The market growth can be attributed to
several driving factors, such as rise in demand for infotainment services, high
spending on R&D by OEMs, innovations in wireless audio technology, and
increasing adoption of portable devices. Growth of speakers and soundbars
market in emerging regions and newer, nonconventional applications of
headphones are providing opportunities in the market.
Where
will all the developments take the industry in the long term?
Technological progressions in wireless
technologies have changed the way people communicate as well as listen to
music. High-end audio has become a symbol of class for consumer home audio
equipment. Owing to the increasing demand for portable devices such as
smartphones, growing proliferation of connected devices, and rising global
adoption of Wi-Fi networks, the Hi-Fi system market is expected to flourish in
the coming years.
Which
segment provides the most opportunity for growth?
The product segment, which includes speaker
& soundbar, CD player, DVD player, Blu-ray player, network media player,
turntable, headphone & earphone, and microphone products, has a higher
market share currently and expected to grow at the higher rate during the
forecast period. Speakers and soundbars are compatible with TV sets,
smartphones, music systems, gaming consoles, etc., and can be connected to them
through different media sources such as High-Definition Multimedia Interface
(HDMI), Bluetooth, Wi-Fi, and Universal Serial Bus (USB). Due to their
portability and ease of use, wireless speakers and soundbars are getting
immensely popular.
Who
are the leading vendors operating in this market?
Key players operating in the Hi-Fi system market are Samsung Electronics Co. (South Korea),
Sony Corporation (Japan), Apple Inc. (US), Bose Corporation (US), Sennheiser
Electronic GmbH & Co. KG (Germany), LG Electronics (South Korea), Panasonic
Corporation (Japan), DEI Holdings, Inc. (US), Yamaha Corporation (Japan),
Koninklijke Philips N.V. (Netherlands), Onkyo Corporation (Japan), and Sonos,
Inc. (US), Linn Products (Scotland), Bowers & Wilkins (UK), Tannoy Ltd.
(UK), VOXX International Corp. (US), VIZIO, Inc. (US), Bang & Olufsen
(Denmark), Plantronics, Inc. (US), DALI A/S (Denmark), Human Inc. (US),
Cambridge Audio (UK).
Which
applications are expected to drive the growth of the market in the next 5
years?
The Hi-Fi system market based on application
is segmented into residential, automotive, commercial, and others. The growing
demand for wireless Hi-Fi systems and the concept of smart homes is expected to
drive the market for the residential application.
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