SAN FRANCISCO, Feb. 22, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Home Audio Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 18; Released: February 2022
Executive Pool: 3149
Companies: 148 - Players covered include Bose Corp.; Boston Acoustics; Bowers & Wilkins; Creative Technologies, Ltd.; Denon Electronics (USA), LLC; Harman International Industries, Inc.; JVCKENWOOD USA Corp.; Klipsch Group, Inc.; LG Electronics; Nakamichi Corp.; Panasonic Corp.; Polk Audio; Samsung Electronics Co., Ltd.; Sharp Corp.; Sonos, Inc.; Sony Corporation; Velodyne Acoustics, Inc.; VIZIO, Inc.; VOXX International Corp.; Yamaha Corp.; Yamaha Corporation of America and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Home Theater Systems, Smart Speakers, Sound Bars); Technology (Wired, Wireless)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Home Audio Equipment Market to Reach US$49.9 Billion by the Year 2026
High-quality audio equipment is an indispensable element of enhanced audio-visual experience, with options such as surround sound systems converting the home theater into a cinema-like audio experience. Increasing affordability of sophisticated audio equipment is anticipated to drive more homeowners to embrace these systems for creating an immersive and engaging experience for movies, sports and music. The audio-visual space is also being influenced by rising attention on smart home theaters that yield a hi-tech media room. These smart rooms enable an integrated approach and provide users with a universal remote for controlling their connected appliances for a convenient and futuristic audio-visual experience. Homeowners planning to get rid of wired systems without compromising over the sound quality are embracing minimal audio equipment with powerful performance. The market is witnessing increasing influx of wireless audio equipment with inbuilt components. New multi-speaker and multi-channel systems are supported by single soundbars. Tech advancements such as architecturally friendly Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window treatments, and large LED screens, are improving the prospects of home theater market. These factors along with COVID-19 have provided the significant stimulus to the audio equipment market and are likely to further favor the market expansion in the coming years.
Amid the COVID-19 crisis, the global market for Home Audio Equipment estimated at US$36.3 Billion in the year 2022, is projected to reach a revised size of US$49.9 Billion by 2026, growing at a CAGR of 9.6% over the analysis period. Home Theater Systems, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$15.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Speakers segment is readjusted to a revised 11.9% CAGR for the next 7-year period. This segment currently accounts for a 40.2% share of the global Home Audio Equipment market. Smart speakers are poised to benefit from the growing use of mobile phones for playing digital music. The smart speaker market delivered a phenomenal performance amid COVID-19, with global shipment of smart speakers reporting solid gains in 2020. In addition, the market maintained its strong momentum in 2021 as a result of unabated product demand, enabling companies to reap rich dividends. Some of the most recent trends in home theater world include the development of a multi-screen environment; introduction of home theater with social networking capabilities; remodeling of stereotypical home theater into hybrid home theater, and the use of better wired and wireless home networking.
The U.S. Market is Estimated at $13.1 Billion in 2022, While China is Forecast to Reach $6.1 Billion by 2026
The Home Audio Equipment market in the U.S. is estimated at US$13.1 Billion in the year 2022. The country currently accounts for a 36.2% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6.1 Billion in the year 2026 trailing a CAGR of 11.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 9% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR while Rest of European market (as defined in the study) will reach US$3.6 Billion by the end of the analysis period.
Sound Bars Segment to Reach $12.9 Billion by 2026
Soundbars are enjoying extensive uptake across households following the COVID-19 impetus and increasing availability of diverse content and adoption of home entertainment products. In the recent years, an increasing number of people have started consuming streaming content like free e-books, gaming and movies. The soundbar trend is also catalyzed by the rise of smart TVs and rising installation of home theater systems for enhanced listening and viewing experience. In the global Sound Bars segment, USA, Canada, Japan, China and Europe will drive the 9.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$5.7 Billion will reach a projected size of US$10.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026, while Latin America will expand at a 10% CAGR through the analysis period. More
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SOURCE Global Industry Analysts, Inc.