NEW YORK, USA, Jan. 13, 2022 /EINPresswire.com/ — Presentation —
The aim of this study is to provide detailed verification of the market, including key information, facts, historical data, industry validated market statistics, and projections based on a reasonable set of assumptions and methodologies. . The Home Audio Equipment market study includes the development characteristics of the market along with the major issues and restraining factors that might hinder the growth of the industry. This research will help new market entrants and established businesses plan for future challenges and opportunities to expand their market share. These forecasts can help you better understand the future possibilities of the market.
According to Verified Market Research, Global Home Audio Equipment Market was valued at 20.6 Billion US$ in 2019 and is projected to reach a value of 28.2 Billion US$ by 2027 at a CAGR of 4.0% between 2020-2027.
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Due to the growing popularity of electronic music technology, the booming home audio equipment industry is expected to increase rapidly. Manufacturers’ reduced focus on the quality of audio systems built into new televisions is expected to increase the demand for external audio solutions in the home audio industry. Likewise, the increasing use of wireless devices to stream music or chat with others, as well as the convenience of digital connections to iPods and other portable media players, should contribute to consumer interest in equipment home audio. In the coming years, the growing popularity of e-commerce sites that offer a wide selection of used home audio equipment is likely to improve used audio system sales.
Drivers and Trends –
The research includes an in-depth examination of the various elements contributing to the growth of the Home Audio Equipment Market. It contains industry-specific growth potential, drivers, restraints, challenges, and risks, and opportunities that could negatively or positively impact the market. Each component has been carefully reviewed to provide a complete and accurate picture of the market.
North America is expected to be the fastest growing region in the global home audio equipment market over the forecast period. This is due to the presence of major manufacturers in the region, such as Bose Corporation and Dolby Laboratories Inc.
During the projected period, Europe is expected to experience high growth rate in the global home audio equipment market. This is due to increased disposable income and increased customer interest in wireless soundbars in the region. Also, increasing investment in consumer electronics is expected to accelerate the growth of the regional market in the near future.
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Market dynamics –
During the projected period, the global home audio equipment market is expected to rise owing to the growing number of smartphone users. According to the Pew Research Center, in 2018, 76% of adults in the UK owned a smartphone. Moreover, the growth in disposable income contributes to the expansion of the market. Personal income in the United States increased by $106.8 billion (0.6%) in February 2020, while personal disposable income increased by $88.7 billion (0.5%) and spending personal consumption increased by $27.7 billion, according to the Bureau of Economic Analysis (0.2%). ).
For companies in the global home audio equipment market, the growing e-commerce sector is likely to offer lucrative growth prospects. According to the India Brand Equity Foundation, e-commerce activity in India is expected to grow from US$38.5 billion in 2017 to US$200 billion by 2026. Additionally, the onset of Covid-19 and the Increasing investments in OTT platforms are expected to drive the growth of the market. Toonz Media Group, for example, partnered with digital content distribution platform OTTera in December 2020 to provide technology support for the Group’s newest OTT platform.
Competitive landscape –
Akai Electric Co.Ltd
Dolby Laboratories Inc.
Sanyo Electric Co.Ltd.
JVC KENWOOD Holdings Inc.
Koninklijke Philips Electronics NV
LG Electronics Inc.
Home Audio Equipment Market Taxonomy
By product type:
· Home theater in a box: 5.1ch, 6.1ch, 7.1ch, 9.1ch.
Home audio systems
Other home audio accessories
Regional overview –
The Home Audio Equipment Market study provides insight into the market analysis and forecast on a regional and global scale. The document delves into the many growth opportunities and recent trends in five regions: Asia-Pacific (APAC), North America, Latin America, Europe, and Middle East and Africa (MEA). An in-depth analysis of the current trends, forecasts and various prospects that are expected to have a favorable impact on the market in the long term has been conducted across all regions. The report also includes the latest data on the technological advancements and growth opportunities in the context of the regional scene.
Research method –
The report has been assembled on the basis of the synthesis, analysis, and interpretation of the data accumulated regarding the parent market from various resources. In addition, a study has been carried out on the economic conditions and other economic indicators and factors to assess their respective impact on the Home Audio Equipment market, as well as the current impact, in order to make strategic and informed forecasts on market scenarios. This is mainly due to the untapped potentials present in developing countries, in terms of product prices and income generation.
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Reason for purchase
– By analyzing growth, size, leading companies, and segments of Home Audio Equipment Market and Home Audio Equipment Market, you can save time and money while researching entry level.
– In order to help organizations realign their business strategy, this report highlights critical business priorities.
– The key findings and recommendations in the Home Audio Equipment market illustrate important progressive industry trends, helping players to establish effective long term strategies.
– Develop / modify business expansion strategies that take advantage of significant growth opportunities in developed and emerging regions.
– Examine in depth the trends and outlook of the global market, as well as the driving and limiting factors of the market.
– Understanding the tactics that support business interest in terms of products, segmentation and verticals can help you make better decisions.
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