Global Home Audio Equipment Market Seen Soaring 11.38% Growth to Reach USD 70.45 Billion by 2030, Projects Univdatos Market Insights

Key Highlights of the Report:

Ø Sony announces the release of its highly anticipated flagship home audio system, the Sony HT-A7000, featuring 7.1.2 channels, Dolby Atmos, and DTS:X support.

Ø Smart homes incorporating advanced home entertainment systems are becoming very popular and have features like voice-controlled speakers, immersive audio solutions, and integrated streaming platforms. This provides users with a seamless entertainment experience throughout their homes.

Ø Digital media usage has grown by 33.4% globally in 2021, driven by original content releases, international sporting events, and federal elections in several top 20 global media markets. Moreover, a significant rise has been reported by the companies of Over-The-Top (OTT) streaming services like Netflix, Amazon Prime Video, and Disney+ as preferred choices for consuming movies, TV shows, and original content from home.

Ø The surge in podcast consumption, with more people opting for on-demand audio content on platforms like Spotify, Apple Podcasts, and Google Podcasts as well as growing interest in live sports streaming, as platforms like ESPN+, CBS All Access, and DAZN offer sports enthusiasts the ability to watch games and matches from the comfort of their homes is driving up the demand for the home audio equipment in the market.

According to a new report by Univdatos Market Insights, the Global Home Audio Equipment Market, is expected to reach USD 70.45 Billion in 2030 by growing at a CAGR of 11.38%. The primary reason for the growing traction of home audio equipment includes the growing demand for immersive audio among consumers. Furthermore, Innovation in wireless connectivity, smart technologies, voice assistants, and Internet of Things (IoT) integration are driving the adoption of home audio equipment. Moreover, with the astronomical rise of streaming platforms, such as music and video-on-demand services, there is a higher demand for quality audio systems to enjoy multimedia content at home. Additionally, increasing disposable income globally is enabling consumers to invest in premium home audio equipment. These are some of the factors translating to the increased demand of the home audio equipment market and this rise in demand can also be assessed from the increasing product launches and investments that are undergoing in this space. For instance, in March 2023, Sonos announced its new range of wireless speakers Sonos Lera 100 and Era 300. Both Sonos Era speakers can function as smart speakers with Amazon Alexa.

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The report suggests that the Continuous Development of technology and rising OTT (Over the Top) and live streaming consumption is leading to the expansion of home audio equipment applications are some of the major factors driving the Home Audio Equipment Market during the forthcoming years. Furthermore, digital media consumption has led to a greater emphasis on immersive audio experiences through formats like Dolby Atmos and DTS:X. Consumers are seeking home audio equipment capable of delivering such experiences. Moreover, rising disposable income levels in many regions have allowed consumers to allocate more funds for entertainment and luxury goods, including home audio equipment.

Figure 1: Audio and video have driven global digital media consumption to new heights.

The expanding use of soundbars in homes is Generating the Maximum Traction for Home Audio Equipment in the Market

The primary factors that are responsible for this elevated growth rate of the soundbar segment include the rising demand for enhanced audio experience due to soundbars’ ability to provide an improved audio experience compared to traditional speakers. Furthermore, the growing popularity of soundbars is also due to the increasing demand for high-quality audio solutions and smart audio/video devices. Soundbars are a cost-effective alternative to stereo sound systems that drastically improve the audio quality in the user’s living room, meeting/conference room, or home theater. The primary reason behind the increasing adoption of soundbars is their ability to stream audio content wirelessly and enhance the overall sound experience. Moreover, rapid technological advancement, growing internet penetration, digital transformation of the broadcasting industry, increasing number of smart homes, and declining product prices also contribute to the growing demand for soundbars. This elevated demand has further encouraged the companies operating in this segment to develop and launch various new products. For instance,

• For instance, in June 2023, Sony launched a new HT-S2000 soundbar in India with a 5.1 channel & and Dolby Atmos.

• For instance, in May 2023, Samsung announced the launch of its Samsung HW-Q900C: this soundbar is part of Samsung’s flagship Q-series line, offering premium, expertly crafted soundbars for powerful and immersive sound quality.

For a detailed analysis of the Global Home Audio Equipment Market browse through – https://univdatos.com/report/home-audio-equipment-market/

Conclusion

The rising demand for home audio equipment on a global scale can largely be credited to the increased consumption of digital media, including OTT platforms, live streaming, and gaming. As the popularity of these mediums continues to soar, consumers are seeking immersive and high-quality audio experiences at home. With technological advancements making audio solutions increasingly accessible, the market for home audio equipment is poised for significant growth in the coming years. Aspiring for unparalleled entertainment experiences, consumers worldwide are investing in home audio setups that provide a gateway to rich and realistic soundscapes.