The hi-fi system market size has grown strongly in recent years. It will grow from $15.2 billion in 2023 to $16.27 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be ascribed to the expansion of the music and entertainment industry, an increase in consumer fascination with high-fidelity audio, the introduction of vinyl records and analog technology, advancements in audio amplifier technology, and the proliferation of home entertainment systems.
The hi-fi system market size is expected to see strong growth in the next few years. It will grow to $20.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be linked to the increasing demand for wireless and smart audio solutions, the adoption of high-resolution audio formats, the incorporation of voice recognition in audio systems, the sustained expansion of streaming services, and the continued growth of the audiophile market. Noteworthy trends expected in the forecast period include the creation of high-resolution audio streaming platforms, the integration of artificial intelligence in hi-fi audio systems, a rise in demand for modular and customizable audio components, the growing popularity of vintage audio equipment, and the expansion of the market for audiophile headphones.
The anticipated increase in the adoption of portable devices is poised to drive the growth of the Hi-Fi system market. Portable devices, characterized by their small form factor and battery-powered nature, encompass essential computing resources such as a CPU, memory, storage, and network connectivity. Notably, smartphones, as prevalent portable devices, serve as a convenient source for accessing a diverse range of music and audio content. Their compatibility with hi-fi systems enables users to enjoy media in a more immersive and high-fidelity manner, thereby enhancing the overall audio experience. For instance, in 2022, Ericsson reported that mobile smartphone subscriptions reached 8390 million units, with an expected expansion to 9230 million units by 2028. Consequently, the increased adoption of portable devices acts as a driving force for the Hi-Fi system market.
The escalating number of smart homes is also expected to contribute to the growth of the Hi-Fi system market. Smart homes, characterized by advanced automation systems and connected devices, enhance efficiency, security, comfort, and overall management of various household tasks. Within the context of smart homes, Hi-Fi systems play a crucial role in elevating the audio experience and contributing to the comprehensive smart home ecosystem. For example, as of 2023, the global count of smart homes is estimated at around 300 million, with an anticipated increase to 478.2 million by 2025, according to Today's Homeowner Media, a US-based media company. Therefore, the rising prevalence of smart homes acts as a driving factor for the Hi-Fi system market.
Product innovations emerge as a prominent trend gaining traction in the Hi-Fi system market, with major companies actively developing new offerings to maintain their market standing. An illustrative example is Yamaha, a Japan-based multinational conglomerate corporation, which introduced the 2000 Series Hi-Fi System in January 2023. This innovative product comprises a Hi-Fi receiver and speaker combo that seamlessly integrates analog heritage with digital versatility. The R-N2000A Network Receiver combines revered analog Hi-Fi sound performance, robust build quality, and timeless design with cutting-edge digital, streaming, and wireless capabilities.
Prominent companies in the Hi-Fi system market are directing their efforts toward pioneering solutions, exemplified by the development of wireless Hi-Fi systems. A wireless Hi-Fi system harnesses wireless technology for the transmission and reception of audio signals. For instance, KEF Holdings Ltd., a US-based high-end audio products manufacturing company, unveiled the LSX II Wireless HiFi System in June 2022. LSX II delivers unparalleled audio quality through the advanced W2 wireless platform, drawing inspiration from the groundbreaking LS50 Wireless II and LS60 Wireless systems. The LSX II combines technological advancements with a sleek and modern design, offering consumers a choice of five different color options.
In September 2021, VOXX International Corporation, a US-based consumer electronics manufacturer, completed the acquisition of specific assets of the audio/video business of Onkyo Home Entertainment Corporation for $30.8 million. This strategic move allowed VOXX International Corporation to expand its audio/video business and globally distribute the Pioneer and Pioneer Elite brands. Onkyo Corporation, a Japan-based consumer electronics company, specializes in high-quality home cinema and audio equipment, including Hi-Fi systems, AV receivers, surround sound speakers, and portable devices.
Major companies operating in the hi-fi system market report are Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, James B. Lansing Sound Inc., Koninklijke Phillips N.V, Bose Corporation, VIZIo Inc., Sonos Inc., VOXX international Corporation, Sennheiser Electronics GmbH & Co. KG, Band & Olufsen AG, Yamaha Corporation, Bowers and Willins Group Ltd., KEF International, Klipsch Group Inc., McIntosh Laboratory, Naim Audio, Tannoy Ltd., Linn Products Inc., Rega Research Limited, Marantz, Polk Audio Inc., Cambridge Audio Laboratories Ltd., MartinLogan Ltd., Human Inc., Oppo Digital Inc., Audioengine LLC, DEI Holdings Inc.
