Home Audio Equipment Market Analysis, Size, Growth, Share, Outlook & Forecast to 2020 | Grand View Research Inc.
The global home audio equipment market size is expected to reach USD 22.50 billion by 2020, according to a new study by Grand View Research, Inc. Growing consumer demand for high-quality home theater experience attributed to increased disposable income is expected to drive the market over the forecast period. Increasing trend towards deployment of sophisticated equipment, high-speed data streaming, faster internet connectivity, and internet-exclusive entertainment are expected to proliferate the need for external audio solutions. The emergence of Bluetooth products coupled with wireless Blu-ray home theater systems is expected to positively impact market growth. Home audio equipment comprises a wide range of equipment including multi-channel amplifiers, compact audio systems, and home radios. Manufacturers of this equipment have been striving to expand market penetration by innovating visually less intrusive and userfriendly systems. Therefore, technological advancement in digital technology with changing media options from conventional to the latest systems is expected to positively impact market growth over the next six years. High development costs and fear of hearing loss among the consumers may hamper market growth through the forecast period. The emergence of realistic immersive home audio equipment along with better internet connectivity offers a wide avenue to drive demand for the market. Further key findings from the study suggest: