Advent of wireless technology coupled with the rising demand for speakers and home theaters from residential sector is expected to drive global Hi-Fi system market through 2022
According to TechSci Research report, “Global Hi-Fi System Market By System, By Technology, By Application, By Region, Competition Forecast & Opportunities, 2012 – 2022”, the global Hi-Fi system market is projected to surpass $ 18 billion by 2022. Anticipated growth in the market is led by increasing purchasing power of consumers in developing countries and rising youth population getting more aware about technology than ever before. With the booming media and entertainment sector, demand for high quality audio, and consequently, Hi-Fi systems is also growing. Gaming companies are increasingly focusing on offering a more immersive consumer experience, which is making the gamers to purchase Hi-Fi audio equipment to indulge in wholesome gaming experience. The advent of wireless technology is spreading rapidly in the residential, commercial and automotive sectors, which in turn, is expected to boost demand for wireless technology enabled Hi-Fi audio systems through the forecast period.
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On the basis of system, the global Hi-Fi system market is segmented into Product, Device and Digital Audio Player (DAP). Product segment leads the global Hi-Fi system market and is expected to dominate during the forecast period as well on the back of increasing availability and adoption of sound systems. However, DAP is expected to grow at the fastest pace during the forecast period owing to the increasing awareness among consumers and audiophiles about the high-resolution audio quality produced by such devices. In the technology segment, wireless technology is growing at a rapid pace owing to the widespread adoption and incorporation of the technology in majority of the audio devices.
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Among regions, North America is the largest Hi-Fi system market on account of the region’s tech-savvy population and high per capita income, followed by Europe and Asia-Pacific. However, Asia-Pacific is anticipated to be the fastest growing region in the global Hi-Fi system market during the forecast period. In 2016, Sony Corporation was the largest player in the global Hi-Fi system market, followed by LG Electronics, Inc., Samsung Electronics Co., Ltd., and Bose Corporation, among others. “Innovations in wireless technology is stimulating growth in the global Hi-Fi system market. Moreover, digitalization of systems and rising popularity of lossless formats is further expected to surge demand for Hi-Fi systems, globally, during the forecast period. Additionally, rising awareness among users, especially youngsters, about high resolution audio would further steer market growth in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Hi-Fi System Market By System, By Technology, By Application, By Region, Competition Forecast & Opportunities, 2012 – 2022” has evaluated the future growth potential of Hi-Fi system market and has also provided statistics and information on market structure, size, share and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities prevalent in the global Hi-Fi system market.
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