Asia-Pacific was the largest region in the Hi-Fi system market in 2023. The regions covered in the hi-fi system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hi-fi system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of Hi-Fi systems include products and devices. Hi-fi products, also referred to as high-fidelity audio products, denote the degree of accuracy in sound reproduction offered by premium audio setups and other devices such as sound bars, speakers, headphones, and CD and DVD players. These products come with both wired and wireless connectivity options and are available for purchase through online platforms and retail outlets. They serve various purposes, catering to residential, commercial, automotive, and other settings.
The Hi-Fi system market research report is one of a series of new reports that provides Hi-Fi system market statistics, including Hi-Fi system industry global market size, regional shares, competitors with a Hi-Fi system market share, detailed Hi-Fi system market segments, market trends and opportunities, and any further data you may need to thrive in the Hi-Fi system industry. This Hi-Fi system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The Hi-Fi system market consists of sales of stereo systems, stereo systems, bookshelf systems, component systems, and wireless or streaming systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The hi-fi system market size is expected to see strong growth in the next few years. It will grow to $20.68 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be linked to the increasing demand for wireless and smart audio solutions, the adoption of high-resolution audio formats, the incorporation of voice recognition in audio systems, the sustained expansion of streaming services, and the continued growth of the audiophile market. Noteworthy trends expected in the forecast period include the creation of high-resolution audio streaming platforms, the integration of artificial intelligence in hi-fi audio systems, a rise in demand for modular and customizable audio components, the growing popularity of vintage audio equipment, and the expansion of the market for audiophile headphones.
The anticipated increase in the adoption of portable devices is poised to drive the growth of the Hi-Fi system market. Portable devices, characterized by their small form factor and battery-powered nature, encompass essential computing resources such as a CPU, memory, storage, and network connectivity. Notably, smartphones, as prevalent portable devices, serve as a convenient source for accessing a diverse range of music and audio content. Their compatibility with hi-fi systems enables users to enjoy media in a more immersive and high-fidelity manner, thereby enhancing the overall audio experience. For instance, in 2022, Ericsson reported that mobile smartphone subscriptions reached 8390 million units, with an expected expansion to 9230 million units by 2028. Consequently, the increased adoption of portable devices acts as a driving force for the Hi-Fi system market.
The escalating number of smart homes is also expected to contribute to the growth of the Hi-Fi system market. Smart homes, characterized by advanced automation systems and connected devices, enhance efficiency, security, comfort, and overall management of various household tasks. Within the context of smart homes, Hi-Fi systems play a crucial role in elevating the audio experience and contributing to the comprehensive smart home ecosystem. For example, as of 2023, the global count of smart homes is estimated at around 300 million, with an anticipated increase to 478.2 million by 2025, according to Today's Homeowner Media, a US-based media company. Therefore, the rising prevalence of smart homes acts as a driving factor for the Hi-Fi system market.
Product innovations emerge as a prominent trend gaining traction in the Hi-Fi system market, with major companies actively developing new offerings to maintain their market standing. An illustrative example is Yamaha, a Japan-based multinational conglomerate corporation, which introduced the 2000 Series Hi-Fi System in January 2023. This innovative product comprises a Hi-Fi receiver and speaker combo that seamlessly integrates analog heritage with digital versatility. The R-N2000A Network Receiver combines revered analog Hi-Fi sound performance, robust build quality, and timeless design with cutting-edge digital, streaming, and wireless capabilities.
Prominent companies in the Hi-Fi system market are directing their efforts toward pioneering solutions, exemplified by the development of wireless Hi-Fi systems. A wireless Hi-Fi system harnesses wireless technology for the transmission and reception of audio signals. For instance, KEF Holdings Ltd., a US-based high-end audio products manufacturing company, unveiled the LSX II Wireless HiFi System in June 2022. LSX II delivers unparalleled audio quality through the advanced W2 wireless platform, drawing inspiration from the groundbreaking LS50 Wireless II and LS60 Wireless systems. The LSX II combines technological advancements with a sleek and modern design, offering consumers a choice of five different color options.
In September 2021, VOXX International Corporation, a US-based consumer electronics manufacturer, completed the acquisition of specific assets of the audio/video business of Onkyo Home Entertainment Corporation for $30.8 million. This strategic move allowed VOXX International Corporation to expand its audio/video business and globally distribute the Pioneer and Pioneer Elite brands. Onkyo Corporation, a Japan-based consumer electronics company, specializes in high-quality home cinema and audio equipment, including Hi-Fi systems, AV receivers, surround sound speakers, and portable devices.
