CHICAGO, April 3, 2020 /PRNewswire/ -- According to a recently published research report "Hi-Fi System Market by System (Product, Device), Connectivity Technology (Wired, Wireless (Bluetooth, Wi-Fi, Airplay, Others)), Application (Residential, Automotive, Commercial, Others), and Geography - Global Forecast to 2025", published by MarketsandMarkets, the Hi-Fi system market is expected to grow from USD 13.6 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 5.2%. The growth is driven by factors such as the rise in demand for infotainment services, high spending on R&D by OEMs, innovations in wireless audio technology, and increasing adoption of portable devices.
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Hi-Fi system market for product segment expected to grow at the highest CAGR during the forecast period
Based on the system, the market has been divided into products and devices. The product segment, which includes speaker & soundbar, CD player, DVD player, Blu-ray player, network media player, turntable, headphone & earphone, and microphone products, has a higher market share currently and expected to grow at the higher rate during the forecast period. Of these, the speaker & soundbar segment holds the largest share of the Hi-Fi system market. Speakers and soundbars are compatible with TV sets, smartphones, music systems, gaming consoles, etc., and can be connected to them through different media sources such as High-Definition Multimedia Interface (HDMI), Bluetooth, Wi-Fi, and Universal Serial Bus (USB). Due to their portability and ease of use, wireless speakers and soundbars are getting immensely popular.
Wireless connectivity technology is expected to grow at higher CAGR from 2020 to 2025
The rising adoption of wireless audio systems is expected to drive the market for Hi-Fi systems during the forecast period. The growth of this segment can be attributed to the initiatives undertaken by manufacturers to increase the throughput of wireless audio devices equipped with various advanced technologies that are used in consumer electronics. Wireless technologies have started gaining momentum in the market as they do not require renovation or reconstruction, and minimize the requirement of wires.
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"APAC expected to grow at highest CAGR during the forecast period
The Hi-Fi system market is rapidly expanding in APAC. Vast customer base and increasing purchasing power of consumers are the major factors contributing toward the growth of the market in APAC. The growing popularity of wireless connectivity technology and the increasing requirement for mobility are also driving the demand for Hi-Fi systems in this region.
Some of the key companies operating in the market are Samsung Electronics Co. (South Korea), Sony Corporation (Japan), Apple Inc. (US), Bose Corporation (US), Sennheiser Electronic GmbH & Co. KG (Germany), LG Electronics (South Korea), Panasonic Corporation (Japan), DEI Holdings, Inc. (US), Yamaha Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Onkyo Corporation (Japan), and Sonos, Inc. (US).
Related Reports:
Wireless Audio Device Market by Product (Speaker Systems, Soundbars, Headsets, Headphones, Microphones), Technology (Bluetooth, Wi-Fi, AirPlay), Application (Home Audio, Consumer, Commercial), Functionality, Region - Global Forecast to 2025
Audio Amplifier Market by Channel Type (Mono, Two, Four, Six), Device (Smartphones, Television Sets, Desktops & Laptops, Home Audio Systems, Professional Audio Systems, Automotive Infotainment Systems), End-user Industry, Region - Global Forecast to 2024
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