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Rising Demand for Networked Products and Other New Technologies Drives the Global Home Audio Equipment Market to $20 Billion by 2018
By: PR Newswire
Dec. 10, 2012 05:41 PM
FARMINGTON, Conn., Dec. 10, 2012 /PRNewswire-iReach/ -- The global Home Audio Equipment market is marked by rapid developments in digital technology. Changing media consumption habits and tastes have resulted in a paradigm shift in the home audio equipment market towards alternative and non-traditional solutions such as soundbars and speaker docks for audio playback. Driving forces propelling growth in the market include incessant developmental cycle of innovative products with technologically advanced features and growing consumer preference for high quality content.
The average unit price of audio products is on a continuous decline mainly due to the availability of advanced technologies that simplify the production process and attribute to general reduction of production costs. The global market for consumer electronics is being driven by the growing demand for home audio equipment, home theater systems, MP3 players, camcorders, digital cameras, flat panel televisions, and in-car audio aftermarket equipment. Increasing levels of disposable income and consumer acceptance of innovative technology developments is helping expand the market for electronic products, especially digital consumer electronic goods.
Global Information Inc. presents two market research reports covering the global home audio equipment and electric household appliances markets from our premium research partner Global Industry Analysts, Inc.
Home Audio Equipment
The global market for home audio equipment is forecast to reach $20 billion by the year 2018. Home Audio Equipment represents the next big market after television in the overall consumer electronics industry. Several experts consider the consumer electronics (CE) industry, of which Home Audio Equipment is a part, to be relatively recession proof. CE products such as MP3 players, computers, Blu-ray players and video games provide economic sources of entertainment for families stressed by the growing economic uncertainties originating as a result of the global economic meltdown. Several electronic devices have become an almost essential part of general living, particularly in the developed world. Growth in the industry is being fueled by rocketing sales of new technologies such as Blu-ray and resurgence in the Home-Theatre-in-a-Box (HTiB) market.
The global market for Home Audio Equipment is characterized by intense competition. Suppliers and manufactures of Home Audio Equipment are constantly altering product ranges by making them more user-friendly and less visually intrusive in order to enhance market position. Products with high appeal, aesthetic design and innovative features are likely to win the race. Apart from adding additional product features, manufacturers need to design and implement effective marketing strategies to position their products appropriately in consumer mind set. Major players profiled in the report include Bose Corporation, Boston Acoustics, Harman International Industries Inc., JVC KENWOOD Corporation, Koninklijke ("Royal") Philips Electronics NV, LG Electronics, Panasonic Corporation, Pioneer Corporation, Samsung Group, Samsung Electronics Co., Ltd., Sharp Corp., Sony Corporation, VOXX International Corporation, and Yamaha Corporation, among others.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/go138623-home-audio.html
Electric Household Appliances
The global market for electric household appliances is projected to reach 1.25 billion units by 2018. The electric household appliances market is characterized by the presence of a few multinational conglomerates with a comprehensive product range. The industry is highly competitive, with focus on design and innovation, thereby posing high barriers for new entrants. Major market participants include AB Electrolux, BSH Bosch-Siemens Hausgerate GmbH, GE Consumer & Industrial, Groupe SEB, Haier Group, Hamilton Beach Brands Inc., Hitachi Ltd., LG Electronics Inc., Panasonic Corp., Sanyo Electric Co Ltd., Miele & CIE KG, Mitsubishi Electric Corp., Samsung Electronics Co. Ltd., Spectrum Brand Holdings, Sunbeam Products Inc., Whirlpool Corp., Maytag Corp., Hoover, and Royal Philips Electronics NV, among several others.
The global electric household appliances market is highly sensitive to macroeconomic factors such as GDP growth and per capital incomes. Consumer preference also plays a key role in determining sales, as factors, such as price, quality, features, and brands are unique to each geographic region and demographic segment. The global electric household appliances market is on a steady growth trajectory, spurred by the robust demand from emerging markets in Asia-Pacific, Latin America, and the Middle East. Healthy demand for major household appliances such as refrigerators, air conditioners, dishwashers, washing machines, food choppers, food processors, and electric ranges are also providing momentum to the market.
Appliances manufacturers across the world are vying to produce newer series of appliances to match the demand for cost-efficiency and low energy conservation from increasing eco-conscious consumers. Multiple pressure points from consumers, government bodies, and environmental agencies are pushing manufacturers to achieve energy efficiency certification, such as ENERGY STAR, for their electrical appliances. The electrical household appliances market is also witnessing an increasing propensity for Â'smartÂ' technology in appliances, such as refrigerators, freezers, and dishwashers among others, whereby the smart appliance is linked to a global Smart Grid ecosystem. Manufacturers and merchandisers, alike, are banking on innovations in technology and features for products, such as refrigerators and air conditioners, to lure consumers to appliance stores. The fast-expanding online retail market has also caught the attention of appliance manufacturers and vendors alike with major participants rushing to establish their brands and grab a slice of the new sales channel.
An Executive Summary for this report and free sample pages from the full document are available at http://www.giiresearch.com/report/go136203-elec-household-appli.html
About Global Information Inc. Global Information (GII) (http://www.giiresearch.com) is an information service company partnering with over 300 research companies around the world. Global Information has been in the business of distributing technical and market research for more than 25 years. Expanded from its original headquarters in Japan, Global Information now has offices in Korea, Taiwan, Singapore, Europe and the United States.
Media Contact: Jeremy Palaia Global Information, Inc., 1-860-674-8796, Press@gii.co.jp
News distributed by PR Newswire iReach: https://ireach.prnewswire.com
SOURCE Global Information, Inc.
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