The home wireless music systems market includes all electronic devices which receive, decode and transmit audio frequencies wirelessly. Some examples include microphones, sound bars, wireless transmitter and receiver systems, speaker adapters, speaker docks, in-ear monitoring systems, Bluetooth headsets etc.
They offer customers connectivity, comfort and convenience, all in one affordable package. These devices can operate in sound frequencies ranging from 520 MHz to 1800 MHz. Wireless technology has also played a key role in the growth of the semiconductor market.
The home wireless music systems market is intrinsically linked to the rise of streaming services, millennial generation and their demand for smartphones and tablets. Since they are expected to account for the largest demographic group very soon, the future of the home wireless music systems market is bright indeed.
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Home Wireless Music Systems Market Drivers
One of the main drivers of the home wireless music systems market is the booming demand for mobile devices like smartphones and tablets. Along with this, there has been a marked increase in the preference for customers to stream music and movies rather than actually downloading and owning it. This gives rise to situations where they may wish to enjoy their content anywhere and anytime. There is therefore an ever increasing home wireless music systems market. Streaming has also led to customers demanding smaller, portable (and cheaper) music systems in the 21st century. While the traditional sound systems will always be purchased by audiophiles, it is expected that the home wireless music systems market will become the dominant one in the near future due to the mobile first approach taken by the developing world. Another driver is the millennial generation who has grown up with technology and has reached the age where they have begun to move into their own apartments. They will usually have smaller flats which makes it preferable for them to go in for smaller, cheaper and/ or wireless devices, spurring the home wireless music systems market.
Home Wireless Music Systems Market Restraints
One of the key challenges to any technology being adopted is complexity. Consumers need to be made aware that the home wireless music systems market will simplify their lives, else they will be very hesitant to purchase the devices. It was expected that the home wireless music systems market would take off by this time but it still hasn’t due to a lack of awareness from customers. Another challenge is the negative health effects of such systems, especially on millennials. Youngsters frequently listen to music at a very loud volume, which can cause hearing loss and deafness. This can affect not only them, but also their neighbours, which can be a major issue for manufacturers looking to sell such systems.
Home Wireless Music Systems Market Key Regions
North America is the largest home wireless music systems market at present. This is because of the high disposable income of customers, an eagerness to adopt latest technologies (like streaming and wireless systems), along with the propensity for millennials to move out of their parent’s houses. Asia Pacific has the potential to become one of the largest home wireless music systems market in the decades to come. Manufacturers would be advised to focus on China, India, Japan, Singapore and South Korea for double digit growth. This region of the world is anticipated to be a very large market for Bluetooth headsets in the medium to long term.
Home Wireless Music Systems Market Key Market Players
Some of the companies operating in the home wireless music systems market include Sonos, Samsung, Apple Inc., Plantronics, Boston Acoustics, Bose Corporation, Harmon International Industries, Sennheiser Electronic GmBH, Sony Corp. , DEI Holdings, Polk Audio and many more.
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