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Development Of Smart Cities Will Drive The $160.4 Billion Audio And Video Equipment Market | TBRC Report

LONDON, Oct. 22, 2019 /PRNewswire/ -- The global audio and video equipment market reached a value of nearly $160.4 billion in 2018, having declined at a compound annual growth rate (CAGR) of -1.86% since 2014, and is expected to marginally decline at a CAGR of -0.05% to nearly $160.1 billion by 2022. Going forward, economic growth, technological advances, growing demand and shrinking life cycle of consumer electronics will drive growth. Factors that could hinder the growth of the audio and video equipment market in the future include increasing interest rates, shrinking product lifecycles, and changing regulations. View Complete Report With Table Of Contents @ https://www.thebusinessresearchcompany.com/report/audio-and-video-equipment-market

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Governments around the world are investing in the creation of smart cities; this is expected to increase the demand for electronic products for a variety of applications. The EU, for example, is actively promoting smart city initiatives, with funds for research and sustainability targets for member states. The concept of smart cities is also gaining traction in developing nations. For instance, in China and India, almost 300 smart city pilots are currently planned. Smart cities use search, detection and navigation devices to ensure the safety of the citizens. They also use global positioning systems (GPS), machine-to-machine (M2M) communication, Wi-Fi and radio frequency identification (RFID) technologies for effective communication. Overall, the smart city experience involves systems and objects interconnected through various technologies, such as local, wide and wireless networks. The establishment of smart cities will increase the demand for various types of electronic products including audio and video equipment. The global audio and video equipment market was valued at $160.4 billion in 2018.

Growing Popularity Of Smart Speakers

An increasing demand for IoT (Internet of Things) enabled devices is being driven by various factors such as increasing demand for consumer convenience, and increasing internet penetration. Companies such as Amazon and Google have launched IoT enabled speakers, such as Amazon Echo, Alexa and Google Home speakers. In order to cater the increasing demand, companies in the audio and video equipment market are manufacturing IoT enabled audio video devices. In the USA, it is predicted that the use of smart speakers will increase to 55% by 2022. Other innovative products in the audio equipment market include headphones based on bone conduction technology, which uses the natural vibrations of a person's bones to transmit sound. Companies such as Plantronics and Studio Banana are experimenting with this new technology.

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Growing Adoption Of True Wireless Audio Devices

The adoption of true wireless audio devices is increasing globally. In a true wireless device, there is no cable or connector between the earpieces. True wireless audio devices transfer sounds wirelessly using Bluetooth technology. The devices are embedded with a small chip into the source and the receiving device, which receives sounds wirelessly. Rapid urbanization and increasing number of fitness enthusiasts preferring wireless earphones are driving the demand for true wireless audio devices. Samsung Galaxy Buds, Beats Powerbeats Pro, and JLab JBuds Air are popular true wireless audio devices.

The demand for wireless audio equipment is also increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behavior of consumers. Consumers are increasingly using mobile devices, tablets and laptops to wirelessly play audio on speakers. Such consumer behavior is driving the growth of Wi-Fi and Bluetooth connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment include Sonos Wi-Fi speakers, Bose's SoundTouch system, and Amazon's Echo speakers. 

The increase in preference for portable speakers is an important driver for the wireless speaker's market. This is mainly because wireless speakers come at affordable prices and are convenient to use. In addition, increasing smartphone penetration has led to an increase in preference for swift functionality in the form of smart portable devices, resulting in further use of portable wireless speakers. According to a report published by Deloitte in December 2018, smart speakers—internet-connected speakers with integrated digital voice assistants—are the fastest-growing connected device category worldwide in 2019. The report showed that the sales of smart speakers increased from 98 million units for a total industry revenue of US$4.3 billion in 2018 to 164 million units for a total industry revenue of US$7 billion in 2019.

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