Hi-Fi Speaker System Market is Expected to Reach USD 27.3 Billion at a 6.90% CAGR by 2030- Report by Market Research Future (MRFR)

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London, United Kingdom, May 08, 2023 (GLOBE NEWSWIRE) — According to a comprehensive research report by Market Research Future (MRFR), Hi-Fi Speaker System Market, By Connectivity Technology, By Distribution Channel, By End-user – Forecast 2030., the market is anticipated to acquire a valuation of approximately USD 27.3 billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 6.90% during the assessment timeframe.

Hi-Fi Speaker System Market Overview:

Hi-fi (high fidelity) speaker system refers to a higher-quality sound reproduction. The equipment reproduces sounds with minimal distortion & background noise and represents an accurate frequency response. A speaker is the most important component in any audio system, having the biggest impact on the sound. With new audio technology over the past few years, hi-fi systems have evolved greatly, garnering significant popularity.

These systems can connect to a variety of devices while delivering rich, room-filling sound. Most hi-fi systems comprise various separates that require planning and assembling consideration. Separates, as the name suggests, are separate and independent components crucial for a sound system. They can be connected with other separates in an integrated system.

However, a hi-fi system can be a complex & sometimes detailed process and requires a significant amount of money. In addition to an excellent audio experience, a good hi-fi sound system offers Superior performance, a plug-and-play modality, and multiple options to upgrade them. 

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Hi-Fi Speaker System Market Key Players:

Players leading the global hi-fi speaker system market include-

• Yamaha Corporation (Japan),
• Bose Corporation (US),
• Harman International (UK),
• Phillips NV (Netherlands),
• Samsung Electronics (South Korea),
• Sony Corporation (Japan),
• Panasonic Corporation (Japan),

Hi-Fi Speaker System Market Report Scope:

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Superior performance is the primary advantage of a Hi-Fi system while reproducing the CD or digital track sound more accurately, with less sound distortion than a Lo-Fi system. Its plug-and-play configuration comprises single-use equipment that can easily add and remove components as needed or reconfigure the entire system. 

Users can choose a model that offers clear vocals, room-shaking bass, or anything that suits their tastes. Hi-Fi systems offer multiple options to add upgrades with different add-ons and parts to expand the sound profile and new functionality to the system. With a hi-fi speaker system, users can minimize the need for a massive upfront investment. 

Industry Trends

Rising competition among industry players in terms of price, functions, quality, and design attracts high R&D investments. Manufacturers of hi-fi speaker systems are launching innovative and elegant designs to attract consumers. Technologies like the Internet of Things, machine learning, and artificial intelligence (AI) are greater enablers for hi-fi speakers. Wireless and smart speaker devices act as AI-operated personal assistants.

Increasing advances in communication technologies, such as the Internet and Bluetooth, boost the market size. The use of hi-fi speaker systems is growing among youths and in outdoor activities. Musicians, movie enthusiasts, audiophiles, podcasters, and gamers use these devices. The diversity of consumers is a steady market pusher for hi-fi speakers. The enhanced sound quality of hi-fi speaker systems invites new consumers.

Innovations in the hi-fi system are creating vast opportunities, garnering more popularity amongst consumers. Moreover, advancement in technology invites new opportunities. The rapid growth in IoT, AI, and machine learning industry has been a great enabler for hi-fi speakers. With the spurring increase in electronic devices, the market is likely to garner notable revenue growth during the next few years.

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Hi-Fi Speaker System Market Segmentation

The report is segmented into technologies, distribution channels, end-users, and regions. The technology segment is sub-segmented into wired (audio jacks & cables and ethernet connections) and wireless (AirPlay, Bluetooth, Wi-Fi, and others).

The distribution channel segment is sub-segmented into retail markets and ecommerce options. The end-users segment is sub-segmented into professional, automotive, residential, events, and others. The region segment is sub-segmented into Europe, North America, Asia-Pacific, and Rest-of-the-World.

Hi-Fi Speaker System Market Regional Analysis 

The Asia Pacific region dominates the global hi-fi speaker system market. The presence of leading hi-fi speaker system providers, such as Onkyo Corporation, Samsung Electronics Co., Ltd., Yamaha Corporation, and Panasonic Corporation, drives the market growth. Besides, the vast popularity & preference for hi-fi speaker systems and rising disposable incomes of people boost the region’s market shares. The growing smart home trend, wherein appliances and electronics are controlled by gestures or voice, fosters the market size in the region.

Competitive Analysis

The hi-fi speaker system market appears fragmented due to the presence of many notable players possessing proprietary technologies. Hi-fi speaker system manufacturers collaborate with other players to reduce the development cost and market risk. Hi-fi speaker system providers are increasingly forming strategic partnerships and collaborations to benefit from each other’s marketing platforms. 

Manufacturers also partner with automotive giants to offer hi-fi sound systems for their top-spec cars. Leading providers of infotainment services collaborate with hi-fi speaker system manufacturers to offer a purpose-built car setup offering 4D and 3D sound systems powered by more numbers of loudspeakers and sound transducers. Market players increasingly invest in expanding their footprints in the growing markets.

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For instance, on Apr.22, 2023, French loudspeaker manufacturer, Focal launched P60 Limited Edition, a plug & play kit designed with Hi-Fi installation. The P60 Limited Edition is a self-install speaker kit designed to offer an unrivaled sound experience, and it is compatible, especially with high-end cars like the Porsche 911 (992).

It is easy to install in vehicles and delivers the purity of Focal Hi-Fi. The P60 comprises two woofers, three midranges, and a pair of tweeters, technologies that guarantee an unparalleled level of detail, uncolored sound, and powerful & dynamic bass, as well as a larger soundstage. While focusing on offering excellent audio performance, Focal has also considered sophisticated and convenient signature packaging.

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