The global negative hi-fi system market is projected to exhibit modest growth, at a CAGR of around 5.4%, during the forecast period. Rising per capita disposable income and growing awareness towards safety has increased the demand for more feature-rich cars across the globe. These factors are expected to contribute to the growth of the global hi-fi system market. Moreover, the growing trend of vehicle electrification; the advent of technologies such as connected cars and the Internet of Things (IoT); and increased automotive manufacturing companies’ focus towards passenger’s centric features are further likely to act as driving factors for the market growth.
The rise of infotainment systems is one of the biggest developments over the period. Automobile infotainment systems comprise entertainment and information delivery systems for drivers and passengers who typically use audio and video interfaces, touchscreens and keypads. With the enhanced trend of connectivity in the automotive industry, the manufacturers in this industry are taking benefits of advanced technologies such as big data analysis, IoT and AI for enhancing the business operation. Connected car for the consumers is the integration of traffic and navigation information, entertainment, and advanced features including remote diagnostics and maintenance, safety and emergency assistance.
The development and validation of a high-fidelity dynamics model of an electric vehicle is introduces in recent past few years. The high-fidelity electric vehicle model will be used in future work to test and validate new power management controllers. Therefore, with the growth of the electric vehicles market, the market for the hi-fi system is also expected to grow in the near future. The electric vehicle market is driven by rising environmental concerns and increasing government support, electric mobility is expanding at a rapid pace across the globe. Governments are banning the internal combustion engine vehicles following the increasing environmental issues. For instance, Norway is planning to phase out conventional cars by 2025, followed by France and UK in 2040 and 2050 respectively. Moreover, in October 2017, Germany’s Bundesrat passed a resolution to ban IC engine-based vehicles by 2030.
Governments of several nations are focusing on the development of infrastructure to roll-out the EVs to curb the rising pollution level and progress along with sustainable development. For instance, in July 2019, the government of India reduced Goods and Service Tax (GST) on electric vehicles from 12% to 5%. In April 2019, the Indian government launched the second phase of FAME (Faster Adoption and Manufacturing of Hybrid and Electric Vehicles) scheme to boost the EVs sales in the country. This would lead to an expansion of the country’s EVs fleet size in the near future. Such wide growth prospects for the electric vehicle market will further contribute to the growth of the global hi-fi system market.
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Hi-Fi System Market-Segmentation
By System Type
Devices
- Headphones and Earphones
- Speakers and Sound Bars
- CD Players
- Network Media Players
- Others (DVD Player and Blu-Ray Player)
Components
- Amplifiers
- Cables
- Receivers
- Others (Digital-to-Analog Converter (DAC))
By Connectivity
- Wired
- Wireless
By Application
- Residential
- Commercial
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Hi-Fi System Market– Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- Apple Inc.
- com, Inc.
- Audioengine LLC
- B & W Group Ltd.
- Bose Corp.
- Edifier International Ltd.
- ELAC Electroacustic GmbH
- GESSI SPA
- HiBy Music
- High Fidelity Cables
- highend-electronics, inc.
- KEF International (GP Acoustics International Ltd.)
- .Koninklijke Philips N.V.
- LG Electronics Inc.
- Linn Products Ltd.
- MARSHALLHEADPHONES (Zound Industries International AB)
- Onkyo (Aqipa GmbH)
- Panasonic Corp.
- Samsung Electronics Co., Ltd.
- Sennheiser electronic GmbH & Co. KG
- Sonos Inc.
- Sony Corp.
- Tannoy (Music Tribe Global Brands Ltd.)
- Yamaha Corp.
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