Market Trends of Global Home Audio Industry
This section covers the major market trends shaping the Home Audio Market according to our research experts:
The Sound Bars Segment is Expected to Hold a Significant Market Share
- The shift in the consumption of media from offline to online has contributed significantly to the growth in demand for soundbars. The increasing penetration of subscription-based platforms like Hotstar, Netflix, Amazon Prime, etc., complement the soundbar market's development as they are slightly cheaper than extensive home cinema systems, offer enhanced sound quality to the users, and are compact.
- The market is also driven by the integration of voice assistance technology in the soundbar. For instance, in September 2021, Bose announced the new Smart Soundbar 900, a Dolby Atmos speaker that delivers deep immersion for music and movies. With proprietary Bose spatial technologies, the 900 elevates Dolby Atmos content by separating instruments, dialogue, and effects and then places them in discrete parts of a room, far above and to the far right and left. Featuring HDMI eARC, the Soundbar connects to a TV with a single cable and packs all its technology in a single enclosure. It features Wi-Fi and Bluetooth along with Google Assistant and Amazon Alexa for voice control and a simple app for touch control. It is compatible with Airplay 2, Spotify Connect, and other Bose smart speakers for a premium audio multi-room system.
- The increasing investments in research and development by several companies also aid the expansion of the studied market by facilitating innovations and upgrades. For instance, in January 2022, Sony Electronics Inc. announced the HT-S400 2.1ch soundbar, fetching cinematic surround sound to any living room. The HT-S400 delivers a powerful audio experience due to its S-Force PRO Front Surround technology, clear dialogue features, and powerful 330W total power output. The HT-S400 facilitates users to hear sound from all around thanks to high-quality Dolby Digital with Sony's virtual surround sound technology S-Force PRO Front Surround.
- In May 2022, Sonos, the wireless home-audio specialist, announced that it is set to launch a lower-cost model of its popular TV soundbars alongside its new voice control system for its smart speakers after its public bust-up with Google. The new Ray soundbar is a compact version of Sonos's popular Arc and Beam models, designed to fit neatly in TV stands without affecting sound quality. It connects to a TV through an optical cable, has Wi-Fi for streaming music, and can be controlled with the Sonos app or a TV remote.
- However, rising restrictions on the radiofrequency spectrum by wireless audio equipment and increasing health problems resulting from prolonged use of audio devices are the significant factors that obstruct the market's growth. Additionally, coding delays and bit errors in audio quality would further challenge the development of the soundbar market in the forecast period.
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Asia-Pacific is Expected to be the Fastest Growing Market
- Asia-Pacific is expected to capture a significant market share due to the increasing technological innovation, presence of some of the leading audio equipment providers, like Sony Corporation, Samsung Electronics, Alpine Electronics, and rapid industrialization, which have led to a steady stream of new audio equipment. Streaming and device networking are the two emerging trends in the Asia-Pacific Home Audio System Market.
- Further, due to the high deployment of smart home gadgets in several houses in the region, the need for smart speakers, TVs, and plug-ins has increased significantly, which is boosting the growth of the studied market. For instance, the sales of smart devices increased by 90.5% year on year; sales of smart wearables such as watches and smart glasses increased by 36.3% and 26.8% year-on-year, respectively, according to the Ministry of Commerce's statistics for 2021
- In line with this, China's intensified efforts to boost the consumption of green and smart home appliances and replace old home appliances are expected to stimulate the purchasing power of consumers, shore up economic growth, and foster high-quality and sustainable development.
- Also, the increasing adoption of e-commerce platforms and online distribution channels are propelling the growth of the studied market in the region. For instance, according to Edge by Ascential, the Asia Pacific region e-commerce comprised nearly half of the retail sales in 2020, making it the leading region. E-commerce share of retail in North America and Europe followed Asia-Pacific with 20% and 16% in 2020, respectively. The share of e-commerce in retail sales in the Asia-Pacific is expected to grow by 10% by 2025, reaching 61%, the largest expected increase among other regions.
- Moreover, the region is expected to witness continuous growth due to the launch of comprehensive product portfolios and the development of innovative products. For instance, in May 2022, WiSA LLC, a subsidiary of WiSA Technologies Inc., announced that Wharefedale's Opal Wireless Home Theater Speaker System has earned WiSA HT Interoperability Certification and commenced sales in China. The system features touch controls and Dolby Digital, Dolby Digital Plus, and Dolby Digital TrueHD decoding.
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