The home audio equipment market is currently valued at $26.54 billion

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The Home Audio Equipment Market is currently valued at $26.54 Billion in 2022 and is projected to reach $45.66 Billion by 2027, growing at a CAGR of 8.4% during 2022-2027.

HYDERABAD, TELANGANA, INDIA, Sept. 29, 2022 /EINPresswire.com/ — The home audio equipment market is currently valued at $26.54 billion in 2022 and is expected to reach a valuation of $45.66 billion by by 2027, with a CAGR of 8.4% in 2022-2027. The advent of the pandemic in 2020 has caused professionals around the world to work from home, which has led to increased investment in indoor entertainment systems. In March 2022, Bower and Wilkins launched the Panorama 3 soundbar equipped with AirPlay 2 and Bluetooth with atpX, which will significantly enhance the aesthetics of the customer experience. Such developments will lead to widespread adoption of Home Audio Equipment systems and accelerate the growth of this market.

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Key points to remember:

This IndustryARC Home Audio Equipment Market report highlights the following areas –

1. Soundbars will be the fastest growing segment in this market with a CAGR of around 9.01% due to their energy efficiency, low cost and advanced audio capabilities.

2. Microphone is the fastest growing component segment in this market owing to increasing sales of electronic gadgets, rapid growth in entertainment industry, low cost and high variety of applications.

3. APAC region holds the largest market share at 29% owing to rapid economic growth, expanding end-user industries in emerging economies, especially China and India, and a massive increase in the number of smart homes as these countries transition from low-income to middle-income economies.

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Segmental analysis:

1. The home audio equipment market can be categorized into several segments based on product type, such as speakers, soundbars, receivers and others. Among them, soundbars are expected to witness the fastest growth with a CAGR of 9.01% during the forecast period 2022-2027. Compact size, hassle-free installation, and power efficiency coupled with the unique ability to deliver bass and other enhanced features at lower volume levels are some of the major factors driving the growth of this market.

2. The home audio equipment market in APAC will account for the highest share at 29% in 2021. Factors propelling the growth of the home audio equipment market in APAC are growing demand for homes smart in emerging economies, increasing purchasing power and changing customer preferences.

3. Among audio system components, microphones are the fastest growing segment with a CAGR of 9.23% during the forecast period 2022-2027. Flexibility in placement and configuration, increasing sales of smartphones, tables and other similar devices, and growing consumer demand for music on the go are the key factors propelling the growth of microphones in the market home audio equipment.

Competitive Landscape:

The top 5 players in the home audio equipment industry are:

1.BOSE Corporation
2. Boston Acoustics
3.Sony
4.Yamaha
5. Pioneer

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