North America Home Audio Equipment Market size surpassed USD 8 billion in 2020 and is estimated to grow at a CAGR of 10% from 2021 to 2027.
The growing usage of voice assistant-based products in North America will propel the regional market growth. The technology is integrated with devices such as smart speakers to improve usage. In the U.S., popular home audio systems, such as Amazon Alexa, Google Home, and other smart audio systems, offer voice assistant features to perform several functions such as changing the volume or songs. A home audio equipment with a voice assistant feature is also supported by the availability of internet connectivity at affordable rates. Furthermore, several Internet Service Providers (ISPs) and telecom companies are offering robust internet plans with additional offers to attract more customers and increase their market share.
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The coronavirus pandemic positively supported the North America market landscape. In 2020, the government-imposed lockdowns boosted the adoption of smart audio devices to leverage technologies such as online learning and video-on-demand. The growing popularity of platforms, such as Netflix and Amazon Prime, has encouraged consumers to buy high-end home audio equipment.
North America Market, By Technology
The rising usage of wireless soundbars will fuel the market demand in North America. Many soundbars allow coaxial & optical cable inputs and support Bluetooth connectivity that allows users to connect it with their smartphones or other devices.
Furthermore, the sleek and compact design ensures easy placement of the device near the TV. Wireless soundbars operate on Bluetooth or a Wi-Fi connection. Using Bluetooth wireless connectivity, soundbars can be connected to the home network. Once connected, the soundbar can seamlessly link to other speakers in the house. Currently, companies are focusing on manufacturing soundbars with Bluetooth connectivity for smooth connectivity.
North America Market, By Distribution Channel
The consumer shift toward online shopping habits will boost the North America home audio equipment market growth. Several retailers, such as Amazon, Walmart, and Costco, are focusing on upgrading their online sales channels to meet new market trends and enhance the user experience. Online platforms offer various features, such as model comparison, product suggestion, and discounts/rewards on different product ranges, to increase their sales. These mediums also offer next-day or same-day delivery options in Tier I & II cities, depending upon the product availability: hence, reducing the lead time of the shipment and delivering the order at the consumer’s location.
Competitive Industry Landscape
The key players operating in the market include Bose Corporation, Sony Corporation, Apple, Inc., Amazon.com, Inc., Samsung Electronics Co., Ltd., Voxx International Corporation, Panasonic Corporation, Vizio, Inc., Google LLC (Alphabet Inc.), LG Electronics, Inc., and JVCKenwood Corporation.