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NEW YORK, Dec. 28, 2021 /PRNewswire/ — 41% of the growth will originate from North America for the home audio equipment market. The US is a key market for home audio equipment in North America. Market growth in North America will be faster than the growth of the market in other regions. The home audio equipment market is expected to grow by USD 14.39 billion from 2020 to 2025, progressing at a CAGR of 10.76% as per the latest market report by Technavio.
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Home Audio Equipment Market: Rise in disposable income to drive growth
The rise in consumer disposable income globally will drive the home audio equipment market as it increases the purchasing power of consumers, allowing them to opt for products, which were previously beyond their means. In developed countries, such as the US, household income has been increasing on a yearly basis and not impacted by the decline in the earnings growth rate. The spending capability in emerging nations has also increased with the rise in income levels. With young demographics, rising disposable incomes, improved education, and rapid economic growth, India exhibits a high potential consumer market.
Home Audio Equipment Market: Easy availability of counterfeit products may impede the market growth
The ease of availability of counterfeit products in the global home audio equipment market will be a major challenge during the forecast period. Many unauthorized dealers market and sell fake or impersonated products of reputed brands, such as Sony, JBL, and SAMSUNG. Several vendors offer tutorials and provide blog posts to identify fake products that are easily available in the market. Counterfeiting adversely affects the original ideas and the ability of vendors to generate profits from their licensed products. Hence, the ease of availability of counterfeit home audio equipment will negatively impact the market during the forecast period.
The holistic analysis of the drivers & challenges will help in deducing end goals and refining marketing strategies to gain a competitive edge. This home audio equipment market analysis report also provides detailed information on other upcoming trends that will have a far-reaching effect on the market growth.
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Home Audio Equipment Market: Segmentation Analysis
This market research report segments the home audio equipment market by Type (smart speakers, home theater systems, and soundbars) and Geography (North America, Europe, APAC, South America, and MEA).
The home audio equipment market share growth by the smart speaker segment will be significant for revenue generation. Technavio report provides an accurate prediction of the contribution of all the segments to the growth of the home audio equipment market size and actionable market insights on each segment.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Home Audio Equipment Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.76% |
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Market growth 2021-2025 |
USD 14.39 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
9.58 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 41% |
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Key consumer countries |
US, China, UK, Japan, and Germany |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
Apple Inc., Bose Corp., Koninklijke Philips NV, Kripa Electronics India Pvt. Ltd., LG Electronics Inc., Logitech International SA, Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., and Toshiba Corp. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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