The global home audio equipment market is expected to register a CAGR of over 16 percent during 2018–2022. 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 United States of America, the household income has been increasing on a yearly basis and not impacted by the decline in the earnings growth rate. Growing demand for customized home theater systems is one of the key emerging trends in the 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. Home theater systems are not a viable option for the middle-income segment because of their high cost.
Segmentation analysis. The global home audio equipment market is segmented into 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 percent 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 percent. The Americas held the highest share of the global home audio equipment market in 2017, accounting for a market share of approximately 47 percent. The market share occupied by this region is anticipated to decrease by almost 4 percent by 2022. However, the Americas will dominate the global market.