2022
9
US Speakers, Audio Systems and Devices Market Report 2022
2022-10-20T04:09:19+01:00
OX1100381
3695
156677
[{"name":"Electrical Goods","url":"https:\/\/store.mintel.com\/industries\/technology\/electrical-goods"}]
Report
en_GB
“Spending on audio devices experienced significant growth but faces headwinds. Pandemic lifestyle disruption and economic stimulus drove demand as consumers rushed to upgrade their home living spaces to enjoy at-home…

US Speakers, Audio Systems and Devices Market Report 2022

£ 3,695 (Excl.Tax)

Report Summary

“Spending on audio devices experienced significant growth but faces headwinds. Pandemic lifestyle disruption and economic stimulus drove demand as consumers rushed to upgrade their home living spaces to enjoy at-home entertainment. Now, facing slack from the pulled-forward demand, rising prices and a possible economic slowdown, brands will have to differentiate themselves by understanding consumers’ specific needs to best deliver their need or entertainment.”  
– Fiona O’Donnell, Senior Director – US Reports

This Report looks at the following areas

  • The audio device market trends and forecast for future spending
  • How economic factors and consumer priorities in a post-pandemic era impact the market
  • Innovations from key players in speakers, audio systems and devices and their strategies
  • Consumer trends and the impact of demographics on device needs and content enjoyment, including examples of how marketers can take advantage of the opportunities presented

Table of Contents

  1. Overview

    • What you need to know
      • This Report looks at the following areas
        • Definition
          • Market context
          • Executive Summary

              • Top takeaways
                • Market overview
                  • Figure 1: Total consumer spending and fan chart forecast for audio equipment, at current prices, 2017-27
                  • Figure 2: Audio devices outlook, 2022-27
                • Opportunities and challenges
                  • Big interest in family entertainment
                    • Figure 3: Home audio devices used – NET, by generation, HH income, children in HH ages, 2022
                  • Sound quality, price are key factors driving purchase consideration
                    • Figure 4: TURF Analysis – Important factors for home audio and headphones/earphones, 2022
                  • Consumers want home audio for entertainment
                    • Figure 5: Attitudes toward home entertainment, 2022
                  • Key consumer insights
                    • Figure 6: Audio devices used, 2022
                • Market Size and Forecast

                    • Audio equipment spending to slow following pandemic years
                      • Figure 7: Total consumer spending and fan chart forecast for audio equipment, at current prices, 2017-27
                      • Figure 8: Total consumer spending and forecast for audio equipment, at current prices, 2017-27
                  • Market Factors

                    • Rising prices could renew focus on at-home entertainment
                      • Figure 9: Concerns over the next six months (any rank, 1-3), 2022
                      • Figure 10: Changes consumers would make due to inflation, 2022
                    • Ukraine and Russia conflict likely to extend inflation pressures
                      • Figure 11: Consumer Price Index change from previous period, 2020-22*
                    • Slowing housing market will likely lessen audio device demand
                      • Figure 12: 30-year fixed rate mortgage average in the US, weekly, not seasonally adjusted, 2017-22
                    • Big tech drives smart speaker monopolies
                    • Key Players

                      • Bose and Sony most popular brands
                          • Figure 13: Brand of household audio equipment and accessories owned, 2022
                        • Apple dominates earbud market
                          • Figure 14: Brands of headphones/earbuds owned, 2022
                      • Competitive Strategies and Market Opportunities

                        • Celebrity endorsements help brands denote style
                          • Figure 15: Instagram post | Kim Kardashian | Beats Fit Pro, 2022
                          • Figure 16: Relationship of social media post authors mentioning audio devices and sports, 2021-22
                        • Brands make headphones that look like jewelry
                          • Figure 17: Planet Beyond EVR wireless earbud audio devices, 2021
                        • Telecoms use seasonal celebrations to promote audio accessories
                          • Figure 18: Verizon email ads, 2022
                          • Figure 19: Boost Mobile email ads, 2022
                        • Helping consumers get back to the basics in IoT world
                        • The Audio Consumer – Fast Facts

                          • Consumers listen to a variety of audio content on a variety of devices
                            • Earbuds pervasive in youth culture
                              • Big interest in family entertainment
                                • Audiophiles skew male and place a premium on brand
                                  • Sound quality and price are top factors for home audio, personal audio devices
                                    • Good speakers are essential for home entertainment
                                      • Spatial audio could spark demand among young consumers
                                      • Audio Devices Used

                                        • Consumers enjoy audio in all areas of life, at home and while mobile
                                          • Figure 20: Audio devices used, 2022
                                        • Limited-device users present limited opportunity
                                          • Figure 21: Count of audio devices used, 2022
                                        • Earphones/earbuds are category king
                                          • Figure 22: Select audio devices used, by count of audio devices used, 2022
                                        • Over-ear headphones can promise better sound to attract men
                                          • Figure 23: Personal audio devices used – NET, by gender, parent status by gender and generation, 2022
                                        • Earbuds pervasive in youth culture
                                          • Figure 24: Personal audio devices used – NET, by select age demographics, 2022
                                        • Big interest in family entertainment
                                          • Figure 25: Home audio devices used – NET, by generation, HH income, children in HH ages, 2022
                                      • Devices Used for Audio Content

                                        • Audio devices need to support entertainment
                                          • Figure 26: Audio content listened to – NETs, 2022
                                        • Opportunity for audio brands to offer total music/movies/gaming solution
                                          • Figure 27: Devices used to consume audio content – NET of content types, 2022
                                        • Male gamers interested in all devices
                                          • Figure 28: Devices used to consume video games, by gender, 2022
                                        • Smart speakers relevant for busy Millennials
                                          • Figure 29: Devices used to consume music, by generation, 2022
                                        • Living room movie theater still an attractive set up
                                          • Figure 30: Devices used to consume TVs/movies/videos, by generation, 2022
                                      • Home Audio Device Ownership and Interest