Major companies operating in the hi-fi system market report are Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, LG Electronics Inc., Panasonic Corporation, James B. Lansing Sound Inc., Koninklijke Phillips N.V, Bose Corporation, VIZIo Inc., Sonos Inc., VOXX international Corporation, Sennheiser Electronics GmbH & Co. KG, Band & Olufsen AG, Yamaha Corporation, Bowers and Willins Group Ltd., KEF International, Klipsch Group Inc., McIntosh Laboratory, Naim Audio, Tannoy Ltd., Linn Products Inc., Rega Research Limited, Marantz, Polk Audio Inc., Cambridge Audio Laboratories Ltd., MartinLogan Ltd., Human Inc., Oppo Digital Inc., Audioengine LLC, DEI Holdings Inc.
Asia-Pacific was the largest region in the Hi-Fi system market in 2023. The regions covered in the hi-fi system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the hi-fi system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The primary categories of Hi-Fi systems include products and devices. Hi-fi products, also referred to as high-fidelity audio products, denote the degree of accuracy in sound reproduction offered by premium audio setups and other devices such as sound bars, speakers, headphones, and CD and DVD players. These products come with both wired and wireless connectivity options and are available for purchase through online platforms and retail outlets. They serve various purposes, catering to residential, commercial, automotive, and other settings.
The Hi-Fi system market research report is one of a series of new reports that provides Hi-Fi system market statistics, including Hi-Fi system industry global market size, regional shares, competitors with a Hi-Fi system market share, detailed Hi-Fi system market segments, market trends and opportunities, and any further data you may need to thrive in the Hi-Fi system industry. This Hi-Fi system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The Hi-Fi system market consists of sales of stereo systems, stereo systems, bookshelf systems, component systems, and wireless or streaming systems. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Hi-Fi System Market Characteristics3. Hi-Fi System Market Trends and Strategies32. Global Hi-Fi System Market Competitive Benchmarking33. Global Hi-Fi System Market Competitive Dashboard34. Key Mergers and Acquisitions in the Hi-Fi System Market
4. Hi-Fi System Market - Macro Economic Scenario
5. Global Hi-Fi System Market Size and Growth
6. Hi-Fi System Market Segmentation
7. Hi-Fi System Market Regional and Country Analysis
8. Asia-Pacific Hi-Fi System Market
9. China Hi-Fi System Market
10. India Hi-Fi System Market
11. Japan Hi-Fi System Market
12. Australia Hi-Fi System Market
13. Indonesia Hi-Fi System Market
14. South Korea Hi-Fi System Market
15. Western Europe Hi-Fi System Market
16. UK Hi-Fi System Market
17. Germany Hi-Fi System Market
18. France Hi-Fi System Market
19. Italy Hi-Fi System Market
20. Spain Hi-Fi System Market
21. Eastern Europe Hi-Fi System Market
22. Russia Hi-Fi System Market
23. North America Hi-Fi System Market
24. USA Hi-Fi System Market
25. Canada Hi-Fi System Market
26. South America Hi-Fi System Market
27. Brazil Hi-Fi System Market
28. Middle East Hi-Fi System Market
29. Africa Hi-Fi System Market
30. Hi-Fi System Market Competitive Landscape and Company Profiles
31. Hi-Fi System Market Other Major and Innovative Companies
35. Hi-Fi System Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Hi-Fi System Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on hi-fi system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for hi-fi system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By System: Product; Device
2) By Connectivity and Technology: Wired; Wireless
3) By Distribution Channel: Online Sales; Retail Sales
4) By End-user: Residential; Commercial; Automotive; Other End-Users
Key Companies Mentioned: Apple Inc.; Samsung Electronics Co. Ltd.; Sony Corporation; LG Electronics Inc.; Panasonic Corporation
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Apple Inc.
- Samsung Electronics Co. Ltd.
- Sony Corporation
- LG Electronics Inc.
- Panasonic Corporation
- James B. Lansing Sound Inc.
- Koninklijke Phillips N.V
- Bose Corporation
- VIZIo Inc.
- Sonos Inc.
- VOXX international Corporation
- Sennheiser Electronics GmbH & Co. KG
- Band & Olufsen AG
- Yamaha Corporation
- Bowers and Willins Group Ltd.
- KEF International
- Klipsch Group Inc.
- McIntosh Laboratory
- Naim Audio
- Tannoy Ltd.
- Linn Products Inc.
- Rega Research Limited
- Marantz
- Polk Audio Inc.
- Cambridge Audio Laboratories Ltd
- MartinLogan Ltd.
- Human Inc.
- Oppo Digital Inc.
- Audioengine LLC
- DEI Holdings Inc.
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | February 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 16.27 Billion |
| Forecasted Market Value ( USD | $ 20.68 Billion |
| Compound Annual Growth Rate | 6.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 30 |
