The Hi-Fi system market is expected to grow
from USD 13.6 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 5.2%.
The market growth can be attributed to several factors, such as a rise in
demand for infotainment services, high spending on R&D by OEMs, innovations
in wireless audio technology, and increasing adoption of portable devices.
Driver: Innovations in wireless audio
technology
The wireless
technology has made successful inroads across all the product segments of
consumer electronics, and the audio technology industry has benefitted from
this. Throughout this shift toward wireless, demand for advanced sound quality
continues to be the crucial parameter among audio consumers globally.
Restraint: Health issues pertaining to
prolonged use of audio devices
The use of headphones
for listening to music or talking over the phone affects the listening power of
users. Studies have revealed that continuous exposure to loud noise via
loudspeakers, headphones, etc., can damage the delicate inner ear cells and
result in hearing impairment or complete hearing loss. Children and youngsters
are more prone to such damages. Additionally, Wi-Fi signals can create chronic
sleep problems. Some implanted medical devices use radio frequency
communication for reporting the status as well as making changes in device
behavior. Emissions from wireless electronic devices can interfere with the
functioning of these medical devices, thereby adversely affecting the health of
the user.
Opportunity: Newer, non-conventional
applications of headphones
Headsets are
expected to help in the measurement of vitals of the body of users and track
them during their workouts. Wireless headphones can also be paired with
Amazon’s Alexa voice assistant to allow wearers to control connected home
electrical appliances, such as thermostats and lights, remotely through verbal
commands. Companies are making efforts to offer an engaging on-the-go Alexa
experience to customers by making their headphones, headsets, or earbuds
compatible with Alexa.
Challenge: Delivering high-quality and
synchronized audio through wireless Hi-Fi systems
Wireless audio
engineers are facing the challenge of not being able to deliver high-quality
and synchronized audio streams in real-time using the wireless technology.
Bandwidth constraints, delays in coding, and bit errors affect the wireless
audio transfer. Innovations in wireless technologies, such as Bluetooth and
Wi-Fi, have provided advantages such as receiving digital audio wherever and
whenever required. However, the convergence of audio with video in the spectrum
of consumer devices poses quality challenges for manufacturers. The
availability of full bandwidth is impractical, and the required bandwidth
cannot be made available for every application.
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The market for the product segment is expected
to hold the largest share during the forecast period
Based on the system,
the market has been divided into products and devices. 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. Of these, the speaker & soundbar segment holds
the largest share of the Hi-Fi system market. 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.
Market for automotive application is expected
to register the highest CAGR during the forecast period
The Hi-Fi system
market based on application is segmented into residential, automotive,
commercial, and others. The automotive application is expected to register the
highest CAGR during the forecast period. The growing popularity of in-car
infotainment systems is expected to drive the market for Hi-Fi systems in the
automotive application.
APAC expected to account for largest market
share from 2020 to 2025
APAC is expected to
hold the largest size of the Hi-Fi system market during the forecast period
owing to large customer base and growing purchasing power of consumers. The
growing popularity of wireless connectivity technology and the increasing
requirement for mobility are also driving the market for Hi-Fi systems in this
region. The region is witnessing increased demand for consumer electronics,
such as smartphones and tablets, thereby leading to the growth of the Hi-Fi
system market in the region.
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