Market Research Future (MRFR), in its current “Hi-Fi Speaker System Market” report, reveals that due to the ability of Hi-Fi speaker systems to handle music of every frequency, their sales in high. This advantage of Hi-Fi speaker systems over traditional systems is expected to is identified as the primary factor that can surge the worldwide Hi-Fi speaker system market. MRFR in its report states that the global Hi-Fi speaker system market between 2016 and 2023 the market is likely to thrive at a CAGR of about 6.20% and touch a valuation of nearly USD 7.69 billion by 2023. Additional factors, such as demand for high quality of music, rising standard of living, and availability of various connectivity techniques are likely to push the growth Hi-Fi speaker system market growth.
The Hi-Fi speaker system market is highly competitive due to the presence of several large vendors. The competition among the vendors will intensify due to the increase in product extensions and various above-mentioned factors. The players in the Hi-Fi speaker system market compete on the basis of the factors such as technology, features, design and compatibility. The vendors or the manufacturers are continuously coming up with new ideas and technologies to gain competitive advantage over their competitors.
The Hi-Fi speaker system market size is segmented by connectivity technology, distribution channel, and end-users. By connectivity technology, the market is segmented into wireless and wired. The wireless segment is sub-segmented into Wi-Fi, Bluetooth, AirPlay, and others. The wired segment is sub-segmented into Ethernet and audio cables. By distribution channel, the market is sectioned into online sales and retail sales. By end-users, the market is segmented into residential, automotive, commercial, and others.
MRFR listed some companies that are identified to contribute significantly to the growth of the global Hi-Fi market. They are; Bowers & Wilkins Group Ltd. (England), Onkyo Corporation (Japan), Yamaha Corporation (Japan), Panasonic Corporation (Japan), Bose Corporation (U.S.), Harman International Inc. (England), DEI Holdings, Inc. (U.S.), LG Electronics Corporation (South Korea), Koninklijke Philips N.V. (Netherland), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Tannoy Ltd. (England), and others.
The worldwide Hi-Fi speaker system market appears to be highly competitive. The presence of international and domestic brands and their expansion in the product portfolio are expected to positively influence the growth of the global Hi-Fi speaker system market. New entrants are also likely to improve the overall growth of the market. MRFR offers indispensable insights into the transforming business landscape of the market that assist investors in making rational decisions. Key players are opting for various strategies, such as innovations, mergers and acquisitions, and surge in investments for research and developmental activities. The players in the Hi-Fi speaker system market compete on the basis of the factors such as Technologies uses, features and design, and scalability are parameters based on which the growth of key players are based. As vendors strive to innovate more effective and cost-friendly products, this can work in favor of market growth.
The COVID-19 analysis of Hi-Fi speaker system market is expected to grow significantly over the forecast period, 2017-2023. Academic segment of Hi-Fi speaker system market globally drives the market majorly due to growing consumer electronics market and adoption of wireless connectivity
The market is expected to have higher growth rate as compared to the previous years due to the booming electronic industry globally. It is due to the rising income of individuals globally and increasing affordability of technology products globally. It gives willingness push to Hi-Fi speaker system market in future prospective.
The global Hi-Fi Speaker System market segmented into four main regions such as North America, Asia-Pacific, Europe and Rest of the World. The regional segment is further bifurcated into U.S., Canada, Mexico, UK, France, Germany, China, Japan and India.
Asia Pacific region hold the largest share of the total Hi-Fi speaker system market in terms of revenue. It is due to the presence of some leading Hi-Fi speaker system providers in the region. Samsung Electronics Co., Ltd., Onkyo Corporation, Yamaha Corporation, Panasonic Corporation are well known leading industry participants located in Asia Pacific. Recently, in October 2017, Digitek, an Indian market leader in Photographic & amp; smartphone accessories introduced its brand new bluetooth Speaker, DBS-011 with in-built digital decoder for decoding and playing Mp3 files and low distortion 20W Power Amplifier with Bass Control, the 5.25” hi-fi speaker produces high fidelity, rich sound. In September 2017, Xiaomi has launched a new compact Bluetooth speaker named 'Mi Bluetooth Speaker Basic 2' having two 2.5W speakers that can produce high-fidelity sound over Bluetooth. Booming automotive industry in China and India is expected to surge the Hi-Fi speaker system market at fast pace.
Due to technological adoption and smart gadgets, North America region is showing steady growth in the Hi-Fi speaker system market. North America is the second largest region for the Hi-Fi speaker system market. Bose Corporation, DEI Holdings, Inc. are some of the leading industry participants of the Hi-Fi speaker system market headqured in U.S.