The Hi-Fi system market is expected to grow from USD 13.6 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 5.2%. Innovations in wireless audio technology have proved to be a significant factor driving the demand for Hi-Fi systems in different applications. The Hi-Fi system market in APAC is expected to grow at the highest CAGR during the forecast period owing to the vast customer base and increasing purchasing power of consumers in this region.
Based on the system, the market has been divided into products and devices. The product segment, which includes speaker & soundbar, CD player, DVD player, Blu-ray player, network media player, turntable, headphone & earphone, and microphone products, has a higher market share currently and expected to grow at the higher rate during the forecast period. Of these, the speaker & soundbar segment holds the largest share of the Hi-Fi system market. Speakers and soundbars are compatible with TV sets, smartphones, music systems, gaming consoles, etc., and can be connected to them through different media sources such as High-Definition Multimedia Interface (HDMI), Bluetooth, Wi-Fi, and Universal Serial Bus (USB). Due to their portability and ease of use, wireless speakers and soundbars are getting immensely popular.
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Based on connectivity technology, the market is categorized into wired and wireless. The rising adoption of wireless audio systems is expected to drive the market for Hi-Fi systems during the forecast period. The growth of this segment can be attributed to the initiatives undertaken by manufacturers to increase the throughput of wireless audio devices equipped with various advanced technologies that are used in consumer electronics. Wireless technologies have started gaining momentum in the market as they do not require renovation or reconstruction, and minimize the requirement of wires.
On the basis of application, Hi-Fi system market has been segmented into residential, automotive, commercial, and others. The automotive application is expected to register the highest CAGR during the forecast period. The growing popularity of in-car infotainment systems is expected to drive the market for Hi-Fi systems in the automotive application.
The Hi-Fi system market based on geography has been broadly classified into North America, Europe, APAC, and RoW. The market in APAC is expected to grow at the highest CAGR during the forecast period. Vast customer base and growing purchasing power of consumers are the major factors contributing toward the growth of the market in APAC. The growing popularity of wireless connectivity technology and the increasing requirement for mobility are also driving the market for Hi-Fi systems in this region.
Hi-Fi System Market by System (Product, Device), Connectivity Technology (Wired, Wireless (Bluetooth, Wi-Fi, Airplay, Others)), Application (Residential, Automotive, Commercial, Others), and Geography - Global Forecast to 2025
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