Home audio equipment market in high-price (more than USD 1,000) segment is expected to grow rapidly over the next seven years, owing to the increasing demand for superior quality of the audio. The high-paying consumers from Europe and Middle East are demanding devices that provide high sound quality, in addition to aesthetic compatibility of the devices with the homes. However, with the proliferation of home entertainment systems in modern homes, the consumers are likely to prefer the home entertainment systems over the high-cost music devices. This is expected to impact the high-price home audio equipment market.
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The robust proliferation of smart devices and the evolution of home entertainment systems have led to home equipment market charting a profitable growth path in recent years. Lately, in-house entertainment systems have been witnessing a massive demand, and with the emergence of IoT, Bluetooth and Wi-Fi, the integration of home entertainment equipment with common operating devices like smartphones has indeed depicted a rise, fueling home audio equipment market trends.
Home entertainment has now reached an all-time high with the growing millennial population, the demands of which have revolutionized the home audio equipment industry trends. As the requirement for high definition music systems has increased exponentially in the last decade and consumers have been experiencing the pleasure of increasing disposable incomes, the growth of the home audio equipment market has been on a remarkable increase. Products that are highly priced with explicit sound quality and those that are low priced and easily affordable, have both been gaining traction in home audio equipment industry, in major geographies.
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Technological advancements such as cloud-based personal music libraries in these devices has attracted young consumers, thus positively impacting the industry growth. Libraries such as Apple, Spotify, Deezer, Pandora, and Amazon Music are allowing the consumers to access a large number of music files available on the internet. Growing trend of consumers to play these files through in-house entertainment devices is expected to propel the home audio equipment market growth.
Growing number of smart homes in developed economies including the U.S., UK, and Germany is expected to bode well for the technologically advanced products in the home audio equipment market. The consumers in these regions are increasingly demanding technologically advanced products such as smart speakers that provide them with enhanced experience, thus propelling the industry growth.
Some Point from Table of Contents:
Chapter 4. Home Audio Equipment Market, By Price Range
4.1. Global home audio equipment industry share by price range, 2016 & 2024
4.2. High (more than USD 1000)
4.2.1. Market estimates and forecast, 2013 – 2024
4.2.2. Market estimates and forecast, by technology, 2013 – 2024
4.2.3. Market estimates and forecast, by region, 2013 – 2024
4.3. Moderate (USD 500 – USD 1000)
4.3.1. Market estimates and forecast, 2013 – 2024
4.3.2. Market estimates and forecast, by technology, 2013 – 2024
4.3.3. Market estimates and forecast, by region, 2013 – 2024
4.4. Low (Less than USD 500)
4.4.1. Market estimates and forecast, 2013 – 2024
4.4.2. Market estimates and forecast, by technology, 2013 – 2024
4.4.3. Market estimates and forecast, by region, 2013 – 2024
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