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%. Innovations in wireless audio technology have proved
to be a significant factor driving the demand for Hi-Fi systems in different
applications. The Hi-Fi system market in APAC is expected to grow at the
highest CAGR during the forecast period owing to the vast customer base and
increasing purchasing power of consumers in this region.
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.
Based on
connectivity technology, the market is categorized into wired and wireless. The
rising adoption of wireless audio systems is expected to drive the market for
Hi-Fi systems during the forecast period. The growth of this segment can be
attributed to the initiatives undertaken by manufacturers to increase the
throughput of wireless audio devices equipped with various advanced
technologies that are used in consumer electronics. Wireless technologies have
started gaining momentum in the market as they do not require renovation or
reconstruction, and minimize the requirement of wires.
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On the basis of
application, Hi-Fi system market has been 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.
The Hi-Fi system
market based on geography has been broadly classified into North America,
Europe, APAC, and RoW. The market in APAC is expected to grow at the highest
CAGR during the forecast period. Vast customer base and growing purchasing
power of consumers are the major factors contributing toward the growth of the
market in APAC. 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.
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