Global home audio equipment market
The global home audio equipment market is heavily influenced by consumer preferences and technology trends, with differing trends in each geographical region. While the growth of the home audio equipment market in each country will vary based on local factors, the global market will register a CAGR of 3.7% between 2013 and 2019. By the end of 2019, home audio equipment will be a US$20.68 billion market.
From the geographic standpoint, the largest stake in the home audio equipment market was held at Europe in 2012. North America came a close second. In these two regions, consumers are quick to adopt entertainment products based on cutting-edge technology. This includes products such as smartphones, Blu-ray players and televisions.
But the latest market research tells us that the fastest growth in this market will be seen in the Asia Pacific region. The estimated CAGR of the home audio equipment market for the Asia Pacific region will likely be around 5.7% between 2013 and 2019. This will largely be made possible by the robust electronics industry in Korea, Japan, China, and India, where a number of new manufacturing facilities are being established.
In the past decade, sales of home audio systems have risen because more and more people from emerging economies are able to afford them. Moreover, breakthroughs in music streaming and music on demand services have played a central role in driving the global market for home and audio equipment. It is now imperative that home audio equipment is compatible with consumer electronics such as smartphones, televisions, computers and video games.
Other trends that will have a bearing on the global home audio equipment market include an increased uptake of large and medium-sized plasma televisions, LED TVs and LCDs. However, consumers are also increasingly demanding electronics that are space efficient and do not consume excess energy.
As a result of consumers demanding features such as surround sound and powerful audio, the uptake of accessories such as subwoofers, speakers, microphones, amplifiers and others has seen a spike. In fact, this segment was the largest within the larger home audio equipment market with a 31.5% share. Market analysts pin this dominance down to the growing usage of mobile devices.
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