MUMBAI: The global home audio equipment market is marked by rapid developments in digital technology. Changing media consumption habits and tastes have resulted in a paradigm shift in the home audio equipment market towards alternative and non-traditional solutions such as soundbars and speaker docks for audio playback.
Driving forces propelling growth in the market include incessant developmental cycle of innovative products with technologically advanced features and growing consumer preference for high quality content.
The average unit price of audio products is on a continuous decline mainly due to the availability of advanced technologies that simplify the production process and attributed to general reduction in production costs. The global market for consumer electronics is being driven by the growing demand for home audio equipment, home theater systems, MP3 players, camcorders, digital cameras, flat panel televisions, and in-car audio aftermarket equipment.
Increasing levels of disposable income and consumer acceptance of innovative technology developments is helping expand the market for electronic products, especially digital consumer electronic goods.
Global Information presents two market research reports covering the global home audio equipment and electric household appliances markets from its premium research partner Global Industry Analysts.
The global market for home audio equipment is forecast to reach $20 billion by the year 2018. Home audio equipment represents the next big market after television in the overall consumer electronics industry. Several experts consider the consumer electronics (CE) industry, of which Home Audio Equipment is a part, to be relatively recession proof. CE products such as MP3 players, computers, Blu-ray players and video games provide economic sources of entertainment for families stressed by the growing economic uncertainties originating as a result of the global economic meltdown.
Several electronic devices have become an almost essential part of general living, particularly in the developed world. Growth in the industry is being fueled by rocketing sales of new technologies such as Blu-ray and resurgence in the Home-Theatre-in-a-Box (HTiB) market.
The global market for home audio equipment is characterized by intense competition. Suppliers and manufactures of Home Audio Equipment are constantly altering product ranges by making them more user-friendly and less visually intrusive in order to enhance market position. Products with high appeal, aesthetic design and innovative features are likely to win the race. Apart from adding additional product features, manufacturers need to design and implement effective marketing strategies to position their products appropriately in consumer mind set.
Players profiled in the report include Bose, Boston Acoustics, Harman International Industries, Philips Electronics , LG, Panasonic, Pioneer, Samsung, Sharp and Sony.
