Hi-Fi Speaker System Market is Expanding Rapidly Due to Booming Consumer Electronics Industry
Pune, Maharashtra, February 26 2020 (Wiredrelease) Market Research Future Hi-Fi Speaker System Market Research Report- Forecast till 2023
The hi-fi speaker system market 2020 is supposed to gain traction. Increasing demand for quality audio experience is prognosticated to drive the expansion of the market on the global front. The report circulated by Market Research Future (MRFR) underscores that the global hi-fi speaker system market is supposed to mark 6.20% CAGR across the evaluation period 2017 to 2023. It has also been highlighted in the study that the global hi-fi speaker system market size is poised to be USD 7.69 Bn by the close of the evaluation period.
The emergence of wireless technology can be seen as a major boost to the growth of the hi-fi speaker system market. It has gained much popularity which is projected to influence the growth pattern positively. In addition, technological developments are further anticipated to provide impetus to the expansion of the hi-fi speaker system market. It is presumed to boost sales by paving way for product developments. This report foresees that the competitive landscape of the hi-fi speaker system market is supposed to remain lucrative. New players are presumed to enter the market, thus, augment it. Also, expansion of product lines is presumed to play a developmental role for the hi-fi speaker system market in the near future.
Urbanization has played a pivotal role in the growth as seen in the hi-fi speaker system market analysis. In addition, the shift to smart home applications is also supposed to have a favorable impact on the augmentation of the hi-fi speaker system market. Investments are being injected in research development to enhance the performance of these speakers. These factors are presumed to keep motivating the growth trajectory of the hi-fi speaker system market in the years to come. Increasing sales of smart gadgets are also prognosticated to impact the market favorably. It is also supposed to be driven by the rising adoption of portable devices. However, problems associated with frequency compliance can pose challenge to market participants.
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On the basis of connectivity, the hi-fi speaker system market has been segmented into wired and wireless. The sub-segments of the wired segment are audio cables and Ethernet. The sub-segmentation of the wireless segment covers Bluetooth, AirPlay, Wi-Fi, and others.
Based on distribution channel, the hi-fi speaker system market has been segmented into retail sales and online sales.
The end-user segments of the hi-fi speaker system market are automotive, commercial, residential, and others.
The geographical study of the global hi-fi speaker system market covers the following regional segments North America, Europe, Asia-Pacific (APAC), and the Rest of the World (RoW). These segments based on region are sub-segmented into countries for in-depth analysis. Asia Pacific is presumed to account for maximum of the hi-fi speaker system market share. It is because of the rising production of the product in the region. The prime country-level hi-fi speaker system markets of the region are China, India, and Japan. Increasing penetration of smart gadgets is also projected to boost the growth of the hi-fi speaker system market in the region. Also, the developments of the wireless technology are prognosticated to augment the hi-fi speaker system market. North America and Europe are presumed to contribute at a healthy pace to market’s growth due to the strong economy of these regions.
The major participants of the hi-fi speaker system market are Harman International Inc. (England), Onkyo Corporation (Japan), Yamaha Corporation (Japan), Bowers Wilkins Group Ltd. (England), Sony Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), DEI Holdings, Inc. (U.S.), LG Electronics Corporation (South Korea), Samsung Electronics Co., Ltd. (South Korea), Koninklijke Philips N.V. (Netherland), and Tannoy Ltd. (England).
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Global 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 2023