Hi-Fi Speaker System Market Research Report - Global Forecast 2027

Hi-Fi Speaker System Market, By Connectivity Technology (Wired (Ethernet, Audio cables) and Wireless (Bluetooth, Wi-Fi, AirPlay, Others)), By Distribution Channel (Online Sales, Retail Sales), By End-user (Residential, Commercial, Automotive and Others) - Forecast 2027

ID: MRFR/SEM/3178-HCR | February 2021 | Region: Global | 100 pages

Hi-Fi Speaker System Market Overview:
The global hi-fi speaker system market is moving forward with a CAGR of 6.20% for the forecast period of 2017 to 2023. 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 in the future. 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 to 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 a lot of changes and improvements. At present, wireless technology is making the system much more efficient and popular for the general audience.    


COVID-19 Analysis:
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. 


Hi-Fi Speaker System Market  Dynamics:
Drivers:
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.     


Opportunities:
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.        


Restraints:
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.       


Challenges
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.     


Cumulative Growth Analysis:
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 6.20% for the forecast period between 2017 to 2023. 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 7.69 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.     


Value Chain Analysis:
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.    

Hi-Fi Speaker System Market Segment Overview: 
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:
Wired:



  • Audio jacks and cables 

  • Ethernet connection 


Wireless:



  • AirPlay 

  • Bluetooth 

  • Wi-Fi 

  • Others 


Hi-Fi Speaker System Market Segments Based on Distribution Channel:



  • Retail markets 

  • Ecommerce options 


Hi-Fi Speaker System Market Segments based on the application of End-Users:



  • Professional 

  • Automotive 

  • Residential 

  • Events 

  • Others 


Hi-Fi Speaker System Market Segments Based on Regions:



  • North America (US, Canada, Mexico)

  • Europe (Germany, France, Italy, UK, etc)

  • Asia Pacific (China, India, Japan, Hong Kong, etc)

  • Rest of the world 


Hi-Fi Speaker System Market Regional Analysis:
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.   


Hi-Fi Speaker System Market Competitive Landscape:
Top key players of the market are: 



  • Yamaha Corporation (Japan)

  • Bose Corporation (US)

  • Harman International (UK)

  • Phillips NV (Netherlands)

  • Samsung Electronics (South Korea) 

  • Sony Corporation (Japan)

  • Panasonic Corporation (Japan) 


Hi-Fi Speaker System Market Recent Developments:



  • In 2019, Harman international had launched a new brand of lifestyle audio system named Infinity.

  • Bose Corporation had launched the 700 noise-canceling headphones with refined voice control for portable devices.   


Hi-Fi Speaker System Market Report Overview: 
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:



  • Historic: 2017

  • Base: 2021

  • Forecast: 2023


Hi-Fi Speaker System Market Report Demography:



  • North America 

  • Europe

  • APAC



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Frequently Asked Questions (FAQ) :


The global hi-fi speaker system market is predicted to grow at a 6.20% CAGR between 2017- 2023.

The global hi-fi speaker system market is predicted to reach USD 7.69 billion by 2023.

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.


