A new study title” Hi-Fi Speaker System market size, status and forecast 2027” has been featured on market research future.
The global hi-fi speaker system market is moving forward with a CAGR of 6.20% for the forecast period of 2017 to 2023. With advancements in the latest technologies, the demand for hi-fi systems is increasing more than ever. Several large manufacturers and vendors in the market are promoting the market position to be more attractive in the future. Continuous strategic partnerships between major key players are increasing the possibilities of the market. The basic USP of the product is to transform the audio experience to the listeners forever.
The hi-fi system or High-Fidelity system is a marketed term for enhanced quality sound reproduction. The system usually consists of stand-still audio bars, with a receiver, amplifier, and control unit. The speakers can be big, medium, or small which provides the best quality stereo sound. The first hi-fi system came along in the 1950s. Since then, the hi-fi speaker system industry has gone through a lot of changes and improvements. At present, wireless technology is making the system much more efficient and popular for the general audience.
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The key players in the global Hi-Fi speaker system market include- Onkyo Corporation (Japan), Bowers & Wilkins Group Ltd. (England), Yamaha Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), Harman International Inc. (England), LG Electronics Corporation (South Korea), DEI Holdings, Inc. (U.S.), Koninklijke Philips N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan) and Tannoy Ltd. (England) among others.
The hi-fi audio system market is diverse due to a lot of parameters. There are different kinds of applications and advantages of these devices. So, the global market is fragmented into various segments based on connection type or technology, sales channels, end-use applications, regions, etc. These segments can be further divided into various subsegments as well.
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.
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.
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