The HI-FI systems enable users to meet the expectations of sound reproduction with better quality from digital systems such as CD, DVD, speakers and sound bars. HI-FI equipment have accurate frequency response and less amount of noise and distortion. Currently as digitalization of systems is gaining adoption, the user’s expectation for reproduction of sound with high quality, resolution and fidelity has also increased. The user’s experience of listening to music have been dramatically modified from the previous two generations. The HI-FI system consist of amplifiers, receivers, network players, DACs, CD players, audio recorders and tuners components.
The HI-FI system market has been experiencing growth due to innovation and advancement in wireless technology. Emerging automotive sector, rising demand for home-theater-in-a-box (HTiB) and smart homes is increasing the growth of HI-FI systems globally. Additionally, the rise in adoption of portable devices such as tablets, laptops and smartphones, and online services have contributed to the growth of wireless audio products in HI-FI system. Moreover, rising disposable income and increasing penetration of technologically advanced products are fueling the adoption of HI-FI systems in consumer electronics and home entertainment industry. However, government policies and technology barriers are affecting the growth of HI-FI system market.
The global HI-FI system market is segmented on the basis of product, end-use adoption, technology and geography. On the basis of product the global HI-FI system market is segmented into network media players, headphones, Blu-ray players, speakers & sound bars and DVD players. In terms of end-use adoption, the market is segmented into automotive sector, residential sector and commercial sector. On the basis of technology, global HI-FI system market is segmented into wired HI-FI systems and wireless HI-FI systems. Moreover, on the basis of geography, the HI-FI system market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. Among these Asia Pacific is expected to lead the HI-FI system market during the forecast period due to rising penetration of portable devices. North America is seen to have a steady growth in HI-FI market due to huge number of manufactures in the region. Moreover Latin America is expected to be an opportunity for the growth of HI-FI system market during the forecast period.
Some of the leading companies operating in global Hi-Fi market are Sonos, Inc., Panasonic Corporation, Harman International, Inc., Bowers & Wilkins, Arcam, Bang & Olufsen, Bose Corporation, Marantz (D&M Holdings Inc.), McIntosh Laboratory, Inc., OPPO Digital, Onkyo Corporation, Koninklijke Philips N.V., Sony Corporation, Corporation (Japan) and DEI Holdings Inc. These companies are competing among themselves in order to get competitive advantage in the market. One of the key strategies adopted by these players in order to increase the market share is development of innovative products. For instance, Cyrus audio Ltd develops a range of HI-FI system products such as 8 series and 6 series with technological upgrade of the X series. In order to receive low-level subtle sound that are vital for spectacular sound reproduction, data acquisition of as much input sound as possible is important. Considering these parameters Cyrus has developed HI-FI system with 24 bit/192k FLAC (Free Lossless Audio Codec) and WAV (Waveform Audio File Format) files