The global Hi-Fi Speaker System Market is moving forward with a CAGR of 6.90% for the forecast period of 2022 to 2030.
The global hi-fi speaker system market is moving forward with USD 27.3 billion at a CAGR of 6.90% from 2022 to 2030. With advancements in the latest technologies, the demand for hi-fi systems is increasing more than ever. Several large manufacturers and vendors in the market are promoting the market position to be more attractive.
Continuous strategic partnerships between major key players are increasing the possibilities of the market. The basic USP of the product is to transform the audio experience for the listeners forever.
The hi-fi system or High-Fidelity system is a marketed term for enhanced quality sound reproduction. The system usually consists of stand-still audio bars with a receiver, amplifier, and control unit. The speakers can be big, medium, or small, which provides the best quality stereo sound.
The first hi-fi system came along in the 1950s. Since then, the hi-fi speaker system industry has gone through many changes and improvements. Wireless technology is making the system much more efficient and popular for the general audience.
Since the second world war, there has been no such global calamity fall upon humanity like the emergence of the COVID-19. The pandemic has made the world get down to its knee over the last one and a half years. Followed by infectious disease, there came lockdowns in several countries of the world for months. This situation has made the global economy devastated. The hi-fi speaker system market surely has faced impacts due to the situation.
The impacts can be observed in multiple sections. On one hand, the manufacturing and distribution units have faced severe hits due to disruption at the time of lockdown and social distancing protocols. Also, due to the economic condition, the per capita expenditure has been reduced in several countries during the lockdowns. So, people started spending less on luxury items. Although, the developed countries didn’t take much time to revive the market conditions. Since people are home home-bound than ever, it is possible that in selected countries the hi-fi system market may have improved in the aftermath of the lockdowns.
There has been a selected portion of audiophiles and enthusiasts all the time, who have kept the market going. In the present scenario, after wireless technology came along, audio lovers all over the world are getting attracted to the fancy system. Wireless technology has brought more flexible, aesthetic, and efficient devices for consumers. The hi-fi speaker system is a fine home decorating accessory as well. So, consumers with different needs and requirements are sustaining the demand for the product.
Since there are multiple applications of these devices, the diversity of consumers is a steady market pusher for the said product. Musicians, gamers, movie-enthusiasts, audiophiles, podcasters, house-party hosts, and many more kinds of consumers are keeping the hi-fi speaker system industry alive. Wireless speakers are easy and convenient to use. Plus, the enhanced sound quality of the systems is inviting new consumers all the time.
Advancement in the existing technology invites new opportunities all the time. Since the hi-fi multimedia speaker system has become “smart”, new scopes are getting created with time. The rapid growth in the internet of things (IoT), artificial intelligence (AI), and machine learning industry have been a great enabler for hi-fi speakers as well. Wireless and smart speaker devices are coming into the market, which acts as AI-operated personal assistant.
These smart devices are capable of effective machine-to-machine communication. The voice personal assistants enable connections with different electronic and electrical smart appliances of some such as smartphone, smart TV, thermostat, security system, etc. These kinds of innovations in the hi-fi system market are going to create a lot of opportunities for the products to find newer applications amongst the consumers.
For a better listening experience, the makers of these products are adding subwoofers with high-definition bass control, enhanced treble, and advanced amplification options. The problem with the facilities is, these sound systems can be harmful to people of all ages if they are not used responsibly. The prolonged presence of loud audio and noise can affect the inner ear cells and can make the hearing impaired for many. Especially youngsters and minors are prone to use these devices at full capacity which can lead to poor health conditions.
Also, the presence of wi-fi networks for much time is damaging for young audiences. Based on these risk factors, the hi-fi speaker system market growth is getting hampered. The existing health hazards are creating anxiousness amongst consumers about the products. That way the market growth is facing restraint.
As the new technologies approach the market, they come with limitations too. The wireless technology in the hi-fi system, although is convenient and easy to use, is not being able to deliver desired audio quality. There are multiple factors here that affect the audio quality. But on top of that, comes the issue of bandwidth and synchronization problem. The global hi-fi system industry is facing the challenge of inadequate availability of bandwidth, coding issues, etc. Although, the Bluetooth and wi-fi connections for transmitting digital audio have a lot of advantages. But the engineers are facing a challenge right now in improving the audio quality in these devices.
