipment market based on type, technology, distribution channel, and region:

Home Audio Equipment Type Outlook (Revenue, USD Billion, 2018 - 2030)

• Home Theatre in-a-box

• Home Audio Speakers and Systems

• Home Radios

• Others

Home Audio Equipment Technology Outlook (Revenue, USD Billion, 2018 - 2030)

• Wired

• Wireless

Home Audio Equipment Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• Online

• Offline

Home Audio Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

  • Argentina

• Middle East & Africa

  • UAE

  • Saudi Arabia

  • South Africa

List of Key Players in the Home Audio Equipment Market

• Akai Electric Company Ltd.

• Audio Partnership Plc

• Bose Corporation

• Dolby Laboratories Inc.

• XPERI INC. (Digital Theater Systems (DTS) Inc.)

• Harman International Industries

• Intex

• JVC Kenwood Holdings Inc

• LG Electronics Inc

• Nakamichi Corporation

• Nice North America LLC (Niles Audio)

• Panasonic Holdings Corporation

• Koninklijke Philips N.V.

• SHARP CORPORATION

• Vistron (Dong Guan) Audio Equipment Co., Ltd

• Samsung Electronics Co., Ltd