Europe Home Audio Equipment Market size crossed USD 6 billion in 2020 and is anticipated to exhibit around 9% CAGR between 2021 and 2027. The growing trend of subscription-based services, such as Amazon Prime, Netflix, and Hulu, will boost the demand for high-quality home audio equipment for a sophisticated audiovisual experience.
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According to the Broadcasters Audience Research Board (BARB) 2021 report, as of August 2021, the number of subscriptions to atleast one of the video-on-demand (SVoD) services in the UK households increased from 17.4 million in Q3 2020 to 18.8 million homes, which represent 66% of the total households. According to the Entertainment Retailers Association, in 2021, the digital video market increased by approximately 38% owing to video-on-demand platforms. The growing popularity of video-on-demand services will boost the adoption of home audio systems that enable viewers to experience high-quality audio in the comfort of their homes.
Europe Market, By Technology
The robust functionality of wireless speakers will drive the home audio equipment market expansion in Europe. These speakers are compact & easy to place and offer an average battery life of around 6 - 12 hours per day. In addition, users have the option to switch to other devices, such as laptops or tablets, and connect with them instantly. With improvements in technology, several wireless speakers offer improved sound quality while ensuring good connectivity between the two devices. Wireless devices eliminate the hassle of long wired connections while ensuring minimum wear and tear associated with connection outlets.
Europe Market, By Distribution Channel
Retailers focusing on enhancing the in-store shopping experience will positively impact the Europe home audio equipment market revenue. Retailers in the market are creating a better user experience by offering proper guidance to the consumers at the time of purchasing and suggesting them different product models and specifications as per their requirements. Brands with multiple product categories are also opening dedicated brand stores to give the consumers a holistic view of their product portfolios. In offline stores, users can get an in-hand experience of the product and compare several brands at the same time. In addition, retailers are also offering discounts and exclusive limited addition deals to attract more consumers.
Competitive Industry Landscape
Prominent companies involved in the market include Sony Corporation, Amazon.com, Inc., Bose Corporation, Apple, Inc., Voxx International Corporation, Samsung Electronics Co., Ltd., Panasonic Corporation, Vizio, Inc., Google LLC (Alphabet Inc.), LG Electronics, Inc., and JVCKenwood Corporation.