According to the market assessment report titled ‘Europe Home Audio Equipment Market Forecast 2027 By Technology, By Distribution Channel, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, Europe home audio equipment market is slated to garner a sizable valuation of USD 10 billion by the year 2027.
 

Increasing penetration and advancements of IoT technologies are favoring the growth of Europe home audio equipment market. Recent findings cite that around 51% of the population in Europe own smart TVs and speakers, home audio systems, and gaming consoles that can be operated with the aid of a stable internet connection and a voice assistant function that enables a seamless user experience without physical intervention.

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High disposable income among consumers and improved demand for home audio networking is further contributing to the growth of the industry. On the contrary, risks associated with loss of hearing and radio frequency restraints may stunt the growth trajectory of this market over the forecast period.

Based on technology, Europe home audio equipment industry size from wired home theater in a box segment (HTIB) is slated to expand considerably during the evaluation period. HBITs can easily be connected to a TV to enhance its audio quality and overall sound effects. They provide options for customization, thereby enabling consumers to personalize their audio needs. Moreover, they are portable and allow a seamless installation process which further encourages their adoption.

The wireless technology segment also is gaining momentum, especially in nations like Germany Russia, and Italy. Long-lasting battery life, minimized wear and tear of connected outlets, as well as the ability to easily switch between devices such as laptops and tablets are key features driving the technology demand.

Speaking of the distribution channel, online buying is at the forefront with regard to market share as a result of pandemic-induced restrictions. Online buying allows consumers to choose from an array of options with specifications based on dimension, weight, and other technical aspects. In addition to this, substantial discounts, and returns options are driving customer inclination towards online shopping.

The competitive trends of home audio equipment market in Europe are majorly influenced by prominent players such as Apple, Inc., Panasonic Corporation, Google LLC, Bose Corporation, Sony Corporation, JVCKenwood Corporation, Vizio Inc, Amazon.com, and LG Electronics.