The North America Home Audio Equipment Market would witness market growth of 11.3% CAGR during the forecast period (2023-2030).
The rapidly growing video game and film industries have increased demand for total aural immersion. Emerging technologies like DTS Neo, Barco Auro, and Dolby Atmos offer spherical audio for acoustic situations like movie theaters. Additional speakers are required when using such immersive audio technology at home, increasing cost and maintenance needs. Implementing 3D audio technology into homes establishes a standard for home audio equipment concentrating on the object-oriented sound field. The development of realistic, immersive home audio technology offers the market numerous prospects.
Consumer discretionary spending has increased over time, leading to a greater uptake of the newest technological devices. Blu-ray discs, PCs, MP3 players, and gaming consoles are the leading entertainment options for families. According to projections, consumers will buy home entertainment products as their preferences for higher-quality goods and their disposable income increase. These factors will likely cause the home audio equipment market to grow over the projected period.
The advantages of smart home technology are becoming well-known to consumers in North America. A large percentage of US families are expected to install smart home equipment in the near future. More than 3 in 5 Americans say security is the top perk of owning a smart home, based on a poll by the National Council for Home Safety and Security (Alarms.org). Furthermore, according to 57% of Americans, smart home technology can save an average of 30 minutes daily. It is predicted that North America's growing acceptance of smart homes will boost the regional market expansion.
The US market dominated the North America Home Audio Equipment Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $14,198.2 Million by 2030. The Canada market is experiencing a CAGR of 13.8% during (2023 - 2030). Additionally, The Mexico market would exhibit a CAGR of 12.8% during (2023 - 2030).
Based on Technology, the market is segmented into Wireless, and Wired. Based on Distribution Channel, the market is segmented into Online, and Offline. Based on Type, the market is segmented into Home Audio Speakers & Systems, Home Theater in-a-box, Home Radios, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Home Audio Equipment Market is Predict to reach $65.7 Billion by 2030, at a CAGR of 11.7%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Nimble Holdings Company Limited, Cambridge Audio, Bose Corporation, Dolby Laboratories, Inc., XPERI INC., Harman International Industries, Inc., Intex Technologies, JVCKENWOOD Corporation, LG Electronics and Nakamichi Corporation.
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