Home audio equipment is a sort of audio equipment that uses consumer electronics-grade audio and video equipment to recreate the experience of going to the movies. It consists of numerous components such as shelf stereos, surround sound receivers, and a projection system for home entertainment. The surge in popularity of over-the-top (OTT) services has increased the demand for high-quality home audio equipment. Audio content is increasingly being streamed over wireless networks such as Bluetooth, which can be connected to portable devices. This is a major driver propelling the growth of the global home audio equipment market. Furthermore, a shift in consumer preference toward high-performance home theatre systems and the surge in requirement for enhanced user experience are positively impacting the market growth. Moreover, rise in disposable income, urbanization, and industrialization rates, technical improvements, and manufacturer product developments contribute toward the market growth.
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COVID-19 Impact analysis
- The coronavirus (COVID-19) pandemic impacted the growth of the home audio equipment industry in 2020. There was a drop in demand for home audio equipment as some government entities instituted strict lockdowns. Due to constraints on local and international travel, the market has seen delays in manufacturing schedules and raw material purchases.
- People have developed a work-from-home culture and have abundant time to access online websites to purchase products, therefore online electronic websites may witness a sales increase during the pandemic era. In the short term, this may result in an increase in internet revenue.
- The logistics of non-essential goods, which fall into the government's prior mention category, have also been impeded, affecting the growth of the home audio equipment sector.
Top Impacting Factors
- Multi-channel amplifiers, compact audio systems, and home radios are just a few examples of home audio equipment. Manufacturers of this technology have been working to increase market penetration by developing systems that are less visually invasive and easier to use.
- The over-the-top (OTT) industry has grown in popularity in both developing and established nations. As a result, consumers have been pushed to purchase improved home audio equipment that enhances the viewing experience.
- Growing young interest in impending technological advancements in audio systems, as well as continued use of smart phones, has aided manufacturers in increasing output to meet consumer demands and hence fuel market expansion.
- High development expenses and consumer fear of hearing loss is anticipated to impactthe market growth during the forecast period. The introduction of genuine immersive home audio equipment, combined with improved internet connections, provides a wide range of opportunities to boost market demand.
- The rise of urbanization and the development of internet infrastructure in developing countries may lead to market expansion. Online shopping platforms provide a wealth of information on a product with a single click. As a result of the convenience of use of online portals, the industry is expected to rise in the next years.
Market Trends
An important trend among industry participants is to focus on launching unique solutions in order to gain a large market share
To enhance their position in the home audio equipment industry, companies are developing new products with integrated modern technologies. JVCKenwood Corporation, for example, released the JVC XP-EXT1, a wireless home theatre system that provides a full multi-channel sound field through a headphone, in January 2020.
Sonance, a US-based company, announced in September 2019 that it has reached an agreement with James Loudspeaker to buy James for an undisclosed sum. The deal's goal is to bring together technical technology to help them achieve their goal of providing greater acoustic performance in goods through creative techniques.
The market for home audio equipment will benefit from the growing popularity of smart homes
Consumer habits are shifting, and they are increasingly using connected audio devices to access content. Consumer expenditure on smart homes is on an increase in Europe, which is driving the demand for connected home audio systems. The ability to play the same music in several rooms of the house drives the demand for multi-room devices in the UK and Germany.
The new Echo speaker from Amazon is a tiny ball of sound that delivers the same forceful bass and broad soundstage as the previous model, but with more room-filling sound than ever before. It may be used in a variety of locations, including kitchens, restrooms, and even small living rooms, and it readily fills the space with 360-degree sound.
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Key Benefits of the Report
- This study presents the analytical depiction of the home audio equipment industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the home audio equipment market share.
- The current market is quantitatively analyzed to highlight the home audio equipment market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed home audio equipment market analysis based on competitive intensity and how the competition will take shape in coming years
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