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Growth of Global Hi-Fi System Market with SWOT by 2024

Press Release

The global High-Fidelity (Hi-Fi) system market has experienced a considerable growth due to increasing demand of high quality music among audiophiles. Wireless devices have made its way across various audio products, such as speakers & sound bars, headphones, network media players, and others. The growing demand for wireless audio devices is expected to drive the growth of the global Hi-Fi system market.

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Now-a-days, the Hi-Fi market is gaining maximum traction due to its increasing application in automotive sector. The emerging trends witnessed in the Hi-Fi market are increasing demand of wireless Hi-Fi speaker systems in cars, growing demand for home-theatre-in-a-box (HTIB), increasing number of consumers adopting technologies such as smart homes, overall growth in the car segment, and demand for luxury automotive in the developing economies.

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The technological advancement in wireless audio devices such as wireless headphones and growing demand for portable devices such as tablets and smartphones are the major growth contributing factors for the global Hi-Fi system market.

Geographically, Asia-Pacific is expected to be the largest market of Hi-Fi systems during the forecast period, owing to factors such as growing population, rapid increase in purchasing power parity (PPP) and technological developments. North America, being a mature market holds second largest share in the global Hi-Fi system market. North America witnessed sustainable growth in the Hi-Fi market during the past years because of the presence of a large number of manufacturers in the region.

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Global Hi-Fi System Market Segmentation
By System

Product

Speaker and Sound Bar

CD Player

DVD Player

Blu-ray player

Network Media Player

Headphone & Earphone

Microphone

Turntable

Auxiliary Product

DAC

Amplifier

Receiver

Preamplifier

By Technology

Wired

Ethernet

Audio cables

Wireless

Bluetooth

Wi-Fi

AirPlay

Others

By Application

Residential

Home Entertainment

Commercial

Restaurant

Multiplex

Shopping Mall

Others

Automotive

Cars

Others (Marine and Bus)

Others

By Region

North America

U.S.

Canada

Mexico

Europe

U.K.

Germany

France

Spain

Rest of Europe

Asia-Pacific (APAC)

China

India

Japan

Australia

Rest of Asia-Pacific

Rest of the World (RoW)

South Africa

Rest of RoW

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