Global Hemodynamic Monitoring Devices Market Size, Share & Industry Trends Analysis Report By Product (Monitors and Disposables), By System Type (Non-Invasive, Minimally Invasive and Invasive), By End Use, By Regional Outlook and Forecast, 2023 - 2030

Global Home Audio Equipment Market Size, Share & Industry Trends Analysis Report By Technology (Wireless, and Wired), By Distribution Channel (Online, and Offline), By Type, By Regional Outlook and Forecast, 2023 - 2030

The Global Home Audio Equipment Market size is expected to reach $65.7 billion by 2030, rising at a market growth of 11.7% CAGR during the forecast period.

Due to developments in digital audio technology and a shift in consumer preferences from traditional to contemporary audio systems. Thus, the North America region captured $8,546.6 million revenue in the market in 2022. Additionally, the rising demand for portable home audio devices that can handle USB drives and access high-quality audio content from the internet is encouraging the market's expansion. As part of their efforts to increase their market penetration in their respective regions, suppliers and makers of home audio equipment have made user-friendly and less visually intrusive changes to their systems. Throughout the predicted period, these advantages would further support the expansion of the regional market.

The major strategies followed by the market participants are Partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In August, 2023, Cambridge Audio formed a distribution partnership with BusiSoft AV, to expand their presence in the region. Additionally, In June, 2023, Dolby Laboratories, Inc. came into an agreement with Cinepolis, to enhance the cinema industry worldwide through excellence and innovation, and this collaboration with Cinepolis brings closer to achieving that objective.

Based on the Analysis presented in the KBV Cardinal matrix; Harman International Industries, Inc. is the forerunner in the Market. In March, 2023, HARMAN International Industries partnered with Infor, to modernize their data platforms and strategies using customer-centric services and solutions. Companies such as LG Corporation, Bose Corporation, Dolby Laboratories Inc. are some of the key innovators in the Market.

Market Growth Factors:

Rising demand for home audio networking

Home audio networking is the term used to describe a network of speakers spread around a house and audio devices (TV, computer, stereo, etc.). It is also known as whole-house audio or whole-home audio. Home audio networking systems offer a convenient way for users to connect and control audio devices throughout their homes. Wireless connectivity allows for hassle-free setup and use, eliminating the need for complex wiring. The limitations of conventional analog audio systems may be exceeded via audio networking, leading to more efficient and compelling features and functionality and more cost-effective designs. These elements are, therefore, anticipated to fuel the market throughout the forecast period.

Accelerating smart home integration

The development of the market has been significantly impacted by smart home integration. The way individuals interact with and utilize audio equipment in their homes has changed. Smart home audio systems often provide multi-room audio playing, enabling users to play music in various rooms simultaneously or separately. Using voice commands to control audio systems because of integration with voice assistants makes the process more user-friendly and hands-free. This capability has become a key selling point for many smart audio products. The data that can be gathered by smart audio devices about user preferences or usage patterns can be utilized to tailor recommendations and enhance the audio experience. Therefore, it is predicted that the market will support market expansion.

Market Restraining Factors:

Hearing loss and rf spectrum limits for wireless audio devices:

The long-term effects of audio equipment turned up loud enough to drown out background noise are a significant source of concern. The ears can receive sound directly from wireless audio equipment like earbuds and headphones. The temptation to listen at loud volumes for extended periods may exist among users, which can eventually harm their hearing. Noise-induced hearing loss (NIHL) can be brought on by prolonged exposure to loud noise, even at modest intensities. Over time, hearing loss is brought on by noise levels above 85 dB. There are restrictions on the radio frequency spectrum that apply to wireless audio devices. Regulations may make it challenging to use wireless audio equipment in the house. The growth of the market is anticipated to be constrained by all of these factors throughout the estimated period.

Technology Outlook:

On the basis of technology, the market is fragmented into wired and wireless. The wireless segment witnessed the largest revenue share in the market. Wireless audio systems frequently provide multi-room functionality, allowing users to create various audio zones or play synchronized audio in multiple rooms. Wireless speakers connected to a central system or networked devices enable users to transmit audio to numerous home rooms while managing audio playback from a single device or application. These elements would support the segment's growth even more over the projection period.

Distribution Channel Outlook:

Based on the distribution channel, the market is classified online and offline. The offline segment recorded a remarkable revenue share in the home audio equipment market in 2022. Home appliances, electronics, and audio equipment retailers with brick-and-mortar locations are where customers prefer to make in-person purchases. These retail establishments frequently offer departments or sections devoted to home audio equipment, including speakers, headphones, receivers, amplifiers, and soundbars. These retail establishments offer various audio equipment, ranging from entry-level to high-end devices, at different prices and brands. These advantages would further support the segment's expansion throughout the predicted period.

