Market Research Future (MRFR), in its current “Hi-Fi Speaker System Market” report, reveals that due to the ability of Hi-Fi speaker systems to handle music of every frequency, their sales in high. This advantage of Hi-Fi speaker systems over traditional systems is expected to is identified as the primary factor that can surge the worldwide Hi-Fi speaker system market. MRFR in its report states that the global Hi-Fi speaker system market between 2016 and 2023 the market is likely to thrive at a CAGR of about 6.20% and touch a valuation of nearly USD 7.69 billion by 2023. Additional factors, such as demand for high quality of music, rising standard of living, and availability of various connectivity techniques are likely to push the growth Hi-Fi speaker system market growth.
The Hi-Fi speaker system market forecast is segmented by connectivity technology, distribution channel, and end-users. By connectivity technology, the market is segmented into wireless and wired. The wireless segment is sub-segmented into Wi-Fi, Bluetooth, AirPlay, and others. The wired segment is sub-segmented into Ethernet and audio cables. By distribution channel, the market is sectioned into online sales and retail sales. By end-users, the market is segmented into residential, automotive, commercial, and others.
MRFR listed some companies that are identified to contribute significantly to the growth of the global Hi-Fi market. They are; Bowers & Wilkins Group Ltd. (England), Onkyo Corporation (Japan), Yamaha Corporation (Japan), Panasonic Corporation (Japan), Bose Corporation (U.S.), Harman International Inc. (England), DEI Holdings, Inc. (U.S.), LG Electronics Corporation (South Korea), Koninklijke Philips N.V. (Netherland), Sony Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Tannoy Ltd. (England), and others.
The worldwide Hi-Fi speaker system market appears to be highly competitive. The presence of international and domestic brands and their expansion in the product portfolio are expected to positively influence the growth of the global Hi-Fi speaker system market. New entrants are also likely to improve the overall growth of the market. MRFR offers indispensable insights into the transforming business landscape of the market that assist investors in making rational decisions. Key players are opting for various strategies, such as innovations, mergers and acquisitions, and surge in investments for research and developmental activities. The players in the Hi-Fi speaker system market compete on the basis of the factors such as Technologies uses, features and design, and scalability are parameters based on which the growth of key players are based. As vendors strive to innovate more effective and cost-friendly products, this can work in favor of market growth.
By region, the global Hi-Fi speaker system market is studied for North America, APAC, Europe, and the Rest of the World (RoW). MRFR reveals that from 2017 to 2023 the market in Asia Pacific is expected to secure the highest share. The great utility of Hi-Fi speakers as a tool for academics is expected to make the regional market win high profit. The impact of digitalization and the availability of cheap data packages in APAC can boost the growth of the Hi-Fi speaker system market. Besides, the high sales volume of consumer electronics and surge in the adoption of wireless connectivity can bolster the expansion of the Hi-Fi speaker system in the Asia Pacific region. Technological upgradations and increase in the use of smart gadgets in the North America region are likely to augment the growth of the Hi-Fi speaker system market. The presence of renowned Hi-Fi speaker system developers in the region are expected to propel the growth of the regional market.