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The global high-fidelity (Hi-Fi) systems market is estimated to exhibit substantial growth during the forecast period due to the growing demand for quality music among the audiophiles. Hi-Fi system comprises of speaker enclosures with large woofers along with acoustic suspension sealed enclosures which provide a deep bass from big sized boxes. The rising demand for wireless audio devices is anticipated to drive the growth of the Hi-Fi system market. The wireless systems comprise of several audio products such as soundbars, headphones, network media players and speakers.
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The Hi-Fi system helps in making minimum noise and distortion and involves precise frequency response. These systems system is observing increasing demand from home applications and commercial platform in other applications such as automotive, military and security.
Insight by System
On the basis of the system, the market is segmented into product and auxiliary product. The product class is further segmented into Speaker and soundbar, CD player, DVD player, blue-ray player, network media player, headphone & earphone, microphone, and turntable. The auxiliary products include a digital-to-analog converter (DAC), receiver, amplifier, and preamplifier.
Insight by Technology
Both wired and wireless, technologies are used for the Hi-Fi systems. Wired technology is further classified into Ethernet and audio cables. The wireless technology is further segmented into Bluetooth, Wi-Fi, AirPlay, and others. The demand for wireless systems is increasing at a faster rate in the Hi-Fi system market across the world.
Insight by Application
By application type, the market is segmented into residential, commercial, automotive and other applications. The commercial application is further classified into the restaurant, multiplex, shopping mall, and others. The Hi-Fi system market for commercial applications is anticipated to grow at the fastest rate during the forecast period. The automotive application is further classified into cars and others.
The Hi-Fi system market is becoming popular in the automotive industry with the emerging trends that automotive manufacturers provide wireless Hi-Fi speaker systems to cars. The automotive industry provides luxury and comfort to the consumers with the help of fully integrated wireless hi-fi speakers in the cars. In today’s scenario, all the luxurious automotive comprises of fully integrated wireless systems and other manufacturers provide such facility in their top-end models. With the growing demand for luxury automotive in the developing countries in car and bus is expected to further enhance the demand for the hi-fi systems globally.
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The growing demand of Hi-Fi systems such as speakers in the cars and increasing demand for home theatre in a box and technologies such as smart homes, smart cities are contributing towards the overall growth of the Hi-Fi system market, worldwide.
The technological development in wireless audio devices such as wireless headphones and the rising demand for smart devices such as smartphones and tablets are creating opportunities for the growth of the Hi-Fi system market. The rising demand for improved sound quality and infotainment services is also powering the demand for these systems. The connectivity, design, and size of this system such as Bluetooth speakers are gaining popularity among the consumers as compared to other audio products. These Bluetooth speakers are convenient and portable this makes them an attractive option to be adopted by the consumers. The stringent government regulations are the major restraint observed in the growth of worldwide Hi-Fi system market.
Worldwide, Asia-Pacific is the biggest market for Hi-Fi systems and is also anticipated to witness the highest growth among all other regions including Europe and North America. The region has the largest population in the world and with rapid technological advancements, the region is observing rising in purchasing power of the people. The people of these locations are increasingly demanding wireless and portable devices that help in making their day to day lives convenient.
North America is the second-largest market in the Hi-Fi system market, globally. The region is seeing significant growth due to sustainable growth in the market and also because of the presence of several manufacturers in the region which aims at delivering luxury and comfort to their users that furthers helps in enhancing their value. It is being observed an increasing demand for luxury automotive that comes with wireless systems and helps the consumers in maximizing their satisfaction.
Some of the key players operating in the Hi-Fi system market include Onkyo Corporation, Bowers & Wilkins Group Ltd., Yamaha Corporation, Bose Corporation, Panasonic Corporation, Harman International Inc., LG Electronics Corporation, DEI Holdings, Inc., Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Sony Corporation and Tannoy Ltd.
Source: VynZ Research