Hi-Fi System Market worth 16.49 Bn USD by 2022

Wednesday 25 May 2016, Amsterdam

The report, now available on ASDReports, "Hi-Fi System Market by Product (Speakers & Sound Bars, Network Media Players, Blu-Ray Players, Dvd Player, Headphones), Device (Dac, Amplifier, Preamplifier, & Receiver), Connectivity Technology, Applications, And Geography - Global Forecast to 2022 ", The Hi-Fi system market is expected to grow from USD 10.62 Billion in 2015 to USD 16.49 Billion by 2022, at a CAGR of 6.4% between 2016 and 2022.

The technological advancements in the wireless technologies have changed the way people communicate as well as listen to music. There is an increase in the demand for wireless audio devices such as speakers, sound bars, headphones, network media players, and so on since these devices allow the users to control all their music effortlessly; to use wireless Hi-Fi audio devices without any compromise and without any problem. The end users’ demand for such devices arises not only from the consumers and home applications but also from the commercial and other niche applications such as security, military, and automotive. The growing demand for infotainment services and increasing adoption of wireless devices are the major drivers for the Hi-Fi system market.

Speaker & sound bar market to play a key role in the Hi-Fi system market

The speaker & soundbar product category is expected to hold the largest market share and dominate the Hi-Fi system market between 2016 and 2022, owing to the increasing adoption of wireless devices across the globe. Huge growing preference for the wireless connectivity has put forth a fact that almost all speaker categories are now being re-designed to incorporate wireless connectivity. The Bluetooth speakers are one of the most popular categories within the wireless Hi-Fi speakers. The size, design, and connectivity make them a demanding product.

Residential application held the largest market share in 2015

The residential application is expected to hold the largest market share and dominate the Hi-Fi system market between 2016 and 2022. The wireless Hi-Fi audio products are gaining a ground from the consumers in the in-home application due to serial technological innovations in these products. Bluetooth technology is particularly incorporated in the home audio products, and the use of Wi-Fi–enabled products is also gaining the market share.

APAC expected to hold the largest market share and is expected to grow at the highest rate

APAC is expected to hold the largest market share and dominate the Hi-Fi market between 2016 and 2022. The growing population, rapid increase in the purchasing power parity (PPP), and adoption of innovative technologies are the reasons for the high growth rate in the region. However, the wireless Hi-Fi audio products are an expensive purchase decision for majority of the APAC consumers. Nonetheless, the ease of operations and portability justify their costly prices over the traditional audio systems. This is the main factor driving the growth of the Hi-Fi system market in the region.

However, the Hi-Fi system market in the North America poses a steady growth and accounts for the second-largest market. Despite being a mature market, the growth in the North American market is highly sustainable because of the presence of a large number of manufacturers in the region.

The scope of the report covers detailed information regarding the major factors influencing the growth of the Hi-Fi system market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, new product launches, mergers & acquisitions, partnerships, agreements, collaborations, and recent developments associated with the Hi-Fi system market.

The major vendors in the Hi-Fi system market include Onkyo Corporation (Japan), Bowers & Wilkins (U.K.), Bose Corporation (U.S.), Panasonic Corporation (Japan), Yamaha Corporation (Japan), DEI Holdings Inc. (U.S.), and Harman International, Inc. (U.S.) among others. These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansion to cater to the needs of the Hi-Fi system market.