Global Home Audio Equipment Market share to reach $24bn by 2022: Global Market Insights Inc. 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” Global Home Audio Equipment Market forecast to grow at a CAGR of 4% from 2015 to 2022, As per a report by Global Market Insights, Inc. An upswing in global economy has led to a huge sophisticated consumer base. The ever-evolving entertainment industry is estimated to register a global revenue of approximately USD 1.8 trillion by 2017, with electronics & media market sharing a major portion of this yield. Home audio equipment market looks poised to embark its significant presence across the electronics & media industry. Growing consumer inclination towards technologically advanced devices and a noticeable surge in the purchasing power of the consumers will primarily drive the home audio equipment market size over the coming years.
Evolving technology and consumer expectations have highly influenced the home audio system market size. Though traditional analog audio systems still share a small portion of the overall home audio equipment market landscape, a large portion has already been captivated by the digitized networked audio technology, which are portable, affordable, efficient, and hi-tech as compared to the former. Wireless technology is transforming the global home audio equipment business space. This technology enhances the customer experience by offering a perfect blend of portability, simplicity, and convenience. Home audio speakers, a major component of the home audio equipment market, has been under a high influence of the growing trend of wireless technology. Home audio speakers & systems contributed towards 25% of the overall home audio equipment market share, and is expected to witness a CAGR of 3% over 2015-2022. Home theatre in-a-box or HTIB is another lucrative component contributing towards home audio system market size. The growth can be attributed to the high-quality sound and portability features offered by this system. HTIB market share is anticipated to be worth USD 6.5 billion by 2022, registering a CAGR of 5.8% over 2015-2022. The penetration of mobile devices such as smartphones and laptops is changing the home audio landscape. Technology giants like Samsung, Sony, Bose, LG, Panasonic, 1|Page