Global Home Audio Equipment Market to expand $24 bn by 2022: Fractovia.org
According to the new market research report “Home Audio Equipment Market Size By Product (Home Radios, Home Theater in-a-box (HTIB), Home Audio Speakers & Systems), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2015 – 2022”, by Global Market Insights, Inc. says that home audio equipment market to exceed revenue of USD 23.97 billion by 2022, at 4% CAGR from 2015 to 2022. Global home audio equipment market has observed a major paradigm shift as wireless technology has canopied the world. The convergence of wireless technology with audio systems has offered a perfect blend of portability, enhanced hearing experience, and convenience. The ever-evolving technology and high consumer expectations have generated a positive impact on this industry.
Digital audio technology occupies a large portion of overall home audio equipment industry in comparison to analog audio technology which holds a smaller stake of the market. Home audio speakers, a major product of home audio equipment market, has been driving the business space owing to its portable connectivity with Bluetooth devices. MP3 players, CD/DVD players, rack systems, and mini disc players are among the trending home audio speakers and systems. Home theater in-a-box (HTIB) is another lucrative product gaining remarkable popularity with its high-quality sound and unrestricted mobility features. HTIB market is estimated to surpass USD 6.5 billion by 2022, at a CAGR of 5.8% over the period of 2015-2022. Home theaters play a vital role in the smooth functioning of smart homes, as these home audio systems are connected with smart TVs and game consoles to create a theater-like experience at home. Improved spending capacity on smart homes and hitech devices has led to a momentous spur in home audio equipment industry. Moreover, emerging technologies, such as Barco Auro, Dolby Atmos, and DTS Neo are providing spherical audio for acoustic spaces and sophisticated music experience, which will further uplift the industry growth. Taking into consideration the geographical perspective of home audio equipment market, Europe is leading the regional landscape with rising adoption of home theaters for residential and commercial spaces. Europe home audio equipment market, worth
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