The demand for high-tech audio devices is surging in the market, and it has many spectators asking the question, “why?” In the era of a consumer-driven advances in retail and technology, the answer is actually quite simple. It’s time to plug in. Here are the stats regarding the unprecedented growth, the impact of culture on the growing need for leaps in technology, and the devices available for high-tech compatibility from wireless technology to the soundbar – rising to the challenge to fill that gap in the market.
Consumer-driven Market
No one second-guesses in the 20th century that we now live in a consumer-driven market. Far past are the days when industries could release a project and market it in such a way that (no matter the need) consumers would flock to get the latest “it” item.
Consumers have gotten smarter, and it takes more than even the savviest of marketing schemes to get people on board. Sure, launching with the signature of several pop-culture stars will give a quick boost in sales, but if the product or service doesn’t fit into the lifestyle of the consumer, inevitably it will fail. It all starts with the consumer’s needs, offering simplified daily functions, advanced materials, multi-purpose designs, etc.
High-tech devices offer consumers just that from wireless streaming to multi-purpose functionality, meeting the entertainment and listening needs of the modern consumer.
This is why it is crucial for business to connect with the consumers on a personal level. Don’t sell; instead offer a solution to the consumer-driven market.
Here are the Stats
While the “why” of a consumer-driven market has several interconnected webs leading to the end result, they amount to one thing that always matters – the stats.
“The growth of Bluetooth-enabled speakers continued to dominate the headlines in 2015 as consumers increasingly rely on Bluetooth-enabled smartphones and tablets to stream music. Bluetooth speakers have run the gambit, including more durable designs with waterproofing and durable design.” – Euromonitor International Report, Consumer Electronics Home Audio and Cinema Statistics in the US.
Leveraging the power of internet-based technologies, high-tech audio is at an all-time high and continuing to rise on the market. In fact, over 70% of North American traffic is now streaming video and audio – as streaming continues to be a favorite amongst high-tech features in the audio industry.
For home entertainment junkies, Home Cinema systems annual growth rate of global spending is predicted to rise by 5.8% from 2016 – 2020 according to Statista, with notable growth in TV & video, radio and music continuing to rise along side.
Part of that market is shared with that of the soundbar, reaching $12.9 billion in sales in 2015.
Image Source: http://www.statista.com/statistics/326992/worldwide-sales-soundbar-speakers/
Other stats supporting the rise in consumer demand for high-tech audio devices:
- For U.S. households earning 100K annually or more, 2.5% spent $500-1000 on home theater systems in 2015. – Statista
- The recording industry earned $15 billion in revenue in 2014, showing consumer’s desire for music entertainment. – ifpi Organization
- The global Bluetooth speaker market is predicted to grow at a CAGR of 38.73% in 2014-2019. – ReportsnReports
High-tech Devices
Meeting the needs of the astonishing demand for high-tech audio and devices, here are a few of the most popular “it” items for this generation of audio consumers.
WIRELESS HEADPHONES
Wireless headphones provide consumers with the much-needed convenience of music on the go – without the wires. These are now available in traditional headphone styles as well as the smaller ear-bud varieties.
WIRELESS SPEAKERS
In search of sound for your whole house? Wireless speakers (either Wi-Fi or Bluetooth) have the ability to work together as a unit or separately thanks to the modern technology of multi-room control.
SOUNDBARS
The phenomenon of small speaker systems fitting neatly under large-screen TVs, soundbars have seen a rise in sales as a high-tech solution to the less-than-satisfactory sound provided by TV’s built in speaker systems.
Offering sleek design and easy set-up, a popular choice amongst soundbar devices are those which also come with an additional subwoofer like the HEOS HomeCinema, offering listeners a balance of convenience and a full-range of sound.
The need for convenience in a market driven by the consumer, high-tech audio devices are on the rise as the mobile trend continues to skyrocket – and parallel industries blossom with their continued success. It’s a new era. Consumers have evolved and the audio technology industry must move forward offering growing benefits for their listeners or be left behind – and much to the appreciation of happy music enthusiasts, the leading industries are doing just that.
