Key Market Overview:
Home Audio Equipment Market was valued at USD 22.32 Billion in 2022 and is expected to grow at a CAGR of 9.50% and is projected to reach USD 46.14 Billion by 2030.
Home audio equipment refers to a wide range of devices and systems that are designed to produce high-quality sound within a home environment. The equipment includes speakers, amplifiers, receivers, turntables, CD players, streaming devices, headphones, and more. The home audio equipment market is a rapidly growing industry driven by various factors including advancements in audio technology such as noise cancellation and high-resolution audio. Additionally, the growing popularity of streaming services has led to an increased demand for home audio equipment, as consumers demand more advanced and high-quality audio equipment to listen to music.
Speakers are a critical component of home audio equipment and play a key role in delivering high-quality sound and are available in various types such as soundbars, subwoofers, and others. Soundbars have become a popular alternative to traditional home theater systems, particularly for high-quality audio experience without the hassle of setting up a complex system. Soundbars are designed to simulate a surround sound experience and are easily connected to a TV or other devices. For instance, in January 2023, JBL expanded the soundbar line-up with five new options featuring 3D and Dolby Atmos. The line-up offers a variety of options for entertainment enthusiasts to choose from including the number of up-drivers, DTS: X 3D surround sound, detachable wireless surround speakers, and subwoofers.
The growing demand for portable and Bluetooth-enabled home audio equipment is a key driver for the growth of the market. Portable and Bluetooth audio equipment provides a convenient solution for consumers to enjoy music and are compact and easy to carry driving the growth of the market. Additionally, advancements in technology including high-resolution audio offers better sound quality than standard audio formats such as MP3. High resolution allows for a higher sampling rate, bit depth, and dynamic range, resulting in more accurate and detailed sound. Furthermore, multi-room audio technology enables users to stream music in different rooms of the home from a central hub or control panel that allows for seamless audio playback throughout the house. For instance, in January 2021, Sony launched two new audio products that aim to raise the bar for best-in-class surround sound. The HT-A9 Home Theater System and the flagship HT-A7000 Soundbar are the latest additions to Sony’s audio lineup and are designed to provide an immersive audio experience for home entertainment.
Strict government regulations on the use of audio devices such as loudspeakers are hampering the growth of the market and are the major cause of noise pollution. Noise pollution deteriorates both physiological and psychological health that leads to health complications such as hypertension, anxiety, increased stress levels, and coronary artery disease. Exposure to high volumes results in permanent hearing damage and tinnitus, a condition where a person experience ringing or buzzing in the ears. For instance, in India, the Central Pollution Control Board passed a regulation that restricts the use of loud sounds at night (between 10:00 pm and 6:00 am) and during cultural or festive occasions to not more than 15 days a year that negatively impact the growth of the market.
The integration of home audio equipment with smart home services has the potential to open lucrative opportunities for the growth of the home audio equipment market. The integration makes home audio devices more useful, convenient, and appealing, allowing the users to control the homes through voice command. The integrated approach is expected to allow the users to play music and control the lights at the same time or use the voice to control the speaker while working out. For instance, in January 2023, Apple introduced the new Home Pod with breakthrough sound and intelligence. The powerful smart speaker delivers next-level acoustics in a gorgeous design and is packed with Apple innovations and Siri intelligence. Home Pod offers advanced computational audio for a groundbreaking listening experience, including support for immersive Spatial Audio tracks.
Home Audio Equipment Report Coverage:
|Report Attributes||Report Details|
|Market Size in 2030 (USD Billion)||USD 46.14 Billion|
|By Product||Soundbars, Smart Speakers, Home Theater In-A-Box, Subwoofer, and Others|
|By Connectivity||Wired and Wireless|
|By Sales Channel||Offline and Online|
|By Geography||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Key Players||Sony Group Corporation, Acer Inc., Apple Inc., Zebronics India Pvt. Ltd., Harman International Industries, Incorporated, Sonos. Inc., Sanyo Electric Co., Bose Corporation, Panasonic Corporation, Dolby Laboratories Inc., Akai Electric Co.|
The product segment is classified into soundbars, smart speakers, home theater in a box, subwoofer, and others. The soundbars dominate the market as soundbars are compact and easy to set up becoming a convenient option for consumers and eliminating the complexity of traditional home audio systems. The soundbar allows the users to quickly and easily upgrade the TV’s audio quality without the need for extensive wiring or setup. Moreover, soundbars are constantly improving in terms of sound quality and provide a high-quality audio experience that rivals traditional home audio systems. Many soundbars have advanced features, such as Dolby Atmos and DTS:X support, that provide a more immersive surround sound experience. For instance, in November 2022, Zebronics launched ZEB-Juke Bar 9750 with Dolby Atmos that elevates the experience of users watching their favorite content or listening to music.
