February 12 2021
Market Research Future published a research report on “Hi-Fi Speaker System Market Research Report- Global Forecast 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
The global Hi-Fi speaker system market is highly competitive. Various established international brands, domestic brands and as well as new entrants form a competitive landscape. The key players are nonstop increasingly seeking market expansion through various strategic mergers and acquisitions, innovation, increasing investments in research and development and cost-effective product portfolio. The Hi-Fi Speaker System Market is highly competitive due to the presence of several large vendors. The competition among the vendors will intensify due to the increase in product extensions and various above mentioned factors. The players in the Hi-Fi speaker system market compete on the basis of the factors such as technology, features, design and compatibility. The vendors or the manufacturers are continuously coming up with new ideas and technologies to gain competitive advantage over their competitors.
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The key players in the global Hi-Fi speaker system market include- Onkyo Corporation (Japan), Bowers & Wilkins Group Ltd. (England), Yamaha Corporation (Japan), Bose Corporation (U.S.), Panasonic Corporation (Japan), Harman International Inc. (England), LG Electronics Corporation (South Korea), DEI Holdings, Inc. (U.S.), Koninklijke Philips N.V. (Netherland), Samsung Electronics Co., Ltd. (South Korea), Sony Corporation (Japan) and Tannoy Ltd. (England) among others.
The global Hi-Fi speaker system market can be bifurcated as connectivity technology, distribution channel, end-users and region. On the basis of connectivity technology, the market can be segmented as wired and wireless. Wired connectivity technology is further distributed into ethernet and audio cables, however, wireless connectivity technology is segmented into bluetooth, Wi-Fi, AirPlay, and other.
Based on distribution channel, the market is segmented into online sales and retail sales. Residential, commercial, automotive and others are the applications covered under the study of Hi-Fi speaker system market.
The global Hi-Fi speaker system market is expected to grow significantly over the forecast period, 2017-2023. Academic segment of Hi-Fi speaker system market globally drives the market majorly due to growing consumer electronics market and adoption of wireless connectivity
The market is expected to have higher growth rate as compared to the previous years due to the booming electronic industry globally. It is due to the rising income of individuals globally and increasing affordability of technology products globally. It gives willingness push to Hi-Fi speaker system market in future prospective.
The global Hi-Fi Speaker System market segmented into four main regions such as North America, Asia-Pacific, Europe and Rest of the World. The regional segment is further bifurcated into U.S., Canada, Mexico, UK, France, Germany, China, Japan and India.
Asia Pacific region hold the largest share of the total Hi-Fi speaker system market in terms of revenue. It is due to the presence of some leading Hi-Fi speaker system providers in the region. Samsung Electronics Co., Ltd., Onkyo Corporation, Yamaha Corporation, Panasonic Corporation are well known leading industry participants located in Asia Pacific. Recently, in October 2017, Digitek, an Indian market leader in Photographic & amp; smartphone accessories introduced its brand new bluetooth Speaker, DBS-011 with in-built digital decoder for decoding and playing Mp3 files and low distortion 20W Power Amplifier with Bass Control, the 5.25” hi-fi speaker produces high fidelity, rich sound. In September 2017, Xiaomi has launched a new compact Bluetooth speaker named 'Mi Bluetooth Speaker Basic 2' having two 2.5W speakers that can produce high-fidelity sound over Bluetooth. Booming automotive industry in China and India is expected to surge the Hi-Fi speaker system market at fast pace.
Due to technological adoption and smart gadgets, North America region is showing steady growth in the Hi-Fi speaker system market. North America is the second largest region for the Hi-Fi speaker system market. Bose Corporation, DEI Holdings, Inc. are some of the leading industry participants of the Hi-Fi speaker system market headqured in U.S.
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