The home audio equipment market is estimated to expand at a substantial rate on the back of robust demand for advanced audio-visual equipment and solutions. Increasing worldwide popularity of video-on-demand services has led consumers to use high-quality audio-visual equipment. More number of people are subscribing to services like Netflix and Amazon Prime, which is anticipated to fuel the demand for home audio equipment such as home theatres and soundbars.

Wireless communication technologies and wireless connected audio devices are witnessing substantial demand as they can be easily connected to other systems without the problem of wired cable links. Voice based assistant systems are also finding more popularity. Rising use of smart speakers in developing and developed nations is expected to boost industry outlook.

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Essentially, firms operating in the home audio equipment market are working on integrating advanced technologies like Bluetooth and AI connectivity into the systems and are launching innovative solutions. For example, in 2020, Philips announced the launch of three new party speakers and six new soundbars having enhanced features. Given to such developments, Global Market Insights, Inc., reports that the home audio equipment industry is expected to grow over USD 45 billion by 2027.

Mentioned below are some of the key trends driving home audio equipment market expansion:

High demand for smart speakers

There is a surge in demand for speakers given the trend of AI technology-based speakers throughout the globe. Many companies are offering smart speakers which let users play music, make restaurant reservations, and turn on lights. Smart speakers are integrated with deep learning technology which identifies sound patterns and other data, hence making the interface user-friendly. The adoption of voice recognition technology in speakers enables people to use their voice to give commands to the system. The voice assistant technology recognizes the user’s voice via natural language processing and performs tasks according to the user’s command.

Increasing usage of video-on-demand services in North America

North America is experiencing rising popularity of video-on-demand services. Companies like The Walt Disney Company, Netflix, and Hulu are emerging as dominant players in the video-on-demand industry. People are opting for high-end home theatre systems that enable them to enjoy a better viewing experience at home. Meanwhile, soundbars are allowing high quality audio delivery and in turn, enhancing the audiovisual experience. The growing number of people watching on-demand content is likely to drive the regional home audio equipment market share.

Growing adoption of online retailing

E-commerce players such as eBay and Amazon.com Inc are adopting online retailing and offering an extensive range of products on their portals. The COVID-19 pandemic has given a boost to online retailing as consumers prefer to buy products online to follow social distancing. Furthermore, various offers and discounts given by e-commerce firms encourage people to shop online. Easy product replacement policies have also propelled online retailing in recent years, as well as the availability of high quality, advanced home audio products online.

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Table of Contents (ToC) of the report:

Chapter 1   Methodology & Scope

1.1    Scope & definitions

1.2    Methodology and forecast parameters

1.3    COVID impact

1.3.1    North America

1.3.2    Europe

1.3.3    Asia Pacific

1.3.4    Latin America

1.3.5    MEA

1.4    Data sources

1.4.1    Secondary

1.4.2    Primary

Chapter 2   Executive Summary

2.1    Home audio equipment market 360⁰ synopsis, 2016 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Technology trends

2.1.4    Distribution channel trends

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