Hi-Fi Speaker System Market Share, Analysis, Growth Prospects, Key Opportunities, Trends & Forecasts

Market Highlights

The global Hi-Fi speaker system market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio.

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.

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.

Also Read: https://www.marketwatch.com/press-release/hi-fi-speaker-system-market-share-growth-factors-investment-opportunities-competitive-landscape-and-industry-analysis-2020-03-12?mod=mw_quote_news

Regional Analysis:

The global 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.

Competitive Dashboard:

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).

Segmentation:

On the basis of connectivity, the hi-fi speaker system market analysis 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.