The global home audio equipment market is projected to reach $25 billion in 2021. As businesses provide technologically advanced home audio equipment with different wireless technologies, the industry is expanding. As a result, revenue reached US$ 90 billion in 2032, representing a 12% CAGR between 2022 and 2032. In 2022, the market is anticipated to generate USD 30 billion.
In addition, the desire for high-quality home audio equipment to create a more immersive viewing experience is rising as OTT services gain in popularity. Consumers are subscribing to streaming services in greater numbers, which is accelerating industry growth.
Additionally, the growth of showrooms and the e-commerce industry has made products easily accessible along with other conveniences like free delivery to your home, intriguing sales, and secure payment methods.
Additionally, technological advancements like the development of Dolby Atmos systems that are architecturally suitable, short-throw projectors, ambient light-rejecting screens, motorized window coverings, and enormous LED panels are boosting the market growth. Furthermore, the market is expected to be supported by large investments in R&D activities.
- In 2021, the market for home audio equipment is expected to reach a value of US$25 billion; in 2022, it is anticipated to reach US$30 billion.
- By 2032, the market for home audio equipment is expected to reach US$ 90 billion.
- Until 2032, the market for home audio equipment is anticipated to increase at a 12% compound annual growth rate.
- From 2022 to 2032, North America is projected to see a 10.6% CAGR.
- The forecast term is expected to see an 11% CAGR in the Asia Pacific region.
- Throughout the projection, the online market is anticipated to grow at a 10% CAGR.
“Increasing demand for smart technologies like multi-room solutions and continuous improvement in home entertainment systems will fuel market development throughout the forecast period.”
Key players in the global home audio equipment market include:
- Amazon.com, Inc.
- Apple Inc.
- Blaupunkt GmbH
- Bose Corporation
- Bowers & Wilkins Group Ltd.
- Creative Technology Ltd.