Home Audio Components Market to Reach .4 Billion, Globally, by 2032 at 11.1% CAGR: Allied Market Research
Home Audio Components Market to Reach .4 Billion, Globally, by 2032 at 11.1% CAGR: Allied Market Research

The Home Audio Components market share is expected to witness considerable growth in coming years, owing to the increasing popularity of home entertainment systems, including home theaters and multimedia setups.

Wilmington, Delaware , April 05, 2024 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, Home Audio Components Market by Product Type (Speakers, Soundbars, Home Theater System, Amplifiers, Others), and Distribution Channel (Online, Offline): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the “home audio components market” was valued at $22.5 billion in 2022, and is estimated to reach $64.4 billion by 2032, growing at a CAGR of 11.1% from 2023 to 2032.

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  • 127 – Tables 
  • 48 – Charts 
  • 250 – Pages

Prime determinants of growth

The home audio components market is expected to witness notable growth owing to the constant evolution of audio technologies. Moreover, the development of more reliable and high-bandwidth wireless connectivity solutions provides lucrative opportunities for the growth of the market during the forecast period. On the contrary, the proliferation of counterfeit and imitation products limits the growth of the home audio components market.

Report coverage & details:

Report Coverage  Details 
Forecast Period  2022–2032 
Base Year  2022 
Market Size In 2022  $22.5 Billion 
Market Size In 2032  $64.4 Billion  
CAGR   11.1%  
No. Of Pages in Report  250  
Segments Covered  Product Type, Distribution Channel, And Region  
Drivers   The Popularity of Smart Speakers Equipped with Voice Assistants Like Amazon Alexa, Google Assistant, And Apple Siri   The Increasing Popularity of Home Entertainment Systems, Including Home Theaters and Multimedia Setups  The Availability of Affordable Home Audio Components Solutions from Various Manufacturers  
Opportunities  Integration With Smart Home Ecosystems  
Restraints   The Proliferation of Counterfeit and Duplicate Products 

The speakers segment to maintain its leadership status throughout the forecast period

Based on product type, the speakers segment held the highest market share in 2022, accounting for more than one third of the global home audio components market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to its versatility and demand for premium sound quality in residential environments. Offering a wide range of options, from traditional wired setups to modern wireless systems, speakers cater to diverse preferences, driving their widespread adoption and dominance in the market.

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The online distribution channel to maintain its leadership status throughout the forecast period

Based on distribution channel, the online segment held the highest market share in 2022, accounting for more than half of the global home audio components market revenue and is estimated to maintain its leadership status throughout the forecast period due to several factors. It offers unparalleled convenience, allowing consumers to browse and purchase a wide range of products from the comfort of their homes. Additionally, online retailers often provide competitive pricing, extensive product information, and user reviews, enabling informed purchasing decisions. The growing trend of e-commerce, coupled with advancements in logistics and payment systems, has further propelled the dominance of online distribution channels in the home audio components market.

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Asia-Pacific to maintain its dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly one-third of the global home audio components market revenue. However, Asia-Pacific is expected to grow at highest CAGR during the forecast period owing to rising disposable incomes, urbanization, and increasing adoption of advanced technologies, fueling the demand for home audio systems across diverse consumer demographics in the region.

Key Industry Development:

  • In September 2023, Bose Corporation introduced its QuietComfort line, the QuietComfort Ultra Headphones, Earbuds, and basic QuietComfort Headphones. These versions maintain the series for outstanding noise cancellation, high-quality music, and unparalleled comfort. Additionally, the QC Ultra variations include a luxury design and innovative Bose Immersive Audio, which improves the audio experience even further. 
  • In March 2023, Bose Corporation introduced the QuietComfort Ultra series, an upgraded version of its recognized wireless headphones and earbuds for music lovers worldwide. The new Ultra series offers advanced spatialized audio, enhanced immersion, improved noise cancellation, and a refined design made of premium materials. 
  • In April 2022, Sonos, Inc. bought Mayht Holding BV (Mayht), a producer of revolutionary audio transducer solutions. These devices are essential components of sound-generating speakers. Mayht had reengineered them to be lighter and smaller without sacrificing quality. Mayht was developing speaker technology that allows more components to be packed into smaller places while saving electricity. Market participants are concentrating on increasing their competitive edge and speeding up their future roadmap.

Leading Market Players: 

  • Bose Corporation 
  • Sony Corporation 
  • Samsung Electronics Co., Ltd. 
  • LG Electronics Inc. 
  • Apple Inc. 
  • Panasonic Corporation 
  • Yamaha Corporation 
  • Sonos Inc. 
  • Amazon.com Inc. 
  • Google LLC 

Key Benefits for Stakeholders 

  • This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets. 
  • The overall market analysis is determined to understand the profitable trends to gain a stronger foothold. 
  • The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis. 
  • The current global Home Audio Components market forecast is quantitatively analyzed from 2022 to 2032 to benchmark financial competency. 
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the Home Audio Components market. 
  • The report includes the market share of key vendors and Home Audio Components market trends. 

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Home Audio Components Market Key Segments:

By Product Type 

  • Speakers 
  • Soundbars 
  • Home Theater System 
  • Amplifiers 
  • Others 

Distribution Channel 

By Region: 

  • North America (U.S., Canada, and Mexico) 
  • Europe (UK, Germany, France, Russia, and Rest of Europe) 
  • Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific) 
  • Latin America (Brazil, Argentina, and Rest of Latin America) 
  • Middle East and Africa (UAE, Saudi Arabia, and Rest of Middle East and Africa) 

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Originally published at https://www.einpresswire.com/article/701570506/home-audio-components-market-to-reach-64-4-billion-globally-by-2032-at-11-1-cagr-allied-market-research