New York, March 25, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Audio And Video Equipment Global Market Report 2022" - https://www.reportlinker.com/p06247441/?utm_source=GNW
00 billion in 2021 to $158.81 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $196.50 billion in 2026 at a CAGR of 5.5%.
The audio and video equipment market consists of sales of audio and video equipment by entities (organizations, sole traders and partnerships) that manufacture audio and video/video equipment used for home entertainment, musical instrument amplification, motor vehicles, and public address. Audio and video equipment includes televisions, speaker systems, video cassette recorders, stereo equipment, household-type video cameras, jukeboxes, and amplifiers for musical instruments and public address systems.
The main types of audio and video equipment are audio equipment and video equipment.Devices that reproduce, record, or process sound are referred to as audio equipment.
Examples of audio equipment are microphones, radio receivers, AV receivers, CD players, tape recorders, amplifiers, mixing consoles, effects units, headphones, and speakers.The equipment is operated through online and offline modes.
The various sales channels include OEM and aftermarket that are used by B2B and B2C end users.
Asia Pacific was the largest region in the audio and video equipment market in 2021.North America was the second largest region in the audio and video equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
During the forecast period, the internet penetration will increase rapidly due to increased public and private investments to increase internet connectivity.Many audio and video equipment uses internet to enhance the customer’s experience.
The growth in internet users will be also driven by greater access to affordable smartphones. In 2019, an estimated 4.1 billion people will use the Internet, representing a 5.3% increase over the previous year. In 2020, China reported that the country’s internet user base had risen to 989 million, with more than 80 million going online in the aftermath of the coronavirus pandemic. Increased internet penetration increased the demand for connected audio and video devices.
The changes in consumer lifestyles and preferences had a significant impact on the audio and video equipment market.With increasing smartphone and internet penetration and advances in social media and digital technologies, consumers shifted from traditional television to new forms of entertainment such as online audio and video streaming services on mobile phones.
Television viewership continued to decline, especially among the millennials.For example, the Video Advertising Bureau (VAB), a trade group in the United States that promotes broadcast and cable networks, stated that during the pandemic, the people metre in-tab (the households providing usable ratings for the day) dropped from 36,957 in February 2020 to 29,456 in February 2021.
Changes in consumer preferences restricted the demand for audio and video equipment.
The growing demand for curved TVs is being driven by consumer preference for better viewing.A curved screen allows for a more immersive experience, as the curve make viewer fill more of field of view and also provide a wider viewing angle.
For example, in January 2020, LG Electronics, a South Korea-based electronics company, has launched as many as 14 new OLED TVs along with three new GX Gallery series 4K Ultra HD TVs, 88- and 77-inch class Real 8K models and an all-new OLED screen – 48-inch at CES 2020. The company claims that the new LG TVs are designed to offer better picture quality, upgraded performance and artificial intelligence-enabled features that improve the overall viewing experience.
The countries covered in the audio and video equipment market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06247441/?utm_source=GNW
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