The global home audio equipment market is expected to register a CAGR of over 16% during the period 2018-2022, according to the latest market research report by Technavio
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Technavio has published a new market research report on the global home audio equipment market from 2018-2022. (Graphic: Business Wire)
A key factor driving the market's growth is the rise in disposable income. The increase in the disposable income of the consumers across the globe will drive the home audio equipment market as it increases the purchasing power of the consumers, allowing them to choose products that were previously beyond their means. In developed countries such as the US, the household income has been increasing on a yearly basis and not impacted by the decline in the earnings growth rate.
This market research report on the global home audio equipment market 2018-2022provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growing demand for customized home theater systems as one of the key emerging trends in the global home audio equipment market:
Global home audio equipment market: Growing demand for customized home theater systems
The demand for customized home theater systems is gaining traction in the home audio equipment market. At present, a few companies offer such services at premium prices compared with home theater systems offered by established brands. For instance, a major player in the market builds personalized home theater systems for a major community, the luxury builders' market, and their customers.
"Home theater systems are not a viable option for the middle-income segment because of their high cost. Builders do not install or include such services in their projects because of the lack of return on investment. Thus, a key vendor offers turnkey solutions to these builders, allowing them to quantify their investments. The company develops complete home theatre packages in three different categories," says a senior analyst at Technavio for research onconsumer electronics.
Global home audio equipment market: Segmentation analysis
This market research report segments the global home audio equipment market into the following products (home theater system, smart speakers, and sound bars) and key regions (the Americas, APAC, and EMEA).
The home theater system segment held the largest market share in 2017, accounting for nearly 43% of the market. However, the smart speakers segment will surpass this product to become the dominant product segment by 2022, projecting an increase in market share of about 18%.
The Americas held the highest share of the global home audio equipment market in 2017, accounting for a market share of approximately 47%. The market share occupied by this region is anticipated to decrease by almost 4% by 2022. However, the Americas will dominate the global market throughout the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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