New Study from StrategyR Highlights a $49.9 Billion Global Market for Home Audio Equipment by 2026
SAN FRANCISCO, Jan. 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Home Audio Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Global Home Audio Equipment Market to Reach US$49.9 Billion by the Year 2026
Amid the COVID-19 crisis, the global market for Home Audio Equipment estimated at US$28.5 Billion in the year 2020, is projected to reach a revised size of US$49.9 Billion by 2026, growing at a CAGR of 9.6% over the analysis period. Home Theater Systems, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$15.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Smart Speakers segment is readjusted to a revised 11.9% CAGR for the next 7-year period. This segment currently accounts for a 40.2% share of the global Home Audio Equipment market. Smart speakers are poised to benefit from the growing use of mobile phones for playing digital music. The smart speaker market delivered a phenomenal performance amid COVID-19, with global shipment of smart speakers reporting solid gains in 2020. In addition, the market maintained its strong momentum in 2021 as a result of unabated product demand, enabling companies to reap rich dividends. Some of the most recent trends in home theater world include the development of a multi-screen environment; introduction of home theater with social networking capabilities; remodeling of stereotypical home theater into hybrid home theater, and the use of better wired and wireless home networking.
The U.S. Market is Estimated at $11.8 Billion in 2021, While China is Forecast to Reach $6.1 Billion by 2026
Sound Bars Segment to Reach $12.9 Billion by 2026
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SOURCE Global Industry Analysts, Inc.
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