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Home Audio Equipment Market: Europe and North America Likely to Maintain Lead Over Other Regions Until 2019

The global home audio equipment market is heavily influenced by consumer preferences and technology trends, with differing trends in each geographical region. While the growth of the home audio equipment market in each country will vary based on topical factors, the global market will register a a meager CAGR of 3.7% between 2013 and 2019, says a recent market research report. By the end of 2019, home audio equipment will be a US$20.68 billion market.

Large Pool of Early Adopters in Europe and North America Puts These Regions at the Forefront of the Home Audio Equipment Market

From the geographic standpoint, the largest stake in the home audio equipment market was held at Europe in 2012. North America came a close second to Europe in the same year. In these two regions, consumers are quick to adopt entertainment products based on cutting-edge technology. This includes products such as smartphones, Blu-ray players and televisions. Thus, the presence of a large pool of early adopters in Europe and North America augurs well for the market.

But latest market research tells also us that the fastest growth in this market will be seen in the Asia Pacific region. The estimated CAGR of the home audio equipment market for the Asia Pacific region will likely hover around 5.7% between 2013 and 2019. This will largely be made possible by the robust electronics industry in Korea, Japan, China, and India, where a number of new manufacturing facilities are coming up.

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Increased Levels of Affluence Will Create Demand for Premium Home Audio Accessories

Market analysts forecast that much new and exciting advancement in audio technologies will bode well for the global home audio equipment market. In the recent decade, sales of home audio systems have already risen because more and more people from emerging economies are now able to afford them. Market analysts attribute this to a rise in disposable incomes of consumers. Moreover, breakthroughs in music streaming and music on demand services have played a central role in propelling the global market for home and audio equipment.

Consumer trends show that they are more inclined towards purchasing products that are technologically advanced. This obviously means that equipment used with hi-tech products needs to be of a certain advanced nature too. It is now imperative that home audio equipment be compatible with consumer electronics such as smartphones, televisions, computers and video games.

General Buoyancy in Entertainment Electronics Will Positively Influence Demand for Home Audio Equipment

Other trends that will have a bearing on the global home audio equipment market are: An increased uptake of large- and medium-sized plasma televisions, LED TVs and LCDs. However, alongside the growth in the sales of computers and televisions, consumers are also increasingly demanding electronics that are space efficient and do not guzzle energy.

As a result of consumers demanding features such as surround sound and powerful audio, the uptake of accessories such as subwoofers, speakers, microphones, amplifiers and others has seen a spike. In fact, this segment was observed as being the largest within the larger home audio equipment market with a 31.5% share. Market analysts pin this dominance down to the growing usage of mobile devices. The demand for, and sales of, premium audio equipment accessories will likely rocket during the next four to five years.

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