Hi-Fi System Market Size, Share, Segment Analysis, Growth Drivers and Forecast Overview
The global High-Fidelity (Hi-Fi) system market has experienced a considerable growth due to increasing demand of high quality music among audiophiles. Wireless devices have made its way across various audio products, such as speakers & sound bars, headphones, network media players, and others. The growing demand for wireless audio devices is expected to drive the growth of the global Hi-Fi system market.
The increasing need of better sound quality and infotainment services creates an opportunity for the Hi-Fi system market. The size, design and connectivity of Hi-Fi products, such as bluetooth speakers, makes them most popular product among other audio products.
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The emerging trends witnessed in the Hi-Fi market are increasing demand of wireless Hi-Fi speaker systems in cars, growing demand for home-theatre-in-a-box (HTIB), increasing number of consumers adopting technologies such as smart homes, overall growth in the car segment, and demand for luxury automotive in the developing economies.
The technological advancement in wireless audio devices such as wireless headphones and growing demand for portable devices such as tablets and smartphones are the major growth contributing factors for the global Hi-Fi system market.
Geographically, Asia-Pacific is expected to be the largest market of Hi-Fi systems during the forecast period, owing to factors such as growing population, rapid increase in purchasing power parity (PPP) and technological developments. North America, being a mature market holds second largest share in the global Hi-Fi system market.
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Some of the major players operating in the global Hi-Fi system market include Bowers & Wilkins Group Ltd, Onkyo Corporation, Bose Corporation, Panasonic Corporation, Yamaha Corporation, DEI Holdings Inc., LG Electronics Co., Ltd., Sony Corporation, Harman International, Inc., Koninklijke Philips N.V., and Samsung Electronics Co. Ltd.
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