Home Audio Equipment Market is currently valued at $26.54 billion – IndustryARC

September 29, 2022 Off Uncategorized,

Market Research Reports, Business Consulting Services & Analytics

Home Audio Equipment Market is currently valued at $26.54 billion in 2022 and to reach $45.66 billion by 2027 growing at a CAGR of 8.4% during 2022-2027.

HYDERABAD, TELANGANA, INDIA, September 29, 2022 /EINPresswire.com/ — Home Audio Equipment Market is currently valued at $26.54 billion in 2022 and is expected to reach a valuation of $45.66 billion by 2027 growing at a CAGR of 8.4% during 2022-2027. The advent of the pandemic in 2020 resulted in professionals worldwide working from home which led to increased investments in indoor entertainment systems. In March 2022, Bower and Wilkins launched the Panorama 3 soundbar equipped with AirPlay 2 and Bluetooth with atpX, which will drastically elevate the aesthetics of the customer experience. Such developments will lead to widespread adoption of Home Audio Equipment systems and accelerate the growth of this market.

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Key takeaways:

This IndustryARC report on the Home Audio Equipment market highlights the following areas –

1. Soundbars will be the fastest-growing segment in this market with a CAGR of about 9.01% due to their energy efficiency, low cost, and advanced audio capabilities.

2. Microphone is the fastest-growing segment by components in this market owing to increased sales of electronic gadgets, rapid growth in the entertainment industry, low cost, and a wide variety of applications.

3. APAC region holds the largest market share at 29% due to rapid economic growth, expansion of end-user industries in emerging economies especially China and India, and a massive increase in the number of smart homes as these countries transition from low income to middle-income economies.

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Segmental Analysis:

1. The Home Audio Equipment market can be classified into many segments according to product type such as Speakers, Soundbars, Receivers and others. Among the, Soundbars are projected to have the fastest growth at a CAGR of 9.01% in the forecast period of 2022-2027. Compact size, hassle free installation and power efficiency coupled with the unique ability of providing bass and other enhanced features at lower volume levels are some of the major factors that are driving the growth of this market.

2. The Home Audio Equipment market in the APAC region will account for the highest share at 29% in 2021. The factors that are propelling the growth of the Home Audio Equipment market in APAC are rising demand of smart homes in emerging economies, surging purchasing power, and changing customer preferences.

3. Among the components of Audio Systems, microphones are the fastest-growing segment with a CAGR of 9.23% in the forecast period of 2022-2027. Flexibility in placement and setup, increased sales of smartphones, tables and other such devices, and growing consumer demand for music on the go are the key factors that are propelling the growth of microphones in the Home Audio Equipment market.

Competitive landscape:

The top 5 players in the Home Audio Equipment industry are:

1. BOSE Corporation
2. Boston Acoustics
3. Sony
4. Yamaha
5. Pioneer

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