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see attachment. The companies will be Amazon and Samsung Electronics
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Choose one U.S. and one non-U.S. global company from the 2016 Fortune Global 500 list, and answer the two sets of questions that follow. The answers to the questions may be found in annual reports, corporate Web pages, business publications, or other sources. Fully document the source(s) of your information!
Assume you are actively looking for a career opportunity that will further your career. You are willing to work either in the United States or another country. At this phase of your career, the geographical location of the opportunity is not important. You are a mobile job seekerwith a young family.
a. What country would you choose? Explain why.
b. What are the advantages and disadvantages to you for selecting that particular country over another?
c. From the Global 500 list, choose two multinational companies (MNCs) of which one is U.S-based and the other is based in a different country. The companies can be in the same industry.
d. Compare and contrast each of them as a potential employer according to criteria important to you as a job seeker with a family.
Examine industry information from the IBIS World Database to develop your responses and then address the additional following questions:
a. Why did you select these two companies?
b. In relation to success, where do these companies stand in their industry?
c. What is the outlook for the industry over the next 5-10 years?
d. In your research on these companies, did you find any issues with unethical activities or pending lawsuits? (These may be found in the annual report.)
e. What are the companies positions regarding their impact on the environment?
f. What types of job opportunities are available to you at these companies today?
g. What do these companies do for its expatriates to prepare them for a job overseas and to prepare them to return home at the end of their tour of duty?
The format of your submission is up to you. It can be an essay, speech, or slide presentation with notes/comments. Your submission should include a strong introduction, conclusion, and reference list.
If you opt to write an essay paper, your submission should be 4-5 pages long, not counting the cover and reference list pages. This means that we really want to see a 5-page paper but will accept one that is 4 complete pages. To do any less pages than 4 pages would mean that the content does not adequately address the questions.
If you opt to deliver a video speech, you will need to submit an outline of your speech in addition to recording the speech. The best way to submit a video speech is to record it and submit it on YouTube. The link for the video speech must then be inserted onto the outline. Your speech should last 5-8 minutes to cover all aspects of the assignment.
If you opt to submit a PowerPoint presentation, remember that todays workers want to see no more than 5 words and a picture on each slide. All those other words you want to fill your slides up with belong on the notes pages, not on the slides. Put just one short bullet point on a slide, not multiple points. In addition, pictures of people must be real people, not clip art. You should have 12-15 slides, not counting the cover or reference list slides; however, you are not penalized for going over the number of slides. The important thing here is to limit the info on the slides and to put your commentary (what you want to say about the slide) on the notes pages. INDUSTRY REPORT OD6122
The Retail Market for Audio Equipment
Tuning in: Rising disposable income and e-commerce sales will boost audio equipment sales
Claire O’Connor | June 2019
IBISWorld.com
1-800-330-3772
[emailprotected]
Contents
The Retail Market for Audio Equipment
June 2019
2
IBISWorld.com
About This Industry
4
Industry Definition
4
Major Players
4
Main Activities
4
Supply Chain
5
Industry at a Glance
6
Executive Summary
8
Industry Performance
9
Key External Drivers
9
Industry Performance
10
Industry Outlook
12
Outlook
12
Industry Life Cycle
13
Products & Markets
15
Supply Chain
15
Products & Services
15
Demand Determinants
16
Major Markets
16
Business Locations
17
Competitive Landscape
19
Market Share Concentration
19
Key Success
Factors
19
Cost Structure
Benchmarks
19
Basis of Competitio
n
21
Barriers to
Entry
22
Industry Globalization
22
Major Companies
23
Major Players
23
Operating Conditions
26
Capital Intensity
26
Technology & Systems
26
Revenue Volatility
27
Regulation & Policy
27
Industry Assistance
28
Key Statistics
29
Industry Data
29
Annual Change
29
Key Ratios
29
Industry Financial Ratios
30
Additional Resources
31
Additional Resources
31
Industry Jargon
31
Glossary
31
About IBISWorld
IBISWorld specializes in industry research with coverage on thousands of global industries. Our comprehensive data and in-depth analysis help businesses of all types gain quick and actionable insights on industries around the world. Busy professionals can spend less time researching and preparing for meetings, and more time focused on making strategic business decisions that benefit you, your company and your clients. We offer research on industries in the US, Canada, Australia, New Zealand, Germany, the UK, Ireland, China and Mexico, as well as industries that are truly global in nature.
The Retail Market for Audio Equipment
June 2019
3
IBISWorld.com
About This Industry
Industry Definition
Companies in this industry sell consumer audio equipment and components, parts and accessories for such equipment. This report shows the size of the retail market for this product and includes sales from all major retail channels, including specialty stores, general merchandisers and internet retailers. Sales of commercial or industrial audio equipment are not included in this industry.
