(PR Web Via Acquire Media NewsEdge) San Jose, California (PRWEB) November 12, 2012
Follow us on LinkedIn – Home Audio Equipment represents the next big market after television in the overall consumer electronics industry. Several experts consider the consumer electronics (CE) industry, of which Home Audio Equipment is a part, to be relatively recession proof. CE products such as MP3 players, computers, Blu-ray players and video games provide economic sources of entertainment for families stressed by the growing economic uncertainties originating as a result of the global economic meltdown. Several electronic devices have become an almost essential part of general living, particularly in the developed world. Growth in the industry is being fueled by rocketing sales of new technologies such as Blu-ray and resurgence in the Home-Theatre-in-a-Box (HTiB) market.
Global Home Audio Equipment market is marked by rapid developments in digital technology. Driving forces propelling growth in the market include incessant developmental cycle of innovative products with technologically advanced features and growing consumer preference for high quality content. Average unit price of audio products is on a continuous decline mainly due to the availability of advanced technologies that simplify the production process and attribute to general reduction of production costs. The global market for consumer electronics is being driven by the growing demand for home audio equipment, home theater systems, MP3 players, camcorders, digital cameras, flat panel televisions, and in-car audio aftermarket equipment. Increasing levels of disposable income and consumer acceptance of innovative technology developments is helping expand the market for electronic products, especially digital consumer electronic goods. Home Audio Equipment is presently a mature market in developed countries, with almost every household owning at least one such device.
Changing media consumption habits and tastes have resulted in a paradigm shift in the home audio equipment market towards alternative and non-traditional solutions such as soundbars and speaker docks for audio playback. Further, as the concept of wireless connectivity catches up among the consumers, speaker docks and soundbars are anticipated to garner a large share in the market. Speaker docks and soundbars are gradually replacing the concept of conventional and bulky multi-speaker home audio solutions, as consumers want to remain connected on smartphones and tablets. Superior sound quality benefits compared to those offered by television sets and mobile devices are another factor that has fueled this demand.
Heightened broadband Internet and PC penetration rates have helped boost the market for audio systems. Streaming of music from a central unit in homes to various devices is attracting robust consumer interest, given the need for anytime, anywhere ability to play music. Convenience is the deciding factor for consumers when it comes to making purchase decisions. Given the growing consumer emphasis on style and designs, demand is on the rise for elegant gadgets with superior functional performance. Factors, such as willingness of retailers to stock innovative new products, and educate consumers on proffered product benefits, and offer timely installation and after-sale services are all expected to help the market score gains in the coming years. Consumers are always on the lookout for newer products that offer high performance, functionality, ease of integration and price benefits, among others.
As stated by the new market research report on Home Audio Equipment, Europe represents the largest regional market for home audio equipment in value and volume terms. As the digital revolution gathers pace, traditional wireless products are fast losing ground paving way for their technologically advanced counterparts. With the development of digital audio broadcasting (DAB), music listeners are shifting towards digital radios from analog radios. However, demand for soundbars is relatively poor in the European market. The United States is anticipated to register the fastest growth in the global Home Audio Equipment market, in value terms, reflecting a compounded annual growth rate of over 3.1% during the analysis period, while Asia-Pacific spearheads global growth in volume terms. Segment-wise, Home Audio Separate Components garners a lion’s share of the global Home Audio Equipment market in value terms. Other major product segments of the global Home Audio Equipment market include home audio systems and Home Theater in a Box (HTiB).
The global market for Home Audio Equipment is characterized by intense competition. Suppliers and manufactures of Home Audio Equipment are constantly altering product ranges by making them more user-friendly and less visually intrusive in order to enhance market position. Products with high appeal, aesthetic design and innovative features are likely to win the race. Apart from adding additional product features, manufacturers need to design and implement effective marketing strategies to position their products appropriately in consumer mind set. Major players profiled in the report include Bose Corporation, Boston Acoustics, Harman International Industries Inc., JVC KENWOOD Corporation, Koninklijke ("Royal") Philips Electronics NV, LG Electronics, Panasonic Corporation, Pioneer Corporation, Samsung Group, Samsung Electronics Co., Ltd., Sharp Corp., Sony Corporation, VOXX International Corporation, and Yamaha Corporation, among others.
The research report titled “Home Audio Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive market overview, impact of recession, current market trends, key growth drivers, recent industry activity, and profiles of major/niche global market participants. The report provides annual sales estimates and projections for the years 2010 through 2018 in volume (thousand units) and value (US$) terms for geographic markets including the US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key product segments analyzed include Home Audio Systems, Home Audio Separate Components, Home Theater in a Box and Home Radios. The study also provides historic data for an insight into market evolution over the period 2004 through 2009.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
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