DUBLIN–(BUSINESS WIRE)–Dec 22, 2021–
Amid the COVID-19 crisis, the global market for Home Audio Equipment estimated at US$23.6 Billion in the year 2020, is projected to reach a revised size of US$61.3 Billion by 2027, growing at a CAGR of 14.6% over the analysis period 2020-2027.
Home Theater Systems, one of the segments analyzed in the report, is projected to record a 12.8% CAGR and reach US$23.5 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Speakers segment is readjusted to a revised 16.9% CAGR for the next 7-year period.
The U.S. Market is Estimated at $6.4 Billion, While China is Forecast to Grow at 21.3% CAGR
The Home Audio Equipment market in the U.S. is estimated at US$6.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$16.3 Billion by the year 2027 trailing a CAGR of 21.3% over the analysis period 2020 to 2027.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.9% and 12.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.5% CAGR.
Sound Bars Segment to Record 13.8% CAGR
In the global Sound Bars segment, USA, Canada, Japan, China and Europe will drive the 13% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.9 Billion in the year 2020 will reach a projected size of US$9.1 Billion by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$9.2 Billion by the year 2027, while Latin America will expand at a 15.8% CAGR through the analysis period.
Select Competitors (Total 119 Featured):
- Bose Corp.
- Boston Acoustics
- Bowers & Wilkins
- Creative Technologies, Ltd.
- Denon Electronics (USA), LLC
- Harman International Industries, Inc.
- JVCKENWOOD USA Corp.
- Klipsch Group, Inc.
- LG Electronics
- Nakamichi Corp.
- Panasonic Corp.
- Polk Audio
- Samsung Electronics Co., Ltd.
- Sharp Corp.
- Sonos, Inc.
- Sony Corporation
- Velodyne Acoustics, Inc.
- VIZIO, Inc.
- VOXX International Corp.
- Yamaha Corp.
- Yamaha Corporation of America
- Influencer Market Insights
- World Market Trajectories
- A Quick Market Primer
- Product Innovations and Latest Technologies to Drive Home Audio Equipment Market
- Home Theater-In-a-Box Holds Strong Potential for Growth
- Recent Market Activity
- Unit Shipments for Home Audio Systems and HTiB
- Home Audio Equipment Market Witnesses Resurgence
- Emerging Segments
- Millennials Uplift New and Advanced Trends for Home Audio Technology
- Floor-Standing Speakers
- Type-C USB Connector
- Ultra HD Premium Badge
- 4K Blu-ray
- Product Factors Influencing the Market
- A Peek into Consumer Behavior
- Buyer Behavior towards Audio Systems
- Types of Home-Theater Consumers
- Competitive Landscape
- Impact of Covid-19 and a Looming Global Recession
2. FOCUS ON SELECT PLAYERS
3. MARKET TRENDS & DRIVERS
- Demand for High Quality Audio Systems on the Rise
- Technological Advancements Catalyzes Growth in Home Audio and Theater …….