Major Players
1. Amazon.com Inc.
1. Best Buy
Main Activities
The primary activities of this industry are:
1. Retailing wireless and media streaming systems
1. Retailing MP3 player speaker systems
1. Retailing HTiB Systems
1. Retailing home and clock radios
1. Retailing other consumer audio equipment products
The major products and services in this industry are:
1. Components
1. Bluetooth speakers, radios and other
1. Multichannel audio equipment
Supply Chain
Similar Industries
Audio & Video Equipment Manufacturing in the US
Consumer Electronics Stores in the US
Computer Stores in the US
E-Commerce & Online Auctions in the US
Related International Industries
Domestic Appliance Retailing in Australia
Home Appliance Stores in China
Electrical Household Appliance Retailing in the UK
Consumer Electronics Stores in Canada
Domestic Appliance Retailing in New Zealand
The Retail Market for Audio Equipment
June 2019
5
IBISWorld.com
Industry at a Glance
Key Statistics
$23.0bn
Revenue
Annual Growth
20142019
3.1%
Annual Growth
20192024
3.2%
Annual Growth
20142024
$1.0bn
Profit
Annual Growth
20142019
4.0%
Annual Growth
20142019
4.5%
Profit Margin
Annual Growth
20142019
0.2pp
Annual Growth
20142019
138k
Businesses
Annual Growth
20142019
5.0%
Annual Growth
20192024
4.5%
Annual Growth
20142024
671k
Employment
Annual Growth
20142019
3.9%
Annual Growth
20192024
3.6%
Annual Growth
20142024
$1.8bn
Wages
Annual Growth
20142019
2.5%
Annual Growth
20192024
3.5%
Annual Growth
20142024
Key External Drivers
% = 201419 Annual Growth
2.5%
Per capita disposable income
0.9%
Number of households
3.4%
Trade-weighted index
14.7%
E-commerce sales
N/A
OD – External competition
Industry Structure
Positive Impact
Revenue Volatility
Low
Capital Intensity
Low
Concentration
Low
Regulation & Policy
Light / Steady
Industry Globalization
Low / Steady
Mixed Impact
Life Cycle
Mature
Technology Change
Medium
Barriers to Entry
Medium / Steady
Competition
Medium / Steady
Negative Impact
Industry Assistance
None / Steady
Key Trends
1. A strong US dollar has made foreign products less expensive for consumers
1. Both online and brick and mortar companies are hiring more employees
1. Consumers are embracing new, high-end audio products such as soundbars
1. Consumers will seek to furnish new homes with newer home audio equipment
1. Industry profit is forecast to slightly decline due to price-based competition
1. In particular, the headphone product segment has become increasingly trendy
1. New technologies have simultaneously provided opportunities and challenges for audio equipment retailers
Products & Services Segmentation
Major Players
SWOT
Strengths
Low Volatility
Low Imports
High Profit vs. Sector Average
Low Customer Class Concentration
Low Capital Requirements
Weaknesses
None & Steady Level of Assistance
High Product/Service Concentration
Opportunities
High Revenue Growth (2014-2019)
High Revenue Growth (2019-2024)
High Performance Drivers
Number of households
Threats
Low Revenue Growth (2005-2019)
Low Outlier Growth
Per capita disposable income
Executive Summary
Driven by growth in disposable income and housing, the Retail Market for Audio Equipment is expected to grow at an annualized rate of 3.1% to $23.0 billion over the five years to 2019.
During the five-year period, the number of households is estimated to increase an annualized 0.8% to 128.5 million, representing a consumer base ripe for new audio equipment such as surround-sound systems or soundbars for their new homes. Moreover, disposable income has also risen over the past five years and is expected to accelerate in 2019, helping to boost industry revenue an expected 4.3% during the year.
New technologies have simultaneously provided opportunities and challenges for audio equipment retailers. Audio equipment quality has improved and such equipment is increasingly compatible with other electronics, benefiting industry operators. Bluetooth-enabled speakers were introduced to the market in recent years and the ability to connect a high-capability speaker to a smartphone or a computer through Bluetooth has become much more commonplace during the five-year period, as streaming services have become ubiquitous. Conversely, consumer electronics, cars and other products have improved built-in audio systems, making audio equipment an increasingly discretionary purchase. Most notably, technology has brought about a rise in e-commerce and its prevalence has led to an influx of audio equipment e-tailers. Online retailers benefit from lower overhead costs and an ability to competitively price products. As a result, brick-and-mortar sales have lagged in recent years and forced many smaller players to close up shop. The number of enterprises is consequently estimated to rise at a relatively moderate rate during the five-year period. With online stores comprising a greater share of industry operators, profit has consequently grown as e-tailers have lower overhead costs and virtually unlimited shelf space, contributing to higher profitability than traditional retail outlets.
