Demand for Home Audio Equipment and Impact of COVID-19……..



The global home audio equipment market size is expected to reach USD 22.50 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer demand for high-quality home theater experience attributed to increased disposable income is expected to drive the market over the forecast period. Increasing trend towards deployment of sophisticated equipment, high-speed data streaming, faster internet connectivity and internet-exclusive entertainment are expected to proliferate the need for external audio solutions. Emergence of Bluetooth products coupled with wireless Blu-ray home theater systems is expected to positively impact market growth.
The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
Home audio equipment comprises a wide range of equipment including multi-channel amplifiers, compact audio system and home radios. Manufacturers of this equipment have been striving to expand market penetration by innovating visually less intrusive and user-friendly systems. Therefore, technological advancement in digital technology with changing media options from conventional to latest systems is expected to be positively impact market growth over the next six years. High development cost and fear of hearing loss among the consumers may hamper market growth through the forecast period. Emergence of realistic immersive home audio equipment along with better internet connectivity offers a wide avenue to drive demand for the market.
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https://www.grandviewresearch.com/industry-analysis/home-audio-equipment-market/request/rs1
Further key findings from the study suggest:
·         The home audio equipment market comprises products such as audio systems, home radios, Home Theater-in-a-box (HTiB) and other accessories. The home audio systems segment includes MP3 players, mini disc players, compact audio systems, cassette deck, rack system and CD/DVD players. HTiB products include 5.1, 6.1, 7.1 and 9.1 channels and the segment is expected to witness significant growth over the forecast period. This can be attributed to several benefits associated with this technology such as unrestricted mobility and high quality sound systems.
·         Widening consumer base in Asia Pacific markets owing to higher affordability and rapid urbanization trends is expected to significantly drive the home audio equipment industry. Demand for digital home radios driven by growing promotional activities is expected to drive regional market growth. The North American market is characterized by rise in unit sales of flat-panel HD TVs.
·         Key companies operating in the market include Sony Corporation, Bose Corporation, LG Electronics, JVC KENWOOD Holdings Inc., Philips, Dolby Laboratories Inc. and Akai. Rising emphasis on vertical integration activities in order to obtain greater product reliability and optimized manufacturing throughput is estimated to be the major growth strategy.
The home audio equipment market is expected to witness significant growth on account of technologically advanced features incorporated in devices with rising popularity of audio technologies. Some of the technologies associated with the shift include HTiB (Home Theater in-a-Box), Blu-ray players, speaker bars, A/V receivers and wireless speakers. 
The emergence of realistic home audio equipment is expected to be a major driving force for the home audio equipment market. Growing consumer demand for high-performance home theater experience owing to increased disposable income is expected to drive home audio equipment demand over the next six years. Reduced manufacturer focus on built-in sound quality in television sets, is expected to amplify the need for external audio solutions thus benefiting market growth.
Rise in unit sales of flat-panel HD TVs as a result of falling prices is expected to widen the consumer base through the forecast period. Development of networked speakers and dedicated speaker docks is expected to spur increased consumer spending on audio equipment to enhance audio quality. Suppliers and manufacturers of these equipment have been striving to expand market penetration by making systems user-friendly and visually less intrusive. Rise in demand for portable audio equipment that has the capability to stream high-quality audio content from the internet and integrate USB drives. Therefore, advancement in digital technology with changing media options from conventional to modern systems is expected to contribute towards home audio equipment market growth.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-home-audio-equipment-market
Grand View Research has segmented the global home audio equipment market on the basis of product:
Home Audio Equipment Product Outlook (Revenue, USD Billion, 2012 - 2020)
·         Home Theater in-a-Box
·         Home Audio Systems
·         Home Radios
·         Others
Home Audio Equipment Regional Outlook (Revenue, USD Billion, 2012 - 2020)
·         North America
·         Europe
·         Asia Pacific
·         RoW
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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