Many wireless hi-fi speakers fail to deliver loud and prominent audio for the home atmosphere. The smart inputs although create space for non-conventional usage of these hi-fi systems. For increased audio quality, many people have to invest in additional stereo and home theatre systems as well. For the hi-fi speaker system market share, these aspects create additional hustle for the future. The manufacturers and engineers have to work on the bandwidth issue. There is a lag between digital video and audio playing in case of insufficient internet capacity. So, there are a lot of aspects where improvements have to be made for better results in the market.
The challenges aside, the global hi-fi speaker system market size has recorded a steady growth over the last couple of years. The global market is moving forward at a CAGR of 6.90% for the forecast period between 2022 to 2030. There has been a lowered growth rate due to the emergence of COVID-19. But the market is recovering fast from the impending setback. The market is expected to reach a net valuation of USD 27.3 Billion by the end of the forecast period.
The entertainment segment of the market is projected to receive the largest share of the global market. The hi-fi system market share is going to be benefitted from the likability of sounds bar and speaker segments greatly.
Due to the diverse nature of the end-users, the market for hi-fi speaker systems is reliant on the different supply chain options greatly. The common distribution process includes the sale of these products from retail markets, exclusive brand showrooms, eCommerce websites, multi-branded showrooms, supermarkets, etc. Different brands reach out to these distribution channels in different countries for greater penetration in the global market. Top brands of the market are emphasizing newer channels to reach out to consumers.
The hi-fi audio system market is diverse due to a lot of parameters. There are different kinds of applications and advantages of these devices. So, the global market is fragmented into various segments based on connection type or technology, sales channels, end-use applications, regions, etc. These segments can be further divided into various subsegments as well.
Hi-Fi Speaker System Market Segments based on connection type / Technology:
Hi-Fi Speaker System Market Segments Based on Distribution Channel:
Hi-Fi Speaker System Market Segments based on the application of End-Users:
According to the latest hi-fi system market analysis, the Asia Pacific (APAC) region is going to hold the largest market share for the forecast period. The huge consumer market of countries like India, China, Japan, etc is helping the market to spread its spectrum. The increased number of smartphone and other smart device users is creating a hike in the usage of hi-fi systems as well.
Top key players of the market are:
HARMAN, a subsidiary of Samsung Electronics, launched a lifestyle audio brand in the Indian market - Infinity by HARMAN. As part of the brand launch, the company launched 11 new audio products, including six Infinity headphones, four portable Bluetooth speakers, and a multimedia 2.1 Bluetooth system.
Bose Corporation launched the Headphones 700 noise-cancelling headphone that redefines voice-control and mobile communication. It introduces a revolutionary new voice interface that redefines mobile communication and how Bose noise cancellation redefined portable audio.
It is built off the legendary performance of QCs to transform the most demanding environments into private sanctuaries for listening. The 700 isolates a user’s voice from unwanted ambient sounds with its exclusive innovation.
Sennheiser launched the latest members of its family of professional in-ear headphones—IE 400 PRO and IE 500 PRO. These headphones offer natural, high-resolution sound, with a secure and comfortable fit that can be custom-moulded in ears. They have a break-proof, patent-pending cable connection.
This report consists of detailed information about the market size, growth, trends, etc of the hi-fi speaker system industry.
Hi-Fi Speaker System Market Report Period:
Hi-Fi Speaker System Market Report Demography:
|Market Size||USD 27.3 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Connectivity Technology, Distribution Channel and End-use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Onkyo Corporation (Japan), Bowers & Wilkins Group Ltd. (England), Yamaha Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), Harman International Inc. (England), LG Electronics Corporation (South Korea), DEI Holdings, Inc. (U.S.), Koninklijke Philips N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan) Tannoy Ltd. (England)|
|Key Market Opportunities||The products to find newer applications amongst the consumers|
|Key Market Drivers||Increasing use of smart gadgets and demand for wireless connectivity technology|
The global hi-fi speaker system market is predicted to grow at a 6.90% CAGR between 2022- 2030.
The global hi-fi speaker system market is predicted to reach USD 27.3 Billion by 2030.
Asia Pacific will lead the global hi-fi speaker system market.
Increasing use of smart gadgets and demand for wireless connectivity technology are driving the global hi-fi speaker system market growth.
Key contenders profiled in the global hi-fi speaker system market include Onkyo Corporation (Japan), Bowers & Wilkins Group Ltd. (England), Yamaha Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), Harman International Inc. (England), LG Electronics Corporation (South Korea), DEI Holdings, Inc. (U.S.), Koninklijke Philips N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan) and Tannoy Ltd. (England) among others.