Worldwide Hi-Fi Speaker Market Set to Catapult to USD 7.69 billion by the End of 2023, With a CAGR of 6.20%

“Hi-Fi Speaker Market”
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

Market Highlights:

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.

Meanwhile 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.

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Major Key Players

Bose Corporation (U.S.),

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

Harman International Inc. (England),

LG Electronics Corporation (South Korea),

Koninklijke Philips N.V. (Netherland),

Onkyo Corporation (Japan),

Bowers & Wilkins Group Ltd. (England),

Yamaha Corporation (Japan),

Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan) and Tannoy Ltd. (England) among others, are profiled in MRFR Analysis and are at the forefront of competition in the global Hi-Fi Speaker System market

According to MRFR, The Global Hi-Fi speaker system Market is expected to reach approximately USD 7.69 billion by the end of 2023 with 6.20% CAGR during forecast period 2017-2023.

Industry Trends/Updates

•              Denon CEOL N10 is releasing a new Hi-Fi speaker system that is packed with all the latest technology while still supporting the old physical media like CDs. The N10 offers support for both Amazon’s Alexa voice assistant and Apple’s AirPlay 2.

•              Famous top-selling loudspeaker brand in America, Definitive Technology is set to launch its products in the European market. They are launching various home cinemas and hi-Fi speakers ranging from £499 – £3399.

Segmentation

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.

Regional Analysis

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.

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Intended Audience

  • Operating system providers
  • Training center
  • Schools
  • Manufacturers
  • Operating system providers
  • Software Developers
  • Sensor providers
  • Automotive manufacturers

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