TABLE OF CONTENTS



1MARKET INTRODUCTION

1.1INTRODUCTION

1.2SCOPE OF STUDY

1.2.1 RESEARCH OBJECTIVE

1.2.2 ASSUMPTIONS

1.2.3 LIMITATIONS

1.3MARKET STRUCTURE

2RESEARCH METHODOLOGY

2.1 RESEARCH NETWORK CONNECTIVITY TECHNOLOGY SOFTWARE

2.2 PRIMARY RESEARCH

2.3 SECONDARY RESEARCH

2.4 FORECAST MODEL

2.4.1 MARKET DATA COLLECTION, ANALYSIS & FORECAST

2.4.2 MARKET SIZE ESTIMATION


3 MARKET DYNAMICS

3.1INTRODUCTION

3.2MARKET DRIVERS

3.3MARKET CHALLENGES

3.4MARKET OPPORTUNITIES

3.5 MARKET RESTRAINTS


4EXECUTIVE SUMMARY

5. MARKET FACTOR ANALYSIS

5.1 PORTER’S FIVE FORCES ANALYSIS

5.2 SUPPLY CHAIN ANALYSIS

6HI-FI SPEAKER SYSTEM MARKET, BY SEGMENTS

6.1 INTRODUCTION

6.2 MARKET STATISTICS

6.2.1 BY CONNECTIVITY TECHNOLOGY

6.2.1.1 WIRED

6.2.1.1.1 ETHERNET

6.2.1.1.2 AUDIO CABLES

6.2.1.2 WIRELESS

6.2.1.2.1 BLUETOOTH

6.2.1.2.2 WI-FI

6.2.1.2.3 AIRPLAY

6.2.1.2.4 OTHERS

6.2.2 BY DISTRIBUTION CHANNEL

6.2.2.1 ONLINE SALES

6.2.2.2 RETAIL SALES

6.2.3 BY END-USER

6.2.3.1 RESIDENTIAL

6.2.3.2 COMMERCIAL

6.2.3.1 AUTOMOTIVE

6.2.3.2 OTHERS

6.2.4 BY GEOGRAPHY

6.2.4.1 NORTH AMERICA

6.2.4.1.1 U.S.

6.2.4.1.2 CANADA

6.2.4.1.3 MEXICO

6.2.4.2 EUROPE

6.2.4.2.1 UK

6.2.4.2.2 FRANCE

6.2.4.2.3 GERMANY

6.2.4.2.4 REST OF EUROPE

6.2.4.3 ASIA-PACIFIC

6.2.4.3.1 CHINA

6.2.4.3.2 JAPAN

6.2.4.3.3 INDIA

6.2.4.3.4 REST OF ASIA PACIFIC

6.2.4.3 REST OF THE WORLD

7 COMPETITIVE ANALYSIS

7.1 MARKET SHARE ANALYSIS

7.2 COMPANY PROFILES

7.2.1 Onkyo Corporation (Japan)

7.2.2 Bowers & Wilkins Group Ltd. (England)

7.2.3 Yamaha Corporation (Japan)

7.2.4 Bose Corporation (U.S.)

7.2.5 Panasonic Corporation (Japan)

7.2.6 Harman International Inc. (England)

7.2.7 LG Electronics Corporation (South Korea)

7.2.8 DEI Holdings, Inc. (U.S.)

7.2.9 Koninklijke Philips N.V. (Netherland)

7.2.10 Samsung Electronics Co., Ltd. (South Korea)

7.2.11 Sony Corporation (Japan)

7.2.12 Tannoy Ltd. (England)





LIST OF TABLES



TABLE 1 HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 2 HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 3 HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 4 HI-FI SPEAKER SYSTEM MARKET, BY GEOGRAPHY

TABLE 5 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 6 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 7 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 8 U.S. HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 9 U.S. HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 10 U.S. HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 11 CANADA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 12 CANADA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 13 CANADA HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 14 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 15 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 16 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 17 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 18 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 19 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 20 UK HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 21 UK HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 22 UK HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 23 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 24 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 25 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 26 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 27 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 27 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 29 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 30 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 31 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 32 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 33 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 34 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 35 CHINA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 36 CHINA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 37 CHINA HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 38 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 39 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 40 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 41 INDIA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 42 INDIA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 43 INDIA HI-FI SPEAKER SYSTEM MARKET, BY END-USER

TABLE 44 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY

TABLE 45 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL

TABLE 46 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY END-USER




LIST OF FIGURES



FIGURE 1 RESEARCH METHODOLOGY

FIGURE 2 HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 3 HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 4 HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 5 HI-FI SPEAKER SYSTEM MARKET, BY REGIONS (%)

FIGURE 6 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 7 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 8 NORTH AMERICA HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 9 U.S. HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 10 U.S. HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 11 U.S. HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 12 CANADA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 13 CANADA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 14 CANADA HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 15 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 16 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 17 MEXICO HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 18 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 19 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 20 EUROPE HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 21 UK HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 22 UK HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 23 UK HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 24 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 25 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 26 FRANCE HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 27 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 28 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 29 GERMANY HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 30 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 31 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 32 REST OF EUROPE HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 33 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 34 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 35 ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 36 CHINA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 37 CHINA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 38 CHINA HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 39 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 40 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 41 JAPAN HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 42 INDIA HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 43 INDIA HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 44 INDIA HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)

FIGURE 45 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY CONNECTIVITY TECHNOLOGY (%)

FIGURE 46 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY DISTRIBUTION CHANNEL (%)

FIGURE 47 REST OF ASIA PACIFIC HI-FI SPEAKER SYSTEM MARKET, BY END-USER (%)