Asia Pacific was the largest region in the global audio and video equipment market, accounting for 31% of the market in 2019. North America was the second largest region accounting for 25% of the global audio and video equipment market. Africa was the smallest region in the global audio and video equipment market.
The demand for wireless audio
equipment market is increasing rapidly due to increasing popularity of mobile
devices and changing media consumption behavior of consumers. Consumers are
increasingly using their mobile devices, tablets and laptops to wirelessly play
audio on speakers, which is driving the growth of Wi-Fi and Bluetooth connected
speakers. To capitalize on the growing popularity of wireless audio equipment,
manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also
launching wireless audio products or platforms. Some of the popular Wi-Fi audio
equipment include Sonos Wi-Fi speakers, Bose's Sound Touch system, Amazon's
Echo speakers.
The audio and video equipment market consists of sales of audio and video equipment by entities (organizations, sole traders and partnerships) that produce audio and video equipment audio and video equipment for home entertainment, musical instrument amplification, motor vehicles, and public address systems. Audio and video equipment products include televisions, speaker systems, video cassette recorders, stereo equipment, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.
The global audio and video
equipment market is expected to decline from USD 153.9 billion in 2019 to USD
141.6 billion in 2020 at a compound annual growth rate (CAGR) of -8.1%. The
decline is mainly due to economic slowdown across countries owing to the
COVID-19 outbreak and the measures to contain it. The market is then expected
to recover and grow at a CAGR of 1% from 2021 and reach USD 143.6 billion in
2023.
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Global
Audio and Video Equipment Market
Related Reports:-
Audio
and Video Equipment Manufacturing Global Market Forecast To 2022
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