The global high-fidelity (Hi-Fi) systems market is anticipated to exhibit significant growth during the forecast period due to the increasing demand for quality music among the audiophiles. Hi-Fi system comprises of speaker enclosures with large woofers along with acoustic suspension sealed enclosures which provide a deep bass from big sized boxes. The increasing demand for wireless audio devices is expected to drive the growth of the Hi-Fi system market. The wireless systems comprise of several audio products such as soundbars, speakers, network media players, and headphones.
Based on the application, the market is segmented into residential, commercial, automotive, and other applications. The commercial application is further segmented into the restaurant, multiplex, shopping mall, and others. The Hi-Fi system market for commercial applications is anticipated to witness the fastest growth during the forecast period. The automotive application is further categorized into cars and others.
The Hi-Fi system market is gaining popularity in the automotive industry with the emerging trends that automotive manufacturers provide wireless Hi-Fi speaker systems to cars. The automotive industry provides luxury and comfort to the consumers with the help of fully integrated wireless hi-fi speakers in the cars. In today’s world, all the luxurious automotive comprises of fully integrated wireless systems and all other manufacturers provide such facilities in their top-end models. The growing demand for luxury automotive in the developing countries in cars and buses is expected to further enhance the demand for hi-fi systems globally.
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Geographically, Asia-Pacific is the largest market for Hi-Fi systems and is also anticipated to witness the highest growth among all other regions including Europe and North America. The region has the highest population in the world and with rapid technological advancements, the region is observing an increase in the purchasing power of the people. The people of this region are increasingly demanding wireless and portable devices that help in making their day to day lives convenient.
North America is the second-largest market in the Hi-Fi system market, globally. The region is witnessing significant growth due to sustainable growth in the market and also because of the presence of a large number of manufacturers in the region which aims at delivering luxury and comfort to their users that furthers helps in enhancing their value. The region is observing an increasing demand for luxury automotive that comes with wireless systems and helps the consumers in maximizing their satisfaction.
Some of the major players operating in the Hi-Fi system market include Onkyo Corporation, Bowers & Wilkins Group Ltd., Yamaha Corporation, Bose Corporation, Panasonic Corporation, Harman International Inc., LG Electronics Corporation, DEI Holdings, Inc., Koninklijke Philips N.V., Samsung Electronics Co., Ltd., Sony Corporation and Tannoy Ltd.
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