The Hi-Fi System Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Hi-Fi System Global Market Report 2024, The hi-fi system market size has grown strongly in recent years. It will grow from $15.2 billion in 2023 to $16.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to growth in the music and entertainment industry, rise in consumer interest in high-fidelity audio, introduction of vinyl records and analog, evolution of audio amplifier, expansion of home entertainment systems.
The hi-fi system market size is expected to see strong growth in the next few years. It will grow to $20.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to growing demand for wireless and smart audio solutions, adoption of high-resolution audio formats, integration of voice recognition in audio systems, continued growth of streaming services, expansion of the audiophile market. Major trends in the forecast period include development of high-resolution audio streaming platforms, integration of artificial intelligence in hi-fi audio systems, rise in demand for modular and customizable audio components, growing popularity of vintage audio equipment, expansion of the market for audiophile headphones.
An increase in the adoption of portable devices is expected to propel the growth of the Hi-Fi system market going forward. A portable device is a computing device with a tiny form factor that is typically a battery-powered device with essential computing resources such as a CPU, memory, storage, and network connectivity. Portable devices such as smartphones are a convenient source for accessing a wide range of music and audio content, and their compatibility with hi-fi systems allows users to enjoy their favorite media in a more immersive and high-fidelity manner, further enhancing the overall audio experience. For instance, in 2022, according to Ericsson, a Sweden-based networking and telecommunications company, the mobile smartphone subscription in 2022 was 8390 million units, and it was expected to expand to 9230 million units by 2028. Therefore, the increase in the adoption of portable devices drives the Hi-Fi system market.
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The hi-fi system market covered in this report is segmented –
1) By System: Product, Device
2) By Connectivity And Technology: Wired, Wireless
3) By Distribution Channel: Online Sales, Retail Sales
4) By End-User: Residential, Commercial, Automotive, Other End-Users
Product innovations are a key trend gaining popularity in the Hi-Fi system market. Major companies operating in the hi-fi system market are developing new products to sustain their position in the market. For instance, in January 2023, Yamaha, a Japan-based multinational conglomerate corporations, launched the 2000 Series Hi-Fi System. It is an innovative new Hi-Fi receiver and speaker combo that unites analog heritage with digital versatility. The R-N2000A Network Receiver includes the revered analog Hi-Fi sound performance, build quality, and design with the latest digital, streaming, and wireless capabilities.
The hi-fi system market report table of contents includes:
1. Executive Summary
2. Hi-Fi System Market Characteristics
3. Hi-Fi System Market Trends And Strategies
4. Hi-Fi System Market – Macro Economic Scenario
5. Global Hi-Fi System Market Size and Growth
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26. South America Hi-Fi System Market
27. Brazil Hi-Fi System Market
28. Middle East Hi-Fi System Market
29. Africa Hi-Fi System Market
30. Hi-Fi System Market Competitive Landscape And Company Profiles
Top Major Players:
- Apple Inc
- Samsung Electronics Co.Ltd
- Sony Corporation
- LG Electronics Inc
- Panasonic Corporation
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