The business assessment report titled ‘North America Home Audio Equipment Market Forecast 2027 By Distribution Channel, By Technology, Research Report, Country Outlook, COVID-19 Impact Statistics, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share’, available with MarketStudyReport, states that North America home audio equipment market is slated to amass a valuation of USD 15 Bn by 2027.
 

Experts analysts and researchers cite that the growing prevalence of voice assistant-based systems such as Amazon Alexa and Google Home is augmenting the growth of North America home audio equipment market.

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Further, since the onset of the Covid-19 pandemic, the preference towards home audio systems, better audio quality, and online purchases has increased ten-fold as social distancing norms has made it crucial for people to remain entertained within their homes.

Speaking of technology, the wireless Home Theater in a Box (HTIB) segment is the most promising in terms of growth rate during the assessment timeframe as HTIB systems can easily be integrated into TV sets to enhance the audio quality. Additionally, it nullifies the utility of long wires within households by linking sub-woofers and secondary speakers.

Meanwhile, the demand for other gadgets such as smart speakers TV sets, and plug-ins has increased significantly in recent times due to pandemic-induced lockdown restrictions that have compelled people to remain indoors.

With respect to distribution, North America home audio equipment industry size from online segment is expanding at a strong rate. The introduction of innovative features like product comparison, suggestions, and discounts/rewards by online platforms are stimulating segment growth. Moreover, same-day or next-day deliveries offered by these platforms act as a major incentive for customers to opt for online shopping.

Speaking of the competitive landscape, major retail enterprises such as Amazon.com, Costco Wholesale Corporation, and Walmart, Inc. are directing efforts towards improving their digital presence and logistics to improve the overall customer experience and ultimately drive more sales.

Apart from the aforementioned, Samsung Electronics Co., Ltd, Google LLC, Apple Inc, JVCKenwood Corporation, Voxx International, Vizio Inc., Panasonic Corporation, LG Electronics, Bose Corporation, and Sony Group Corporation are the major companies in home audio equipment market.