Northbrook, IL 60062 -- (SBWIRE) -- 08/04/2022 -- The Hi-Fi system market is expected to grow from USD 13.6 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 5.2%. The growth is driven by factors such as rise in demand for infotainment services, high spending on R&D by OEMs, innovations in wireless audio technology, and increasing adoption of portable devices.
The growth of speakers and soundbars market in emerging regions and various newer, nonconventional applications of headphones will create opportunities for the Hi-Fi system market. Some of the key companies operating in the market are Samsung Electronics Co. (South Korea), Sony Corporation (Japan), Apple Inc. (US), Bose Corporation (US), Sennheiser Electronic GmbH & Co. KG (Germany), LG Electronics (South Korea), Panasonic Corporation (Japan), DEI Holdings, Inc. (US), Yamaha Corporation (Japan), Koninklijke Philips N.V. (Netherlands), Onkyo Corporation (Japan), and Sonos, Inc. (US).
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Samsung Electronics Co. Ltd. (South Korea) ranked first in the Hi-Fi system market in 2019. It is a multinational electronics company that sells its Hi-Fi-related products and systems under the Audio-Video Product segment that comes under the Consumer Electronics business division. The company provides Hi-Fi systems for all major applications such as home entertainment, automotive, and commercial. HARMAN International Industries, Inc., commonly known as HARMAN, is a subsidiary of Samsung Electronics that designs, manufactures, and markets audio and infotainment solutions for the automotive, consumer electronics, and professional markets supported by its brands including AKG Acoustics (Australia), Harman Kardon (US), Infinity Systems (US), JBL Incorporated (US), Lexicon (US), and Mark Levinson Audio System (US). In 2017, Harman announced the acquisition of Arcam (UK), one of the best-known brands in the British Hi-Fi system market.
Sony Corporation (Japan) held the second position in the Hi-Fi system market in 2019. Sony Corporation designs, manufactures, develops, and sells electronic equipment and devices, game consoles, and software (such as PlayStation game consoles-associated software). The company offers in-ear and on-ear headphones equipped with Processor QN1 and noise cancellation features. Its headphones enable users to listen to music without any distractions. They also offer adaptive sound controls and hands-free calling.