Smart speakers are expected to register the fastest compound annual growth rate (CAGR) in the home audio equipment market. Smart speakers powered by voice assistants, such as Amazon Alexa and Google Assistant are becoming increasingly popular among consumers. Voice assistants allow users to control smart home devices, access information, and play music by giving voice commands is projected to drive market growth. Additionally, smart speakers are versatile devices that perform a range of functions other than playing music. Smart speakers are used to controlling other smart home devices, set reminders, and make calls, among other things. For instance, in January 2023 Acer launched the Halo Swing, a new smart speaker designed to provide high-quality sound and voice control for smart homes. The Halo Swing is powered by Google Assistant, allowing users to control other smart home devices and access information using voice commands.
The connectivity segment is bifurcated into wired and wireless. Wireless home audio equipment dominates the market and is also expected to register the fastest CAGR during the forecast period. Wireless home audio equipment eliminates the need for traditional cables and is easy to set up offering convenience to users. Moreover, wireless technology has Bluetooth, Wi-Fi, or Airplay connectivity allowing for long battery life in wireless home audio equipment, and also offers high-quality audio and noise-cancellation capabilities. Furthermore, the integration of home audio equipment with other smart home devices, such as voice assistants to control home audio devices through voice commands or a mobile app is expected to drive the growth of the market. For instance, in August 2022, Sony introduced 3 new models and expanded the wireless speaker X-Series range. The live sound mode allows users to reproduce realistic and 3-dimensional sound and to experience deep bass sound. Additionally, the speakers have a long battery life of 25 hours and are designed to withstand water and dust.
By Sales Channel
Based on sales channels, the market is bifurcated into offline and online. The offline channel dominates the market and contributes the largest share of the industry growth in terms of revenue. The sales are through brick-and-mortar retail stores, such as electronics stores, department stores, and specialty audio stores. The offline channel dominates as the consumer prefers to test the device before making a purchase, especially for electronic devices. Additionally, offline stores provide the opportunity for customers to interact with the product, understand product features and functionality, and make informed decisions.
The online channel is expected to register the fastest CAGR during the forecast period. Online distribution occurs through e-commerce websites, such as Amazon, Walmart, and others, and direct-to-consumer (DTC) websites of home audio equipment manufacturers. Online distribution channels offer consumers the convenience of shopping from home and the ability to compare products and prices easily. In addition, many online retailers offer free shipping and easy returns becoming a popular choice for consumers and boosting the growth of online sales.
Europe dominates the market due to the adoption of technological innovation in the field of audio and acoustics such as digital signal processing that allows for greater control over sound processing, including filtering, equalization, and compression. Additionally, the leading home audio equipment manufacturers based in Europe such as Bowers & Wilkins Group Ltd., Focal-JMlab, and ELAC Electroacustic GmbH invest heavily in research and development to improve the quality and performance of the products. Also, the companies apply strategic partnerships and acquisitions to hold the position in the market.
Asia-Pacific is projected to witness the fastest CAGR during the forecast period due to the increasing demand for home entertainment in countries like India, China, and South Korea. Also, government initiatives in the form of monetary funds for the growth of the internet of things and smart home technology have increased the demand for home audio equipment in Asia-Pacific. Key companies apply innovative technologies and launch high-audio quality products to strengthen the market position. For instance, in May 2020, Sony Corporation introduced the EXTRA BASSTM wireless speaker line-up with the addition of the SRS-XB43, SRS-XB33, and SRS-XB23. The superb sound quality, toughness, and usability of the latest designs enable users to enjoy superior sound.
Home Audio Equipment Market Competitive Landscape:
The Home Audio Equipment market is highly competitive, with a large number of players functioning in the market. The companies compete based on factors such as product quality, innovation, price, brand reputation, and distribution network. The market is characterized by intense competition, with companies constantly seeking to improve their offerings and gain a competitive advantage. Key players in the market include-
- Sony Group Corporation
- Acer Inc.
- Apple Inc.
- Zebronics India Pvt. Ltd
- Harman International Industries, Incorporated
- Sanyo Electric Co.
- Bose Corporation
- Panasonic Corporation
- Dolby Laboratories Inc.
- Akai Electric Co.
- In April 2022, Sonos announced the acquisition of Mayht Holding BV. The strategic acquisition gives more incredible technology that aims to provide consumers with an even better home audio experience that is intelligent, personalized, and seamlessly integrated with other smart home devices.
- In October 2021, Bose Corporation launched SoundLink Flex Wireless Bluetooth Speaker with an IP67 build and a 12-hour battery. The new wireless speaker has a portable, lightweight design meant for the outdoors, with an IP67 build allowing for considerable exposure to dirt and water.
Table of Content
To check our Table of Contents, please mail us at: [email protected]
Research MethodologyThe Market Research Community offers numerous solutions and its full addition in the research methods to be skilled at each step. We use wide-ranging resources to produce the best outcome for our customers. The achievement of a research development is completely reliant on the research methods implemented by the company. We always faithful to our clients to find opportunities by examining the global market and offering economic insights.
Market Research Community are proud of our widespread coverage that encompasses the understanding of numerous major industry domains. Company offers consistency in our research report, we also offers on the part of the analysis of forecast across a range of coverage geographies and coverage. The research teams carry out primary and secondary research to carry out and design the data collection methods.