Steady growth seen for local audio electronics market

The country's audio electronics market is expected to expand steadily in the next few years, mainly driven by Filipinos' changing lifestyle preferences, emerging home entertainment trends and the increasing number of young, tech-savvy population.

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"The prevalence of a digital lifestyle and the concomitant increase in content creation will be some of the drivers in the steady growth of the audio technology space in the Philippines," said Tia de Guzman, marketing manager of Audiophile Components Inc., the leading distributor of branded audio electronics equipment and musical instruments in the Philippines.

De Guzman recently made the statement in a media event announcing the centennial anniversary of Shure, one of the top brands distributed by Audiophile. Shure, an American audio products company, was founded in Chicago, Illinois, in 1925.

"The total value of the Philippine audio electronics market encompasses various segments, including both consumer and professional audio equipment," De Guzman said.

Quoting market research firm 6Wresearch, De Guzman said, "The Philippine audio equipment market is projected to reach $8.1 billion, growing at a compound annual growth rate (CAGR) of 4.5 percent in the next few years."

Focusing specifically on the e-commerce segment, De Guzman said the Philippine audio e-commerce market is expected to reach $184.6 million this year, accounting for 5.5 percent of the country's consumer electronics e-commerce market.