The make-up of the Australian audio hardware market has been transformed in recent years.
Not only have wireless devices resulted in a welcome shift towards higher prices, but their growth has more than off-set the declines seen in sales of traditional audio products, with overall Audio annual value sales (2015 vs. 2014) growing by 11%.
Leading this growth is the Bluetooth speaker segment, which experienced annual value sales growth of 58%, helping it to become the largest audio sub-segment in 2015, worth $108 million. The increasing brand and retailer focus on these products is reflected in the fact that more than 500 different models were sold during 2015, a 39% increase on 2014. December saw a huge spike in sales, with consumers given extra incentives to purchase, via a range of attractive promotions and price cuts.
Multi-room audio systems, while still a relatively small segment, is another area of major growth, with sales increasing by 53% in 2015. Unlike the Bluetooth speakers market, the number of brands operating here has been very limited in the past, so the recent entrance of several new brands, coupled with increasing consumer awareness and understanding of the product benefits, should help drive strong growth in 2016.
The double-digit growth of the headphones market has been heavily influenced by the take-up of wireless models. A broadening of product range, design types (particularly sports models) and price points helped the value of these sales increase by more than 100%, representing close to a quarter of overall consumer spend on headphones in 2015.
For further information on the the audio market and GfK's market reporting services, please contact Neil Frackiewicz via email@example.com or (02) 9900 2888.
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