The US audio and visual equipment industry has been growing at a steady level over the last few years, and is forecasted to grow at around 6% over the next five years. This growth will be largely a result of the introduction of new technologies and the continuing robustness of consumer spending.
Visual equipment continues to generate the highest revenues for the market, as innovations within the sector push sales in all areas of the sector. In-car visual equipment is becoming increasingly popular as car manufacturers respond to consumer demand, installing mini screens into premium models. Audio equipment in cars is also a growth area with MP3 players being installed in certain models.
Low-cost players are becoming popular within the US and the ability of the leading players to differentiate their prestige brands will depend on the speed of their technological advancement in relation to the lower-cost players. Essentially, in order to charge more money for their products companies must invest in researching new technologies in order to pioneer new systems at the top of the value chain and to persuade consumers to part with the extra money.
Leading players within the US include Harmon International, Sharp, NEC, Samsung, Sony and Matsushita. Matsushita is the second largest consumer electronics company in the world and in fiscal 2003, generated revenues of $61.7 billion.
Source: Reuters
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