So, more people are using OTT services. This means they want better home audio gear for a deeper watching experience. More and more people are joining in with streaming services, which is making the industry grow.
The global home audio equipment market is anticipated to garner US$ 90 Billion while expanding at a CAGR of 12% during the forecast period. The market is estimated at US$ 25 Billion in 2021 and US$ 30 Billion in 2022. Fast city building, along with growing money that people can spend easily, is one of the main things helping this business. Also, more people are buying big HD TV screens by the day. This exciting entertainment business and growing liking for content you can watch when you want is making market look very good too.
So, more people are using OTT services. This means they want better home audio gear for a deeper watching experience. More and more people are joining in with streaming services, which is making the industry grow.
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Furthermore, the development of showrooms and the e-commerce business is resulting in the simple availability of items accompanied by added conveniences such as free doorstep delivery, interesting deals, and safe payment options. This contributes to the market’s growth. Leading manufacturers are also engaging in competitive marketing strategies and promotional activities in order to reach a larger customer base and enhance product sales.
Additionally, technical breakthroughs such as the creation of architecturally appropriate Dolby Atmos systems, short-throw projectors, ambient light rejecting screens, motorized window coverings, and huge LED panels are fueling market expansion. Furthermore, significant expenditures in research and development (R&D) activities are projected to fuel the market.
Key Takeaways:
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“During the projection period, market expansion will be driven by rising demand for smart technologies such as multi-room solutions and ongoing advancement in in-house entertainment systems.”
Competitive Landscape
Key players in the global home audio equipment market include:
Recent key developments among players are:
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Home Audio Equipment market presenting a historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis By Technology (Wired (Speaker, Soundbar, Home Theater in a Box (HTiB) and Receiver), Wireless (Speaker, Soundbar, Home Theater in a Box (HTiB) and Receiver), By Distribution Channel (Offline and Online) & Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa)
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Feb 05, 2024