Type Outlook:

Based on type, the market is segmented into home theater in-a-box, home audio speakers & systems, home radios, and others. In 2022, the home audio speakers & systems segment held the highest revenue share in the market. Over time, there has been a significant advancement in home audio speakers and systems. Smart home connectivity and voice control for audio systems have been made possible by developing smart gadgets and voice-controlled assistants like Amazon Echo and Google Home. Users can engage with various smart devices in their homes using voice commands to operate their audio systems, stream music, and listen to music. These elements would further support the segment's expansion throughout the projected period.

Regional Outlook

Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region projected a prominent revenue share in the market in 2022. The regional market is anticipated to rise due to developments in digital audio technology and a shift in consumer preferences from traditional to contemporary audio systems. As part of their efforts to increase their market penetration in their respective regions, suppliers and makers of home audio equipment have made user-friendly and less visually intrusive changes to their systems. Throughout the predicted period, these advantages would further support the expansion of the regional market.

The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nimble Holdings Company Limited, Cambridge Audio, Bose Corporation, Dolby Laboratories, Inc., XPERI INC., Harman International Industries, Inc., Intex Technologies, JVCKENWOOD Corporation, LG Electronics and Nakamichi Corporation.

Recent Strategies Deployed in Home Audio Equipment Market

Partnerships, Collaborations, and Agreements:

Aug-2023: Cambridge Audio formed a distribution partnership with BusiSoft AV, one of Australasia’s leading distributors in products and accessories. This partnership will lay the groundwork for the formation of dedicated Cambridge Audio Experience Centres in key urban areas in Australia and New Zealand. Through this partnership, both parties will expand their presence in the region.

Jun-2023: Dolby Laboratories, Inc. came into a partnership with Indian audio company, boAt, to launch the Nirvana 525 ANC earphones, featuring 360-degree surround sound, 11mm high-fidelity drivers for improved multimedia and gaming, and a 42dB+ hybrid active noise cancellation. Additionally, four microphones reduce background noise, and users can access various EQ modes like Natural, Movie, or boAt Signature sound through the boAt Hearables app.

Jun-2023: Dolby Laboratories, Inc. came into an agreement with Cinepolis, a Mexican and international movie theater chain, to bring Dolby's exceptional experiences to a broader audience of moviegoers worldwide. Additionally, Dolby's enduring commitment remains focused on enhancing the cinema industry worldwide through excellence and innovation, and this collaboration with Cinepolis brings closer to achieving that objective.

Mar-2023: HARMAN International Industries partnered with Infor, the industry cloud company. This partnership enabled healthcare and life sciences organizations to modernize their data platforms and strategies using customer-centric services and solutions. Under this partnership, both firms jointly developed an integrated healthcare platform on the cloud. This platform facilitated the transformation of data, analytics, intelligence, and governance functions in a secure, cost-effective, and privacy-preserving manner for industry clients.

Jan-2023: Xperi Inc. entered into a partnership with LG Electronics Inc., a South Korean multinational conglomerate, to integrate DTS:X, a wholly owned subsidiary of Xperi Inc., immersive audio technology into LG's most recent OLED and Premium LCD TVs. Additionally, DTS enabling a higher level of audio experience by delivering the kind of sound quality that consumers typically associate with theaters, right into the comfort of their homes.

Dec-2022: Bose Corporation collaborated with Volvo Cars, a Swedish multinational manufacturer of luxury vehicles. Under the collaboration, Bose announced the launch of inaugural sound system for Volvo Cars, delivering the prowess of Bose audio to the all-new, all-electric Volvo EX90, available by early 2024. Through this collaboration, Bose has expanded its portfolio of OEM partners by including one of the globally renowned car brands.

Sep-2022: Bose Corporation collaborated with Qualcomm Technologies, Inc., a Wireless Services company with its headquarters in San Diego, California. Qualcomm S5 Audio platforms enhance audio with low-power performance for all-day use and strong wireless connectivity. Under this collaboration, Bose integrated Qualcomm wireless voice and music platforms into their range of premium audio devices.

Sep-2022: Bose Corporation teamed up with Tietoevry, a leading technology company, to establish a new centre of excellence in Warsaw, Poland This initiative brought additional software engineering resources and expertise to the development of various Bose sound systems and products. Through this collaboration, the centre of excellence in Poland furthering Bose's ability to deliver products and solutions that delighted customers.

Jul-2022: Bose Corporation came into a partnership with Lexie Hearing, a direct-to-consumer hearing aid provider in the United States, to bring Bose’s self-fitting hearing aid technology to the Lexie Hearing product line. This initiative brought additional software engineering resources and expertise to the development of various Bose sound systems and products. Under this collaboration, the centre of excellence in Poland furthering Bose's ability to deliver products and solutions that delighted customers.

