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HI-FI System Market to Reach $16.49B by 2022
May 27, 2016 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "HI-FI System Market by Product, Device, Connectivity Technology, Applications and Geography - Global Forecast to 2022" report to their offering.
The Hi-Fi system market size, in terms of value, is expected to grow from $10.62 billion in 2015 to $16.49 billion by 2022, at a CAGR of 6.4% between 2016 and 2022.
Audio device manufacturers have witnessed an increased shipment of devices with varied connectivity solutions such as Bluetooth, AirPlay, Wi-Fi, and SKAA, and it is expected that sound bars, portable speakers, and other personal wireless audio devices such as wireless headphones would provide impetus to this growth momentum. In short, a rise in the portable devices, such as smartphones and tablets, is driving a huge demand for the wireless audio products which has also contributed to the demand for wireless Hi-Fi systems.
Automotive application market to gain maximum traction during the forecast period
The automotive application market is estimated to grow at the highest CAGR during the forecast period. With the emerging trends, the automotive manufacturers provide wireless Hi-Fi speaker systems to cars. All luxury automotive comes with a fully integrated wireless Hi-Fi system and in-car infotainment system, whereas the ordinary manufacturers provide this facility in their top-end models. The overall growth in the car segment, including the sheer demand for luxury automotive in the developing economies (car and bus), is likely to further push the demand for Hi-Fi audio devices.
APAC market for Hi-Fi system to grow at the highest rate during the forecast period
APAC is the largest and the fastest-growing region for Hi-Fi audio system. The increasing number of consumers adopting technologies such as smartphones, tablets, smart homes, and home-theater-in-a-box (HTiB) is making this possible. However, the Hi-Fi system market in the North America poses a steady growth and accounts for the second-largest market. Despite being a mature market, the growth in the North American market is highly sustainable because of the presence of a large number of manufacturers in the region.
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