June 05, 2020
According to the research report titled ‘Global Hi-Fi system Market Size study, by Application (Residential, Automotive, Commercial, Others), by Connectivity Technology (Wired, Ethernet Cable, Audio Cable, Wireless, Bluetooth, Wi-Fi, AirPlay, Others), by System (Product, Device) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global Hi-Fi system market amassed revenues worth USD 13 billion in the year 2019 and is expected to grow with a CAGR of 5.20% during 2020-2026.
Notably, a High-Fidelity (Hi-Fi) system helps users meet the sound propagation expectations with improved quality from digital systems including sound bars, speakers, DVD and CDs. These systems produce less distortion and noise as well as provide with accurate frequency response.
Growing demand for infotainment systems coupled with increasing utilization of portable smart devices such as laptops, tablets, and smartphones are major factors driving the Hi-Fi system market growth, claim market researchers.
In addition to the factors mentioned above, escalating investments towards R&D activities among major OEMs will influence the industry landscape in the approaching years. For instance, the non-profit organization Safe at Last Inc. states that global installations of IoT (Internet of Things) devices is estimated to record 75 billion by the year 2025. Similarly, according to Statista, the number of smartphone users is predicted to surpass 2.87 billion by the year 2020 from 1.57 billion in 2014.
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Advancements in wireless audio technology is also stimulating the industry outlook. In August 2019 for instance, Bost Corp. introduced Bluetooth wireless speakers called SoundTouch 10, which operates using smartphones. Likewise, Sonos launched a portable speaker Sonos One in October 2017, which is equipped with Alexa assistant. The company further went on to develop a Google voice assistant-based speaker in the year 2018. However, rising health concerns regarding the prolonged use of audio systems may hinder the Hi-Fi system market growth to some extent.
Regionally, North America Hi-Fi system industry is predicted to witness robust growth in the ensuing years. The growth is attributed to high concentration of market majors which are focusing on innovative product launches. On the other hand, the Asia-Pacific market is slated to register significant growth during the study period, primarily due to rising adoption of wireless technology and rising per capita income.
Koninklijke Philips N.V., Yamaha Corp., DEI Holdings Inc., Panasonic Corp., LG Electronics, Sennheiser Electronics GmbH & Co. KG, Bose Corp., Apple Inc., Sony Corp. and Samsung Electroncis Inc. are the major contenders in global Hi-Fi system market.