Dublin, May 27, 2016 (GLOBE NEWSWIRE) -- 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. According to the MarketsandMarkets forecast, the Hi-Fi system market size, in terms of value, is expected to grow from USD 10.62 Billion in 2015 to USD 16.49 Billion by 2022, at a CAGR of 6.4% between 2016 and 2022
In the past few years, wireless devices have made its way across various audio products such as speakers & sound bars, headphones, network media players, and others. Traditionally, this wireless benefit came with the cost of audio quality, radio interference, and complexity in the setup. In the past, the wired audio technology has been the dominant method used by consumers for many years; however, now the wireless technology ensures to provide users with uncompromised, problem-free utilization of wireless Hi-Fi audio devices such as speakers & sound bars, headphones, and microphones. The growing demand for wireless audio devices is expected to contribute toward the growth of Hi-Fi system market. The scope of this report covers the Hi-Fi system market on the basis of system, application, connectivity technology, and geography. Also, the market by system is further categorized into various products and devices. The residential application is expected to hold the largest market share during the forecast period. The market for automotive application is expected to grow at the highest rate during the forecast period, owing to the increasing demand for in-car infotainment systems. The speakers & sound bars collectively accounted for the largest market share in product category in 2015. The growing demand for wireless speaker across various applications is the major reason behind the growth of the Hi-Fi speakers & sound bars market. The Bluetooth speakers are one of the most popular categories within the wireless speakers; it accounts for the major share of the overall wireless Hi-Fi market for the product category. The market for the automotive application is also expected to gain momentum during the forecast period and is expected to grow at the highest rate during the forecast period. The wireless speakers and sound bars with tethering capabilities are becoming the new trend in automobiles. With the emerging trends, the automotive manufacturers provide wireless Hi-Fi speaker systems to cars.
These speakers are deployed either with the Bluetooth or IR technology to help consumers enjoy a high-quality audio and give them the liberty to stream from smartphones and tablets. 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.
The major vendors in the Hi-Fi system market include Onkyo Corporation (Japan), Bowers & Wilkins (U.K.), Bose Corporation (U.S.), Panasonic Corporation (Japan), Yamaha Corporation (Japan), DEI Holdings Inc. (U.S.), and Harman International, Inc. (U.S.) among others.
These players adopted various strategies such as new product developments, mergers, partnerships, collaborations, and business expansion to cater to the needs of the Hi-Fi system market. Key Topics Covered: 1 Introduction 2 Research Methodology 3 Executive Summary 4 Premium Insights 5 Market Overview 6 Industry Trends 7 Hi-Fi System Market, By System 8 Hi-Fi System Market, By Connectivity Technology 9 Hi-Fi System Market, By Application 10 Hi-Fi System Market, By Geography 11 Competitive Landscape 12 Company Profiles
- Onkyo Corporation (Japan)
- Bowers & Wilkins (U.K.)
- Bose Corporation (U.S.)
- Panasonic Corporation (Japan)
- Yamaha Corporation (Japan)
- DEI Holdings Inc. (U.S.)
- Harman International, Inc. (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- Sony Corporation (Japan)
- Samsung Electronics Co., Ltd. (South Korea)
- LG Electronics Co., Ltd. (South Korea)
- Tannoy Ltd. (U.K.)
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