Pune, India, June, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Hi-Fi Speaker Market Research Report.
The Hi-Fi speaker market has seen considerable consolidation over the years, and the global Hi-Fi speaker market is expected to capture a CAGR of 6.20% and attain USD 7.69 Bn over the forecast period 2017-2023, reveals a study by Market Research Future (MRFR). High-Fidelity speakers commonly known as Hi-Fi speakers are majorly used in home audio systems and stereo listeners. They eliminate the bottlenecks of traditional audio systems and offer advantages such as ease of use, portability, better signal to noise ratio, less distortion and accurate frequency response Growing adoption and demand for wireless connectivity technology has augmented the demand for Hi-Fi speakers. Hi-Fi speakers do not require cabling, and thus the cost of wiring is reduced considerably. Demand for wireless connectivity technology and adoption of Hi-Fi speakers for their relative advantage over conventional audio systems has propelled the growth of the Hi-Fi speakers market. Escalating use of wireless Hi-fi speakers in the in cars, increasing demand for portable audio devices, rising popularity of Hi-Fi speakers, growing demand for smart homes has provided an impetus for the market growth of Hi-Fi speakers. Increasing demand for multi-channel and multi-unit products, products which can be integrated with other systems have reflected positively on the Hi-Fi speaker system market. Additionally, booming electronic industry, the rise in purchasing power of consumers, growing demand for wireless Hi-Fi speakers in luxury cars, and continuous investment in R&D activities are spurring the market for Hi-Fi speakers. However, costs installation and maintenance cost of Hi-Fi speakers, operating frequency restrictions and interference from other devices such as FM systems, microwave and others, extensive inventory and technological obsolescence which increases operating costs and threat from the emergence of new technologies are likely to hinder the growth of the market.
The global Hi-Fi speaker system market has been segmented based on connectivity technology, distribution channel, and end-users. By Connectivity technology, the market has been segmented into wired and wireless. The wired sub-segment has been further segmented into Ethernet and Audio cables. The Wireless sub-segment has been further segmented into Bluetooth, Wi-Fi, airplay and others. By distribution channel, the market has been segmented into online sales and retail sales. By end-users, the market has been segmented into residential, commercial, automotive and others.
The key markets of the global Hi-Fi speaker system market include North America, Europe, Asia-Pacific, and Rest of the World. Asia-pacific is leading the market for Hi-Fi speakers owing to the higher adoption of wireless connectivity and developed automotive industry and presence of some major players in the region. Booming automotive industry in Asia-Pacific region is reflecting positively on the market.
North America region ranks second in the Hi-Fi speaker market due to technology adoption and the presence of some key players such as Bose Corporation, DEI Holdings, Inc. in the region. The major contributors of the Europe market include Germany, France, and U.K. The Middle East & Africa market is led by Gulf countries such as UAE, Saudi Arabia, and others and is expected to expand in the coming years.
Various established brands, domestic brands as well as new entrants form a competitive landscape in the global Hi-Fi speaker system market. The market participants are investing in R&D activities and coming up with innovative ideas to sustain their position in the market. The eminent players of the market include Onkyo Corporation (Japan), Yamaha Corporation (Japan), Panasonic Corporation (Japan), LG Electronics Corporation (South Korea), Koninklijke Philips N.V. (Netherland), Sony Corporation (Japan), Bowers & Wilkins Group Ltd. (England), Bose Corporation (U.S.), Harman International Inc. (England), DEI Holdings, Inc. (U.S.), Samsung Electronics Co., Ltd. (South Korea), and Tannoy Ltd. (England) among others.