Transparency Market Research delivers key insights on the global home audio equipment market. In terms of revenue, the global home audio equipment market is estimated to expand at a CAGR of 12.5% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global home audio equipment market.
Home audio equipment companies are expanding their product lines to meet the increasing demand for home audio equipment products. Moreover, strong product innovation among home audio equipment companies with newer features in home audio equipment is expected to boost the market during the forecast period. In addition, companies are adopting latest technologies to provide extra benefits and more comfort to clients, and also to boost their own efficiencies. All this is expected to have a positive impact on the global home audio equipment market during the forecast period.
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In terms of type, the speakers segment is expected to dominate the home audio equipment market during the forecast period. Based on growth rate, digital music streamers segment is expected to expand at a faster rate during the forecast period. The rise in acceptance of DACs is one of the major driving factors for the global home audio equipment market. Since its inception, the market has seen exponential increase in the adoption of DACs globally.
Under the connectivity segment, the wireless segment is anticipated to hold major share and maintain the share during the forecast period. It has been witnessed that the vendors in the home audio equipment industry are integrating innovative features in the existing products that have rapidly become crucial. With the increasing focus of vendors on offering more convenience to the end users, the home audio industry is anticipated to witness the large number of innovations, which will continue capturing the minds, the hearts, and imaginations of end users globally.
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Based on region, the global home audio equipment market can be categorized into North America, Europe, Asia Pacific, MEA, and South America. Asia Pacific accounted for dominant share of the global home audio equipment market in 2020 and is expected to remain domina nt over the forecast period. Innovative devices that cater to the requirements of consumers’ changing life style are cementing the market growth for home audio equipment at the global level.
Asia Pacific is expected to register the highest CAGR in the future in the global home audio equipment market. Key players operating in the home audio equipment market in the region are adopting new technologies to provide quality products to their customers. Increasing promotional activities are also expected to have a positive impact on the market in the region.
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Key players operating in the global home audio equipment market are Akai, Dolby Laboratories Inc., DTS Inc., JVC KENWOOD Holdings Inc., Koninklijke Philips Electronics NV, LG Electronics, Panasonic Corporation, Sanyo Electric Co. Ltd., Nakamichi Corporation, Onkyo Corporation, Pioneer Corporation, Sharp Corp., Sony Corporation, etc.
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