Global Home Audio Equipment Market Report 2023: Record Surge in Smart Speaker Market in Wake of COVID-19 – Forecast to 2030

DUBLIN, Nov. 30, 2023 /PRNewswire/ — The “Home Audio Equipment – Global Strategic Business Report” report has been added to  ResearchAndMarkets.com’s offering.

Global Home Audio Equipment Market to Reach $73.7 Billion by 2030

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$73.7 Billion by 2030, growing at a CAGR of 9.2% over the analysis period 2022-2030.

Home Theater Systems, one of the segments analyzed in the report, is projected to record 6.4% CAGR and reach US$18.7 Billion by the end of the analysis period. Growth in the Smart Speakers segment is estimated at 11.1% CAGR for the next 8-year period.

The U.S. Market is Estimated at $13.1 Billion, While China is Forecast to Grow at 11.1% CAGR

The Home Audio Equipment market in the U.S. is estimated at US$13.1 Billion in the year 2022. China, the world’s second largest economy, is forecast to reach a projected market size of US$9.7 Billion by the year 2030 trailing a CAGR of 11.1% over the analysis period 2022 to 2030.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.6% and 8.6% respectively over the 2022-2030 period. Within Europe, Germany is forecast to grow at approximately 8.2% CAGR.

What`s New?

Special discussions on the global economic climate and market sentimentCoverage on global competitiveness and key competitor percentage market sharesMarket presence analysis across multiple geographies – Strong/Active/Niche/TrivialOnline interactive peer-to-peer collaborative bespoke updatesAccess to digital archives and trademarked research platformComplimentary updates for one yearAccess to curated YouTube video transcripts of market sentiments shared by CEOs, domain experts and market influencers via interviews, podcasts, press statements and event keynotes

Key Players (Total 148 Featured)

Apple, Inc.Amazon.com, Inc.Bang & Olufsen A/SArcelik A.S.Altec Lansing, Inc.Armour Home Electronics Ltd.Atlantic TechnologyB&W Group Ltd.AIWAAperion AudioAudio Partnership PLC – Cambridge AudioAlphabet, Inc.Ayre Acoustics, Inc.Aurender Inc.Audio Video Unlimited

MARKET OVERVIEW

Home Audio Gains as COVID-19 Triggers Shift from Commercial to Home TheatersRecord Surge in Smart Speaker Market in Wake of COVID-19Soundbars Inching towards Ubiquitous Status amid COVID-19 CrisisInfluencer Market InsightsWorld Market TrajectoriesHome Audio Equipment – Global Key Competitors Percentage Market Share in 2022 (E)Competitive Market Presence – Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)Home Audio Equipment: A PreludeOutlookConsumer Location Preference for Watching New Movies Post COVID-19Market ChallengesCompetitionMarket Share of Leading Vendors in Global Smart Speaker and Smart Display market: Q2 2021Soundbars Global Competitor Market Share Positioning for 2021ERecent Market Activity

MARKET TRENDS & DRIVERS

Homebound Customers Charge Premium Audio Products’ Demand amid PandemicHome Audio Technology Exhibits Consistent Evolution with Addition of New FeaturesFuture Home Theater & Audio Equipment Trends Coming Down the PipeMajor Design Trends in Home TheatersDigital Boom and Growth in Music Streaming Drives Demand for Wireless SpeakersIncreasing Consumer Preference for Music Streaming Drives Demand for Multi-Room Wireless Speakers for Streaming Music from Cloud Servers: Global Number of Music Streaming Subscribers (In Million) for the Years 2010, 2015, 2017, 2019, 2021 & 2023Growing Smart Homes Catalyst to Home Theatre and Other Audio ProductsGrowth in Total Number of Smart Homes (In Millions) for the Years 2019, 2021, 2023, 2025 & 2026E-Commerce Drives Sales of Home Audio EquipmentSurging E-commerce Market and Shifting Consumer Behavior Ensure Steady Demand for Home Audio Equipment: Global Retail E-Commerce Revenues (In US$ Trillion) for the Years 2019, 2021, 2023, 2025 & 2026Growing Population of Music Listeners & Rise of Mass-Market Audiophiles Augments Business ProspectsConnectivity: A Critical Feature for Modern SpeakersRise in Internet Penetration and Availability of High-Speed Broadband Networks to Spur OpportunitiesWorld Internet Penetration Rate (in %) by Geographic Region: 2020Internet Penetration Rate (%) in Select Countries for 2020Device Ownership of Internet Users in %: 2020Technology Advancements Drive Significant Improvements in Speaker SystemsRise in Home Entertainment Spending Drives OpportunitiesLeading Streaming Services by Subscriber Base (in Million): 2020Global SVOD Services Market Breakdown of Subscriber Base (in %) by Service Provider: 2020EGlobal Number of SVoD Subscribers (In Million): 2015-2024Rapid Growth of OTT Platforms & Rise in Demand for High-Quality Streaming Content to Drive Market GainsGlobal Number of OTT Video Users (In Million) for the Years 2019, 2021, 2023 & 2025Artificial Intelligence (AI) Emerges as a Key Technology to Induce Market GrowthIn-Wall Speakers Gain Consumer InterestSoundbars Continue to Grow in PopularityNew Soundbars Set to Redefine User Listening ExperienceAI-enabled Speakers and Use of Digital Assistants in Speaker Systems Gain TractionBulkier and Larger Speakers Benefit from Better Performance CapabilitiesRise in Penetration of Large Flat Panel TVs Fuels Demand for SoundbarsGlobal Sales of OLED and LED TVs (In Million Units) for the Years 2018, 2020, 2022, 2024, & 2026Global Shipments of Televisions by Screen Resolution (2018 & 2022): Percentage Breakdown of Volume Shipments for HD/FHD, 4K and 8K TVsA Peek into Consumer BehaviorFavorable Demographic & Socio-Economic Trends Strengthen Market ProspectsRapid Growth in Urban HouseholdsWorld Urban Population in Millions: 1950-2050Degree of Urbanization Worldwide: Urban Population as a % of Total Population by Geographic Region for the Years 2000, 2020 & 2050Growing Affluence of Middle Class Consumer Segment

For more information about this report visit https://www.researchandmarkets.com/r/ju2u5d

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