An emerging trend in the audio and video equipment market has been the increasing demand for smart equipment. An increasing demand for IoT enabled audio devices is being driven by various factors such as increasing demand for consumer convenience, and increasing internet penetration. Companies like Amazon and Google have launched IoT enabled smart speakers, such as Amazon Echo, Alexa and Google Home speakers. In order to cater to the increasing demand, audio and video equipment companies are manufacturing IoT enabled audio video devices.
There is also increased demand for smart televisions, which is being driven by the increasing consumer preference for built-in smart functions in personal devices, and increasing internet penetration. A smart TV combines the features of televisions and computers, and comprises a television set with integrated functions for internet use. Smart TV users are also offered direct access to streaming services such as Netflix and Amazon Prime Video. To capitalize on this trend, television manufacturers across the world are entering the smart TV market. According to an IHS Technology report, 48.5% of televisions shipped globally in 2016 were smart TVs, and the number is estimated to reach 134 million by 2020.
The global audio and video equipment market, after experiencing a decline in the historic period, is expected to remain stable at around $160 billion from 2019 to 2022.
Another trend in the audio and video equipment market is the increasing demand for wireless audio equipment. This is due to the increasing popularity of mobile devices, and changing media consumption behavior of consumers. Consumers are increasingly using mobile devices, tablets and laptops to wirelessly play audio on speakers. Such consumer behavior is driving the growth of Wi-Fi and Bluetooth connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment include Sonos Wi-Fi speakers, Bose’s SoundTouch system, Amazon’s Echo speakers.
The adoption of true wireless audio devices is also increasing globally. In a true wireless device, there is no cable or connector between the earpieces. True wireless audio devices transfer sounds wirelessly using Bluetooth technology. The devices are embedded with a small chip into the source and the receiving device, which receives sounds wirelessly. Rapid urbanization and increasing number of fitness enthusiasts preferring wireless earphones are driving the demand for true wireless audio devices. Samsung Galaxy Buds, Beats Powerbeats Pro, and JLab JBuds Air are popular true wireless audio devices.