The global home audio market has broken the $13 billion (£10bn) barrier for the first time, according to a new report by technology analyst Futuresource Consulting.
Smart speakers are leading the charge, with the US accounting for the lion’s share of demand, but China has been growing rapidly since Q4 2017.
Amazon topped the home-audio leader board for units shipped in 2017, with a market share of 16 per cent. Harman/JBL followed closely behind at 15 per cent.
According to Futuresource, Harman/JBL is the only brand other than Amazon and Google that gained share in 2017.
In terms of revenues, Bose and Harman/JBL were tied in the top spot, each with a 13 per cent share.
The report explores trends in wireless speakers, soundbars, AV receivers, hi-fi systems and dedicated speaker docks across 38 regions and countries, with market projections up until 2022.
Said Rasika D’Souza (pictured), senior market analyst at Futuresource: “It’s not just shipments that are performing well. Last year’s revenues powered through the $13bn barrier for the first time, finishing 2017 close to the $14bn mark. And there’s plenty more punch left in the home-audio hardware category, with our forecasts showing value growth out to 2021 and shipments continuing to grow beyond that.”
Commenting on smart speakers, Ms D’Souza said: “We’re seeing growth in multiple ownership, further developments in voice platforms and consumer usage extending beyond music. Smart speakers are providing reminders and alarms, acting as kitchen assistants, delivering entertainment content for kids and a range of other benefits, all having a positive impact on uptake.
“Voice is just beginning to emerge as a feature in soundbars, too, with a handful of brands launching products at price points under the $400 sweet spot.”
• For more on smart speakers, read Futuresource analyst Filipe Oliveira’s analysis here: