The global Home audio market is expected to grow at 12% annually to reach $90 billion by 2032. The rising demand for home audio devices is fueled by increasing consumer preference for high-end products and the increasing number of households in urban areas.
Developing countries such as Mexico, India and South Africa are seeing a significant increase in demand for advanced home audio equipment. This upsurge is being driven by the changing preferences and tastes of the younger population in these regions.
Rapid urbanization and rising disposable income are the main factors driving this trend. In addition, the rising popularity of large HD TVs is contributing to the growth of this exciting entertainment sector. With more and more people appreciating the convenience of on-demand content, the market outlook appears extremely promising.
More and more people are using OTT services, which means they want better audio equipment at home to have a more immersive TV experience. More and more people are using streaming services, which is making the industry grow.
Moreover, the development of showrooms and e-commerce business leads to easy availability of items accompanied by additional conveniences like free doorstep delivery, interesting offers and secure payment options. This helps in the growth of the market. Leading manufacturers also adopt competitive marketing strategies and promotional activities to reach a larger customer base and increase product sales.
In addition, technological breakthroughs such as the development of architecturally-matched Dolby Atmos systems, short-throw projectors, ambient light-rejecting screens, motorized window coverings, and giant LED panels are driving the market expansion. In addition, significant spending on research and development (R&D) activities is expected to boost the market.
Key findings:
- The global home audio market is estimated to reach $25 billion in 2021
- The global home audio market will be worth $30 billion in 2022.
- The global home audio market is estimated to reach $90 billion by 2032.
- The global home audio market is expected to grow by 12% by 2032.
- North America is expected to grow at a compound annual growth rate (CAGR) of 10.6% from 2022 to 2032.
- The Asia-Pacific region is expected to witness a compound annual growth rate (CAGR) of 11% during the forecast period.
- The online segment is expected to grow by an average of 10% annually during the forecast period.
Competitive environment
Major players in the global home audio market include:
- Amazon.com, Inc.
- Apple Inc.
- Blaupunkt GmbH
- Bose Corporation
- Bowers & Wilkins Group Ltd.
- Creative Technology Ltd.
- Edifier Technology Co., Ltd.
- Google LLC
- JVCKENWOOD Corporation
- Royal Philips NV
- Sennheiser Electronic GmbH & Co. KG.
- LG Corporation
- Panasonic Corporation
- Pioneer Company
- Plantronics Inc.
- PolkAudio
- Samsung Electronics Co., Ltd.
- Sonos, Inc.
- Sony Corporation
- VIZIO Inc.
- Voxx International Corporation
- Yamaha Corporation
The most important recent developments among the players are:
- In August 2022, Samsung Electronics introduced the Odyssey Neo G8, the world’s first 240 Hz 4K gaming display. For its technological brilliance, it received the Best of Innovation Award in the Gaming category at CES 2022.
- In April 2022, Sonos, Inc. acquired Mayht Holding BV (Mayht), a manufacturer of revolutionary audio transducer solutions. These devices are essential components of sound-producing speakers. Mayht has redesigned them to make them lighter and smaller without compromising on quality. Mayht intends to develop a speaker technology that allows more components to be packed into a smaller space while saving power. Market players are focused on increasing their competitive advantage and accelerating their future roadmap.
Complete Market Overview: A Complete Report Analysis
Key Segments in the Home Audio Equipment Market Report
Home Audio Equipment Market by Technology:
- Wired home audio devices
- Speakers
- Soundbar
- Home cinema in a box (HTiB)
- Recipient
- Wireless home audio devices
- Speakers
- Soundbar
- Home cinema in a box (HTiB)
- Recipient
by sales channel:
by region:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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