Home Audio Equipment Market projected to grow at a high rate by 2024
Date: 2018-08-08   Author: Ronak Bora  Category: #market

Home Audio Equipment Market projected to grow at a high rate by 2024

The flourishing electronics industry in Asia Pacific is expected to positively impact the home audio equipment market growth. The presence of large number of players in the region enables the production of devices at low costs, thus gaining high consumer focus. Growing disposable income and increasing consumer spending on luxury devices is expected to provide growth opportunities in Asia Pacific, particularly in countries including India and China.

Home Audio Equipment Market is projected to exceed USD 20 billion by 2024. Rapid proliferation of IoT technology is expected to drive the industry growth, owing to the increasing focus of consumers to integrate modern music systems with the IoT-enabled smart homes. Growing usage of smartphone applications with these music devices to enable communication with the smart devices is anticipated to drive the home audio equipment market growth over the forecast timespan.

Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/157

Technological advancements such as cloud-based personal music libraries in these devices has attracted young consumers, thus positively impacting the industry growth. Libraries such as Apple, Spotify, Deezer, Pandora, and Amazon Music are allowing the consumers to access a large number of music files available on the internet. Growing trend of consumers to play these files through in-house entertainment devices is expected to propel the home audio equipment market growth.

High-price (more than USD 1,000) segment is expected to grow rapidly over the next seven years, owing to the increasing demand for superior quality of the audio. The high-paying consumers from Europe and Middle East are demanding devices that provide high sound quality, in addition to aesthetic compatibility of the devices with the homes. However, with the proliferation of home entertainment systems in modern homes, the consumers are likely to prefer the home entertainment systems over the high-cost music devices. This is expected to impact the high-price home audio equipment market.

The audio device industry is experiencing behavioral shift among consumers with the penetration of devices such as tablets and smartphones. Consumers are demanding compact and wireless devices that focus on convenience and luxury. High degree of portability, remote accessibility, and manageability is expected to drive the wireless home audio equipment market.

Browse More Information Of This Report @  https://bit.ly/2dnccpL 

Growing number of smart homes in developed economies including the U.S., UK, and Germany is expected to bode well for the technologically advanced products in the home audio equipment market. The consumers in these regions are increasingly demanding technologically advanced products such as smart speakers that provide them with enhanced experience, thus propelling the industry growth.

The home audio equipment market is highly fragmented in nature, characterized by the presence of large number of global and regional players. Few players in the industry include AKG, LG Electronics, Acoustic Research, Philips, Bose Corporation, Klipsch Group, Bowers & Wilkins, Polk Audio, and Mark Levinson. These companies are increasing their sales using online retail, by selling the products directly or using third-party retailers such as Alibaba, eBay, and Amazon. The companies are focused on innovation and developing products enabled with advanced technologies such as digital personal assistants and multi-room technology. For instance, in 2015, Google launched Google cast, a streaming protocol service.

 



About Author


Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

...

Read More

More from Ronak


Post Recommendents

Neuromorphic Computing Market Global Outlook on Key Growth Trends, Factors
Author: Partha Ray

The latest report on ' Neuromorphic Computing market' as Added by Market Study Report, LLC, offers comprehensive details on industry size, regional spectrum and revenue estimates of the business. In addition, the report stresses on major challenge...


Nerve Monitoring System Market 2019 Global Analysis, Trends, Forecast up to 2025
Author: Partha Ray

The newest report on ' Nerve Monitoring System market' now available a MarketStudyReport.com, offers concise facts about the geographical landscape, industry size and revenue estimation of the business. Additionally, the report focuses on challeng...


Needles Market Detail Analysis focusing on Application, Types and Regional Outlook
Author: Partha Ray

The latest report on ' Needles market' now available at MarketStudyReport.com, delivers facts and numbers regarding the market size, geographical landscape and profit forecast of the ' Needles market'. In addition, the report focuses on major obst...