Growing preference for wireless music is shaping the global home audio equipment market. In addition, growing consumer desire for high-performance music experience coupled with the increasing disposable income is expected to propel the demand for home audio equipment globally. The global home audio equipment market is expected to witness a steady growth, exceeding USD 24.3 billion by 2023.
Today's advanced home audio equipment is feature-rich, equipped to support other music systems, televisions, and projectors. The advancements in technology have not only made these equipment feature-rich but also more compact and light weight. The global home audio equipment market is highly competitive and fragmented according to a Credence Research report. Product portfolio expansion through new product development is the prime strategy adopted by the vendors in the market. Ideally, vendors compete on the basis of product features, performance, innovation, and cost. In addition, manufacturers are increasingly focusing on strengthening their distribution network and hence the reach.
The advent of e-commerce has further encouraged manufacturers to strengthen their distribution network. Some of the leading and promising home audio equipment manufacturers include Bose Corporation, Dolby Laboratories Inc., LG Electronics Inc., Sony Corporation, Sharp Corporation, Panasonic Corporation, JVC Kenwood Corporation, Philips Electronics Ltd., Harman International Industries, Inc. (AKG), Akai Electric Co., Qualcomm Technologies, and Pioneer Corporation among others.