By Summer Jarro
Special to RBR+TVBR
The global home audio market continues to grow with no signs of it stopping.
The global home audio market includes items like wireless speakers, soundbars, AV receivers, hi-fi systems and dedicated speaker docks.
According to a Future Consulting report, the global home audio market’s hardware shipments increased by 23 percent in 2017 with its revenues performing well, too.
“Last year’s revenues powered through the $13 billion barrier for the first time, finishing 2017 close to the $14 billion mark,” said Rasika D’Souza, senior market analyst at Futuresource Consulting, in a Futuresource Consulting press release. “And there’s plenty more punch left in the home audio hardware category, with our forecasts showing value growth out to 2021 and shipments continuing to grow beyond that.”
In terms of wireless speakers at the global audio home market, smart speakers had the most shipments last year. The highest demand was seen in the United States with China following behind and growing since the 2017 fourth quarter, according to a Futuresource Consulting report.
“We’re seeing growth in multiple ownership, further developments in voice platforms and consumer usage extending beyond music,” D’Souza said, in a Futuresource Consulting press release. “Smart speakers are providing reminders and alarms, acting as kitchen assistants, delivering entertainment content for kids and a range of other benefits, all having a positive impact on uptake.”
In the object-oriented sound market, Dolby is in the lead this year.
Object-oriented sound devices give consumers a similar experience they get in a movie theater while at home with its technology.
Dolby has over 15 models available with more to come by the end of the year, according to a Future Consulting report.
In the home audio brand market, Amazon was in the lead for units shipped in 2017 with a market share of 16 percent. Harman and JBL had a market share of 15 percent and tied with Bose in revenue at 13 percent.