The hi-fi systems market is expected to reach $13.16 billion by 2023 from $9.585 billion in 2017, and is expected to grow at an annual average of 5% over the forecast period. The hi-fi system provides an accurate frequency response and better sound quality with less volume. Noise and distortion.
The HI-FI system market is growing due to innovation and advancement in wireless technology. The rising demand for the emerging automotive sector, Home-Theater-in-a-Box (HTIB) and smart home is driving the growth of HI-FI systems worldwide. In addition, the adoption of portable devices such as tablets, laptops and smartphones and the increase in online services have contributed to the growth of wireless audio products in HI-FI systems. In addition, with the increase in disposable income and the increasing spread of technologically advanced products, HI-FI systems are being adopted in the home appliance and home entertainment industries. However, government policy and technology barriers are affecting the growth of the HI-FI system market.
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Some of the leading companies operating in global Hi-Fi market are Sonos, Inc., Panasonic Corporation, Harman International, Inc., Bowers & Wilkins, Arcam, Bang & Olufsen, Bose Corporation, Marantz (D&M Holdings Inc.), McIntosh Laboratory, Inc., OPPO Digital, Onkyo Corporation, Koninklijke Philips N.V., Sony Corporation, Corporation (Japan) and DEI Holdings Inc. These companies are competing among themselves in order to get competitive advantage in the market. One of the key strategies adopted by these players in order to increase the market share is development of innovative products. For instance, Cyrus audio Ltd develops a range of HI-FI system products such as 8 series and 6 series with technological upgrade of the X series. In order to receive low-level subtle sound that are vital for spectacular sound reproduction, data acquisition of as much input sound as possible is important. Considering these parameters Cyrus has developed HI-FI system with 24 bit/192k FLAC (Free Lossless Audio Codec) and WAV (Waveform Audio File Format) files
Hi-Fi System Market segmentation:
- Speaker & Soundbar
- CD player
- DVD player
- Blu-ray player
- Network media player
- Headphone & Earphone
By Connectivity Technology
- Ethernet Cable
- Audio Cable
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Key Questions Answered by Hi-Fi System Market Report
- What was the Hi-Fi System Market in 2020 and 2021; what are the estimated growth trends and market forecast (2021-2027).
- What will be the CAGR of Hi-Fi System Market during the forecast period (2021-2027)?
- Which segments (product type/applications/end-user) were most attractive for investments in 2018? How are these segments are expected to grow during the forecast period (2021-2027)?
- Which manufacturer/vendor/players in the Hi-Fi System Market was the market leader in 2018?
- Overview on the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the market.
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