Home Audio Equipment Market By Product Type (Home Theatre Systems, Soundbars, and Blu-ray and DVD Players), and Sales Channel (Retail Channel and Online/E-commerce Channel) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023
This report analyses the global home audio equipment market regarding product type, sales channel, and geography. Based on product type, the market is segmented into home theatre systems, soundbars, and Blu-ray and DVD players. Additionally, based on the sales channel, the market is segmented into retail and online/e-commerce. Finally, the geographical distribution of the global home audio equipment market considered in this study encompasses regional markets such as North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Rising discretionary income resulting in increased consumer spending on audio equipment and accessories and the emergence of innovative audio products incorporating technologically advanced features are expected to drive home audio equipment sales during the forecast period of 2016–2023. However, the availability of low-quality, low-cost substitutes poses a considerable challenge to the market's growth, especially in emerging economies in Asia and the Rest of the World, where the market is still largely unorganized.
1.1 Report Description
Purpose of the Report
The purpose of this strategic research study titled "Global Home Audio Equipment Market: Growth, Share, Opportunities, and Competitive Analysis, 2016–2023" is to offer industry investors, company executives, and industry participants in-depth insights to enable them to make informed strategic decisions related to the opportunities in the global home audio equipment market.
Target Audience
Industry Investors
Home audio equipment manufacturers
Mobile and Media Device Manufacturers
Distributors
End-users
Overall, the research study provides a holistic view of the home audio equipment market, offering market size and estimates for 2013 to 2023, keeping in mind the above-mentioned factors.
Based on product type, the global home audio equipment market is categorized into the following segments:
Soundbars
Home Theater Systems
Blu-ray and DVD players
In 2015, Blu-ray and DVD players dominated the global home audio equipment market. The segment accounted for over half of the global home audio equipment revenue in the same year. DVD players, being the traditional and most widely known audio products in both developed and developing countries, account for the majority of the market's revenue share. The trend shall prolong, and the segment is expected to hold on to its leading position through 2023. On the other hand, soundbars are forecast to register the highest adoption rate, outpacing Blu-ray and DVD players during the forecast period.
Soundbars consume comparatively less space and offer better sound quality than DVD players. Furthermore, with the advancements in technology, manufacturers across the globe are developing soundbars that incorporate features like noise cancellation and Bluetooth. Consequently, the average selling prices of soundbars have witnessed an upsurge, which is expected to have a positive impact on the revenue share of the segment.
Based on sales distribution channel, the global home audio equipment market is categorized into the following categories:
Retailers
E-commerce/Online
In the base year of 2015, the sale of home audio equipment, including home theatre systems, soundbars, Blu-ray players, and DVD players, was the largest through the retail channel. The segment accounted for around three-fourths of the global home audio equipment market's revenue in the same year. Even though retail distribution plays a crucial role in the sale of home audio equipment, it is anticipated that the sale of home audio equipment would probably increase through the online/e-commerce channel than the retail channel.
The anticipated growth in the sale of home audio equipment through the online channel would be driven by the proliferation of e-commerce and the convenience offered in a purchase.
On the basis of geography, the global home audio equipment market is segmented into the following regions and countries:
North America
U.S.
Canada
Europe
United Kingdom
France
Germany
Rest of Europe
Asia Pacific
Japan
China
India
Rest of Asia Pacific
Rest of the World
Latin America
Middle East and Africa
As of 2015, the global home audio equipment market was led by developed regions, including North America and Europe. The regions collectively accounted for around two-thirds of the global home audio equipment market's revenue in the same year. The growth in these regions can be collectively credited to the large base of music-savvy consumers, technology advancements, a steady rise in consumer spending on audio equipment and accessories, and the growing demand for high-definition ultra-flat panel televisions.
Asia Pacific, which currently accounts for just over one-fifth of the global market revenue, is presumed to witness strong growth during the forecast period. Evolving digital habits of consumers and rising discretionary incomes of people in the region are expected to drive sales of home audio equipment during the forecast period.
Frequently Asked Questions:
The market for Home Audio Equipment Market is expected to reach US$ 24.3 Bn in 2023.
The Home Audio Equipment Market is expected to see significant CAGR growth over the coming years, at XX%.
The report is forecasted from 2016 To 2023.
The base year of this report is 2015.
Dolby Laboratories Inc., LG Electronics Inc., Sony Corporation, Sharp Corporation, Panasonic Corporation are some of the major players in the global market.