                                        • Traditional speaker market in decline, opportunity for vinyl systems, outdoor speakers
                                          • Figure 31: Home audio device ownership and interest, 2022
                                        • Men look to upgrade sound quality with soundbar
                                          • Figure 32: Soundbar – Doesn’t own, but interested, by gender and generation, 2022
                                        • Entertainment systems attractive for those with new homes, families
                                          • Figure 33: Home entertainment system ownership and interest, by generation, 2022
                                        • Market opportunity for outdoor speakers among renters
                                          • Figure 34: Outdoor speakers ownership and interest, by housing status and area, 2022
                                      • Attitudes toward Audio Quality and Experiences

                                        • Audio brands can emphasize their specialized advantage
                                          • Figure 35: Attitudes toward audio – Quality and experiences, 2022
                                        • Men more likely to engage in audiophile culture and brand marketing
                                          • Figure 36: Considers self an audiophile, by select gender demographics, 2022
                                        • In-person audio events can attract young males
                                          • Figure 37: Attitudes toward audio purchasing – Quality and experiences, by gender and age, 2022
                                        • Younger buyers just want devices that work
                                          • Figure 38: Attitudes toward audio – Quality and experiences, by age, 2022
                                      • Important Factors for Home Audio Devices

                                        • Quality and price drive home audio buying
                                          • Figure 39: Important factors when shopping for speakers, 2022
                                        • Sound quality of nearly singular concern among speaker shoppers
                                          • Figure 40: TURF analysis – Important factors for home audio devices, 2022
                                        • Brand is more important to audiophiles
                                          • Figure 41: Important factors when shopping for speakers, by audiophile identification, 2022
                                        • Brand and value appeals to women, men are more brand focused
                                          • Figure 42: Important factors when shopping for speakers – Select items, by gender, 2022
                                        • Smart speakers need easy compatibility to reach older market
                                          • Figure 43: Important factors when shopping for speakers – Select items, by generation, 2022
                                        • Value buyers want durable home audio products
                                          • Figure 44: Important factor: “water resistant” when shopping for speakers, by household income, 2022
                                      • Important Factors for Personal Audio Devices

                                        • Smaller is better for most, with opportunity to market to lifestyle
                                          • Figure 45: Personal audio owned and purchased in the last 12 months, 2020-22
                                        • Quality and price most important for headphone/earphones
                                          • Figure 46: Important factors when shopping for headphones/earphones, 2022
                                        • Nine in 10 personal audio shoppers look for combination of quality and affordability
                                          • Figure 47: TURF Analysis – Important factors when shopping for headphones/earphones, 2022
                                        • Appearance, brand, wireless matters more to audiophiles
                                          • Figure 48: Important factors when shopping for headphones/earphones, by audiophile identification, 2022
                                        • Opportunity to reach women with form and function
                                          • Figure 49: Important factors when shopping for headphones/earphones, by gender, 2022
                                      • Retailers Shopped for Audio Devices

                                        • Amazon dominates while Apple serves its niche
                                          • Figure 50: Retailers shopped for audio devices, 2022
                                        • Audiophiles shop devices by brand, but purchase from anywhere
                                          • Figure 51: Retailers shopped for audio devices, by audiophiles, 2022
                                        • Apple maintains its hip status with younger consumers
                                          • Figure 52: Retailers shopped for audio devices – Apple, by generation, 2022
                                      • Attitudes toward Home Entertainment

                                        • Consumers value convenience and quality in home audio entertainment
                                          • Figure 53: Attitudes toward home entertainment, 2022
                                        • Older Millennials, looking to entertain, seek many features
                                          • Figure 54: Attitudes toward home entertainment – Any agree, by generation, 2022
                                      • Attitudes toward Devices and Convenience

                                        • Headphones for productivity and pleasure
                                          • Figure 55: Attitudes toward audio – Devices and convenience, 2022
                                        • Traditional home audio systems still appeal to Gen Xers
                                          • Figure 56: Attitudes towards audio – Devices and convenience, by generation, 2022
                                        • Audiophiles often listen at home on a smartphone
                                          • Figure 57: Attitudes towards audio – Devices and convenience, by audiophiles, 2022
                                      • Attitudes toward Home Audio and Speakers

                                        • Potential home audio system buyers still need convincing
                                          • Figure 58: Attitudes toward audio – Home audio and speakers, 2022
                                        • Spatial audio could drive new demand among younger consumers
                                          • Figure 59: Attitudes toward audio – Devices and convenience, by generation, 2022
                                      • Appendix – Data Sources and Abbreviations

                                        • Data sources
                                          • Sales data
                                            • Forecast
                                              • Consumer survey data
                                                • Social media analysis
                                                  • Abbreviations and terms
                                                    • Abbreviations
                                                    • Appendix – The Market

                                                        • Figure 60: Total consumer spending and forecast for audio equipment, at inflation-adjusted prices, 2017-27
                                                        • Figure 61: Average household spending on audio equipment, 2017-22

                                                    About the report

                                                    This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

                                                    Market

                                                    Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

                                                    Consumer

                                                    Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

                                                    Brand/Company

                                                    Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

                                                    Data

                                                    Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

                                                    *databooks not available with UK B2B Industry reports.

                                                    Below is a sample report, understand what you are buying.

                                                    Click to show report
                                                    2024 Sample Consumer Cover

                                                    Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

                                                    Trusted by companies. Big and small.

                                                    Want to speak to us directly?

                                                    Contact us with your enquiry and our expert global team can help.

                                                    Get in touch