Asia Pacific Home Audio Equipment Market size was over USD 7 billion in 2020 and is set to showcase more than 11% growth rate from 2021 to 2027.
The increasing number of home audio equipment manufacturers will accelerate the market revenue growth. With an increasing number of manufacturers, competition amongst several brands has increased in the region. Brands are focusing on offering high-quality products at cheaper rates to target multiple income groups to capture a large market share.
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New government initiatives in countries including Japan, South Korea, and India are fueling the expansion of electronic sector. These initiative programs will support the establishment of manufacturing facilities and R&D centers in the region.
The coronavirus pandemic fast-tracked the home audio equipment industry growth in Asia Pacific. In 2020, government authorities-imposed lockdown measures to prevent the spread of the virus. Lockdowns resulted in a growing demand for smart TVs in several households to leverage technologies such as e-learning and video-on-demand. Smart TV offers internet & Bluetooth connectivity, direct access to video-on-demand applications, and other features to improve the user experience. Smart TVs are IoT-based devices and allow integration with smart speakers to enhance sound quality and provide automation.
The growing usage of wireless soundbars will impel the market demand in Asia Pacific. Soundbars can be integrated with TVs with the support of an HDMI cable, but the additional subwoofers provided are wireless and they offer Bluetooth & internet connectivity with TVs, smartphones, tablets & laptops. In addition, the device can be merged with other smart speakers, such as Alexa, Google Home, and others, to improve the sound effects. Soundbars offer features, such as voice assistance, Google Chromecast, wireless playback, sleek design, and placement flexibility, to their customers.
The increasing demand for online shopping will boost the Asia Pacific home audio equipment market size. Several brands are promoting their official websites by offering great discounts and other reward systems. Similarly, companies are upgrading the user interface of their websites to improve the customers’ shopping experience.
Prominent e-commerce platforms, such as Amazon, Alibaba, and Flipkart, are also focusing on developing consumer trust regarding the product range by verifying and authorizing the products individually. In addition, these platforms also offer order return policies to customers in terms of damaged or counterfeit products, thus ensuring customer satisfaction. Moreover, improvements in online services will create growth opportunities for the market.
Some of the major industry participants are Apple, Inc., JVCKenwood Corporation, Google LLC (Alphabet Inc.), Bose Corporation, Voxx International Corporation, Sony Corporation, Amazon.com, Inc., Samsung Electronics Co., Ltd., Panasonic Corporation, Vizio, Inc., and LG Electronics, Inc.