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Home Audio Equipment Market Size

Report ID: GMI157
Published Date: Jul 2022
Report Format: PDF

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Home Audio Equipment Market Size

Home Audio Equipment Market size surpassed USD 25 billion in 2021 and is anticipated to grow at around 10% CAGR between 2022 and 2030. Global industry shipments are projected to cross 585 million units by 2030. The industry is gaining traction as companies are introducing technologically advanced home audio equipment with different wireless technologies.

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The increasing consumer inclination toward high-end products owing to rising household disposable incomes is adding up to the home audio equipment market demand. The demand for advanced home audio equipment is majorly increasing in developing countries, such as Mexico, India, and the South Africa, due to the growing consumer preference for luxury home appliances.

Several market players such as Bose Corporation and Bowers & Wilkins offer tailor-made home audio equipment solutions to customers to match their home decor and styles. These systems are integrated with various advanced features such as voice assistants and wireless charging to enhance the user experience. These factors are increasing the adoption of home audio equipment as consumers are inclined toward entertainment devices that enhance the audio experience.

Home Audio Equipment Market Report Attributes
Report Attribute	Details
Base Year:	2021
Home Audio Equipment Market Size in 2021:	25 million (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	10%
2030 Value Projection:	70 billion (USD)
Historical Data for:	2018 to 2021
No. of Pages:	400
Tables, Charts & Figures:	503
Segments covered:	Technology, Distribution Channel, and Region
Growth Drivers:	Increasing technological advancements and product innovations Penetration of IoT technology in the U.S. Growing number of smart homes in North America Increasing consumer preferences toward technologically advanced products in Europe Increased adoption of home theaters in Asia Pacific Growing trend of subscription-based streaming services in Asia Pacific and Latin America Increasing disposable incomes and high consumer spending in Asia Pacific & Latin America Rise in urbanization and internet infrastructure development in the MEA
Pitfalls & Challenges:	High cost of equipment High unemployment rates hamper market growth across several countries Unorganized sector is challenging the home audio equipment market

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of home audio equipment was over USD 25 billion in 2021 and is anticipated to record a 10% CAGR with global industry shipments of up to 585 million units through 2030 due to the higher adoption of technologically advanced devices with different wireless technologies.

German home audio equipment industry is set to witness a growth rate of over 10% through 2030 impelled by the rising influx of 5G internet services for smooth functioning of the devices.

The home audio equipment industry in the U.S. from the online distribution channel segment is poised to strike a 15% CAGR through 2030 driven by the rising adoption of e-commerce platforms for purchasing entertainment devices.

APAC held close to 30% of the global home audio equipment industry revenue share in 2021 and will expand with higher acceptance of smart homes in India, Japan, and Australia.