Audio Market On The Rise At A Global Level
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Audio Market on the Rise at A Global Level

In a world of a rapidly growing entertainment industry, the demand for faster, better, smarter technology is at an all-time high. And with the economy of some countries on the rise, it has us asking, where is that extra cash flow going? According to a report from Transparency Market Research, a chunk of it is being spent on life’s little luxuries. Specifically, on improving the sound quality of home entertainment systems, ranging from a full multi room speaker system to smaller audio accessories. After all, with technology where it stands today, there’s no reason for consumers to make sacrifices on their leisure listening when the best is readily available at their fingertips. Let’s take a closer look at what the buzz is about, and the future predictions of where sound industry will be taking us.

What the stats are telling us:

The report, “Home Audio Equipment Market”, has created quite the buzz, when announcing their forecast of 2013 – 2019 sales of home sound systems. Based on the data they’ve collected, numbers in the audio industry (including the surround-sound and multi room speaker systems) are predicted to rise with a robust, steady growth in the upcoming years. In 2012, the home equipment market was at 15.94 billion. And while that may seem like a big chunk of change, it’s expected to jump to a staggering 20.68 billion by 2019.

“The home audio equipment market is expected to foresee continuous growth in the upcoming years due to the innovative product development with technologically advanced features being incorporated in devices, rising popularity of audio technologies and growing consumer preference for high-quality content.” – Home Audio Equipment Market, Transparency Market Research

With the disposable income levels on the rise, people are choosing to opt for quality when investing in technology where it reverberates in homes the hardest – their sound systems.

“..consumer preference for better quality products and rise in disposable incomes of families are mainly encouraging customers to buy such home entertainment products, thus, driving the market for home audio equipment.” – Home Audio Equipment Market

What countries are being most affected:

Countries most on the trend for the next couple of years: North America, Europe, and Asia Pacific. Speculation is being made that the cause of these geographical statistics is due to the increased number of early adaptors and higher disposable income. The consumers are ready to change their sound listening experience in a big way, and they aren’t waiting for the next wave of technology to do it.

Types of audio systems on the rise:

Types of systems on the rise include the growingly popular “Home theatre in-a-box” in packages that range from 5.1 channel to 9.1 channel. Other growing options include a rise in home audio systems, radios, and additional sound wave boosting accessories.

The future for surround sound:

As televisions continue to evolve, the consumers are craving a more and more evolved music and sound systems to match the standards they’ve set for their visual home entertainment experience. And with the glowing report from Transparency Market Research, we can only expect those numbers to rise.

For advanced music solution industries such as Bose, Dolby, and Denon, this is more than music to the ears. Denon has been taking strides to get a lead on their competition by launching their HEOS 2.1 home cinema system, providing full room sound, with a less evasive approach. Their fully integrated surround sound system requires only 2 devises (compared to 5 or more of traditional surround sound systems) to deliver couch-shaking, impactful sound. Other products to watch for on the rise include home theatre in-a-box (HTiB), multi room speaker system, home radio, single-room speaker, and other sound accessories created to amp up existing sound systems.

With the knowledge of these consumer demands, we can expect to see many advances in the short upcoming years, as brands up the wow factor to get a hand over their rivals. Improved experience, more options, and higher quality tones, sounds like a good thing.

Source: Transparency Market Research

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