Product Launches and Product Expansions:

Aug-2023: Dolby Laboratories, inc. released its latest innovation in immersive audio, Dolby Atmos FlexConnect. TCL, a top TV brand, became the first to adopt it in their 2024 TV range. This innovation seamlessly combines a TV's sound system with wireless speakers, delivering an immersive Dolby Atmos experience while adapting to room layouts. Additionally, Dolby Atmos FlexConnect provide consumers with the freedom to arrange their devices as they pleased while enjoying an immersive Dolby Atmos experience.

Feb-2023: Cambridge Audio introduced two new music streamers, the AXN10 and MXN10 network audio players, which offered more affordable prices and greater flexibility in placement. The AXN10 is a traditional "full-size" music streamer designed to complement the existing AX range of budget-friendly hi-fi separates. In contrast, the MX had a considerably smaller footprint, with dimensions (52 x 215 x 191mm) nearly identical to those of the highly rated DacMagic 200M desktop DAC/headphone amplifier.

Jan-2023: HARMAN International Industries introduced Sound and Vibration Sensor and External Microphone products to enhance the audio experience inside and outside the vehicle. These products enhance safety and user experience, detecting various factors like emergency sirens, driver commands, glass breakage, and impacts.

Dec-2022: LG Electronics, Inc. announced the unveiling of its 2023 soundbar lineups, which was included the new SC9 and SE6 models. These soundbars were designed to complement LG's 2023 TV lineups, offering consumers powerful audio, practical features, convenience, and stylish designs.

Oct-2022: AKAI India launched a new range of party speakers and soundbars with class ‘D’ amplifier systems, made in Kaizen and Ikigai. These speakers have deep bass output, and an exclusive range of wooden Twin Tower Speakers to give an exceptional experience with the best features and the highest quality.

Oct-2022: Bose introduced the Smart Soundbar 600, a compact soundbar with Dolby Atmos and proprietary TrueSpace tech for immersive audio. It offers precise sound placement and has Wi-Fi, Bluetooth, and Chromecast, plus Works with Google Assistant and Amazon Alexa. Additionally, the Soundbar 600 enhances movies, TV, and music by accurately positioning dialogue, sound effects, vocals, and instruments in various directions, including left, right, and above.

Jan-2022: Cambridge Audio expanded its Alva turntable portfolio with the launch of Alva TT V2 and Alva ST. The Alva TT V2 is an advanced next-gen model, while the ST broadens options for listeners, offering utmost detail from the vinyl collection.

Acquisition and Mergers:

Feb-2022: Dolby Laboratories, Inc. acquired Millicast, a WebRTC-based developer platform for video streaming, to strengthen its livestreaming portfolio with its low-latency broadcasting capabilities. The acquisition was an expansion of opportunities for developers and businesses, adding Millicast's ultra-low delay streaming to complement the already robust capabilities of Dolby.io.

Feb-2022: HARMAN International Industries took over Apostera, a Germany-based automotive technology company, to use its augmented reality (AR) and mixed reality (MR) software solutions to expand HARMAN’s automotive product offerings and position the company at the forefront of automotive AR/MR experience design. Additionally, Apostera's augmented reality (AR) and mixed reality (MR) software solutions expanded HARMAN's automotive product offerings and positioned the company as a leader in automotive AR/MR experience design.

Feb-2021: HARMAN International Industries acquired Savari, Inc., an automotive technology company based in Silicon Valley. This acquisition had bolstered HARMAN's automotive telematics and advanced driving assistance systems (ADAS) capabilities while extending its expertise in 5G Edge, multi-access edge computing (MEC), and smart infrastructure solutions.

Jun-2020: Xperi, Inc. formed a merger with TiVo, a brand of digital video recorders, as a Xperi Holding Corporation, to create a new media technology and IP licensing company. The merger brought together Xperi's product lineup in the home, automotive, and mobile device ecosystems with TiVo's capabilities in content aggregation, discovery, and recommendation engines. Through this merger, combined R&D expertise and a larger market TAM, the companies aim to enhance patent monetization, increase cash flow, and create long-term value.

Scope of the Study

Market Segments covered in the Report:

By Technology

• Wireless
• Wired

By Distribution Channel

• Online
• Offline

By Type

• Home Audio Speakers & Systems
• Home Theater in-a-box
• Home Radios
• Others

By Geography

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• UK
• France
• Russia
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• South Korea
• Singapore
• Malaysia
• Rest of Asia Pacific
• LAMEA
• Brazil
• Argentina
• UAE
• Saudi Arabia
• South Africa
• Nigeria
• Rest of LAMEA

Companies Profiled

• Nimble Holdings Company Limited
• Cambridge Audio
• Bose Corporation
• Dolby Laboratories, Inc.
• XPERI INC.
• Harman International Industries, Inc.
• Intex Technologies
• JVCKENWOOD Corporation
• LG Electronics
• Nakamichi Corporation

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