The Hi-Fi (High-Fidelity) systems have facilitated the users to meet up expectations of the sound propagation with a better quality from the digital systems such as CD, DVD, speakers, and sound bars. The HI-FI equipment has further accurate the frequency response and lessened the amount of noise and distortion services. The digitalization of systems has further gained the adoption, the user expectation for the reproduction of sound with the high quality, resolution and fidelity have also increased substantially. The user’s experience of listening music has been further dramatically modified over the previous two generations. The HI-FI system consisted of amplifiers, receivers, network players, DACs, CD players, audio recorders and tuners components.
According to study, “Global Hi-Fi system Market to reach USD 18.5 billion by 2026” the key companies operating in the global Hi-Fi system market are Samsung Electronics Co., Sennheiser Electronic GmbH & Co. KG, Sony Corporation, Panasonic Corporation, Apple Inc., Yamaha Corporation, Bose Corporation, DEI Holdings, Inc., LG Electronics and Koninklijke Philips N.V. The companies are started competing by mergers & acquisitions among themselves to attain the competitive advantage over the market. The key strategies adopted by players have led to increase the market share is development of the innovative products.
Based on system, Hi-Fi system market is bifurcated as device and product. Devices include amplifier, preamplifier, DAC, and receiver. Product includes DVD player, speaker & soundbar, turntable, microphone, blu-ray player, CD player, network media player, headphone & earphone and others. Based on connectivity technology, market is bifurcated as wired technology and wireless technology. Wired technology includes audio cable and Ethernet cable. Wireless technology includes Wi-Fi, Bluetooth, AirPlay and others. In addition, based on application, market is bifurcated as commercial (multiplex, restaurant, shopping malls and others), residential (home entertainment), automotive (cars, buses, marine and others).
The Hi-Fi system market is driven by rise in adoption of portable devices, followed by high spending on research & development (R&D) by OEMs, rise in demand for infotainment services and growth in innovations in wireless audio technology. However, health issues pertaining to prolonged use of audio devices and issues related to operating frequency compliance for wireless Hi-Fi systems may impact the market. Moreover, newer non conventional applications of headphones and growth of speakers & sound-bars are key opportunities for market.
Based on geography, the North-American region dominates the global Hi-Fi system market owing to existence of large number of key market players in the region. Whereas, the European and Asian-Pacific regions are anticipated to witness higher growth rate due to increase in popularity of wireless connectivity technology, rise in demand for consumer electronics, such as smartphones and tablets, large customer base coupled with growth in purchasing power of consumers over the forecast period. In upcoming years, it is estimated that future of the global market will be optimistic on account of growth in requirement for mobility during the forecast period. The global Hi-Fi system market is valued approximately at US $13 billion in 2019 and is expected to grow with a healthy growth rate of more than 5.20% over the forecast period 2020 to 2026.
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Ankur Gupta, Head Marketing & Communications