The home audio equipment market size is set to exceed USD 20 billion by 2024, with shipments forecast to surpass 150 million units by 2024; according to Global Market Insights. The market is expected to grow owing to the growing penetration of IoT technology across the globe. With the introduction of IoT, consumers are increasingly demanding the devices compatible with multiple other devices to increase convenience and enhance experience. With the proliferation of this technology, the demand for audio devices that perform such functions is expected to propel the home audio equipment market growth.
Growing focus on wireless capabilities in these devices is gaining consumer attention. Growing popularity of technologically advanced products such as voice-enabled speakers is expected to challenge the traditional speakers and sound bar growth. Wireless technology enabled gadgets are expected to gain substantial share owing to increasing operability and compatibility of these devices with other devices. High degree of standardization offered in wireless protocols is expected to benefit the wireless home audio equipment market growth. The demand for wireless receivers is expected to witness considerable increase, owing to increasing availability of high-resolution products such as 4K ultra high definition TV, thus propelling the home audio equipment market growth. Furthermore, the growth is propelled by the growing demand for the connected music systems that use the A/V receivers.
The mid-price home audio equipment market segment is expected to grow at a significant rate over the future, owing to the rising adoption in the Asia Pacific region. The region is experiencing economic growth leading to rising disposable income that is leading to increased spending in leisure products including personal and home audio electronics. Moreover, the customers in the region are replacing the low-priced devices with the average pricing products and the traditional systems with the wireless High-Fi systems, thus propelling the home audio equipment market growth.