Increasing popularity of audio technologies including include Blu-ray players, HTiB (Home Theater in-a-Box), wireless speakers, A/V receivers and speakerbars are expected to drive the market over the forecast period. Evolution of realistic home audio devices is expected to be a key factor driving the market demand over the next five years. Increasing consumer demand for high quality home theatre is expected to fuel the market growth. Additionally, increased disposable income is expected to provide positive avenues to market demand over the forecast period. Abridged manufacturer focus on sound quality in televisions is expected to boost the demand for external audio devices which in turn likely to enhance the market demand in near future. Increasing sales of LED, LCD and other flat-panel televisions are expected to augment the market growth over the near future. Emergence of dedicated speaker docks and networked speakers is expected to fuel consumer spending on home audio devices for high performance.
Manufactures and suppliers of these devices have been striving to broaden the market by making equipments visually less intrusive and user friendly. Increasing need for portable audio devices which have the capability of streaming high quality audio content from integrated USB devices and internet is expected to drive the market over the forecast period. Technological advancements with media changing options from common to modern systems is expected to widen the market over the next five years.
The home audio equipment market is classified on the basis of product type which includes HTiB, home radios, audio systems and other audio accessories such as microphones, set top boxes, headphones, subwoofers as well as speakers. HTiB includes DVD or Blu-ray player, surround sound speakers and multi-channel amplifier. Additionally, HTiB includes 6.1, 5.1, 9.1 and 7.1 channels. The home audio equipment segment includes CD/DVD players, compact audio systems, mini disc players, rack system, cassette deck and MP3 players. Increasing wireless devices is expected to influence the market owing to increasing user inclination towards unrestricted mobility, high quality sound and appealing designs. Increasing Bluetooth devices is expected to provide positive avenues to the wireless speaker market over the next five years. Additionally, wireless Blu-ray home theater devices with multi-room home audio system and on-demand content is expected to boost the market growth over the forecast period.
North America and Europe markets have been witnessing strong growth over the recent past, and the trend is expected to continue over the next five years. Manufactures in South Korea, Japan and China is the key source of audio and video products supplied in the U.S. Asia-Pacific is expected to grow significantly owing to growing infrastructure, urbanization trends and technological advancements in developing countries such as India and China. Device networking and streaming are the two major factors expected to drive the market growth in Asia Pacific region.
Some key players include Sharp Corporation, Sony Corporation Pioneer Corporation, Onkyo, Sanyo Electric Co., Nakamichi Corporation, Bose Corporation, Panasonic, Akai Electric Co. and Dolby Laboratories Inc. The major players such as Bose Corporation and Sony Corporation are focused on developing the wireless connectivity to enhance their business performance. Market participants enter into mergers & acquisitions to sustain in the market. Product specifications such as innovative designs, customizable options, digital connectivity features, aesthetics and price are expected to influence market growth.
Research Support Specialist, USA