COVID-19 has put a huge strain on the local economy and this is influencing the purchasing decisions of consumers in Japan. While home seclusion has had a positive impact on sales of some products which can provide home entertainment, when it comes to specialist items sales have been hit hard.
Music streaming is taking root in Japan, with services such as Spotify, Amazon Music and Apple Music finding an audience. According to the Recording Industry Association of Japan (RIAJ), annual sales of music streaming overtook those of music downloads for the first time in 2018.
Although most areas of home audio and cinema are expected to struggle in 2020, with consumers cutting back on non-essential purchases, for some products this setback is expected to be only temporary. For example, soundbars are becoming increasingly popular in home cinema and speaker systems and sales are expected to rebound in 2021.
Consumers in Japan are expected to remain cautious in their spending behaviour over the forecast period, with COVID-19 likely to be damaging to the economy. Despite this, the arrival of the rearranged Tokyo Olympics and Paralympics in 2021 should encourage consumers to upgrade their home audio and cinema equipment to improve their viewing and listening experience.
Hi-Fi systems and digital media player docks face an uncertain future with competition from wireless speakers growing. There is an expanding range of wireless speakers appearing the market, including smart products such as Google Home and Amazon Echo, which do not just play music, but which can also carry out a range of other functions.
Japanese companies dominate with Sony, Onkyo & Pioneer, Yamaha, and Panasonic leading the way in 2020, with local consumers placing their faith in the quality of locally produced products. Onkyo was in the process of selling its business to US company Sound United in 2019, but this eventually fell through.
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Understand the latest market trends and future growth opportunities for the Home Audio and Cinema industry in Japan with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Home Audio and Cinema industry in Japan, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Home Audio and Cinema research and analysis database.
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