Furthering profit growth moving forward, disposable income and e-commerce sales are projected to continue rising over the five years to 2024, at annualized rates of 1.5% and 20.1%, respectively. Consumers are expected to loosen their purse strings as a result of higher disposable income, especially as online vendors make buying audio equipment increasingly convenient and affordable. IBISWorld forecasts the industry will grow an annualized 3.1% to $26.8 billion over the five years to 2024.
The Retail Market for Audio Equipment
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Industry Performance
Key External Drivers
Number of households
Many audio equipment purchases are made for a new home, and the number of households measures the total occupied housing units in a given year. When the number of households rises, people are more likely to invest in higher-end industry products such as surround-sound systems and speakers to furnish their new households. The number of households is anticipated to rise in 2019, representing a potential opportunity for audio equipment retailers.
E-commerce sales
E-commerce sales represent the percentage of total manufacturing shipments sent to e-commerce businesses for sale. As consumers turn increasingly to e-tailers, particularly for audio equipment purchases, such sales generate a critical component of industry revenue. E-commerce sales are expected to expand as a share of shipments in 2019.
Per capita disposable income
The Retail Market for Audio Equipment depends on discretionary consumer spending. Over the next five years, consumers are expected to buy more expensive audio equipment as income levels rise and the economy improves. Disposable income is expected to increase in 2019.
Trade-weighted index
The trade-weighted index measures the strength of the US dollar relative to the currencies of its trading partners. A weaker dollar inflates import prices for US retailers. Since domestic demand for audio equipment is predominantly satisfied by domestic producers, product prices decrease as a result of a strong dollar and benefit retailers. The value of the US dollar is expected to increase in 2019.
OD – External competition
Advanced audio equipment has been increasingly built in to other consumer products including cars, computers and TVs. This reduces demand for audio equipment products sold separately in stores. Competition from other equipment with built-in audio capabilities is expected to grow in 2019, posing a potential threat to audio retailers.
Industry Performance
The Retail Market for Audio Equipment is expected to benefit from an increase in the number of households and rising disposable income over the five years to 2019.
Consumers who previously held out on buying new homes and investing in expensive audio equipment loosened their purse strings and, as a result, IBISWorld estimates revenue rose at an annualized rate of 3.1% to $23.0 billion over the past five years, including an expected increase of 4.3% in 2019 alone.
Rising import penetration
A strong US dollar during the five-year period has made foreign products less expensive for consumers and further lowered the cost of foreign labor for manufacturers.
Over the five years to 2019, manufacturers as large as Panasonic Corporation have moved consumer electronics production, including audio equipment, entirely abroad. The recent surge in offshoring has occurred partly due to the infrastructure development in countries such as China, Mexico and Japan. In addition, advancements in online communications and package tracking have facilitated smoother transfers of production abroad. Many foreign countries have low labor costs and charge lower taxes; furthermore, electronics are also easy to ship, especially smaller items such as headphones or portable speakers.
The prevalence of imports has also made it more profitable for mass merchandisers to enter the industry. Manufacturer discounts for sales in bulk are more significant when such items are produced abroad because shipping costs per unit can decrease dramatically for large orders. Although big-box stores such as Best Buy Co. Inc., Walmart Inc. and Target Corporation play a large role in industry sales, these companies also operate websites and sell audio equipment online. Since an increasing portion of total audio equipment sales is conducted online, e-tailers have entered the industry rapidly over the past five years. Consequently, the number of industry enterprises is estimated to increase an annualized 5.0% to 138,271 companies during the five-year period. Many brick-and-mortar stores have consequently suffered, with price-sensitive consumers opting to purchase electronics online at lower prices.
Retailers and wages
Employment and wage figures for the Retail Market for Audio Equipment are based on estimates of the total employees that sell such products per store or website.
For stores that only sell audio equipment, all employees are counted, but for stores and websites that sell a variety of goods, IBISWorld estimates employees and wages based on the number of workers required to handle the sale of these products. To meet increasing demand, both online and brick and mortar companies are hiring more employees and to retain these employee’s companies are offering higher wages. As a result, wages are expected to grow at an annualized rate of 2.5% to $1.8 billion. However, since revenue has outpaced wage growth, wages as a percentage of industry revenue has declined from 8.2% in 2014 to 8.0% in 2019.
Industry profit is on the rise amid growing demand. Profit, measured as earnings before interest and taxes, is expected to reach 4.5% of revenue in 2019. As technology advances and new streaming systems come out, consumers typically demand new products that work with all of their devices. Therefore, rising inventory turnover due to growing disposable income and the increasing prevalence of online and mass-merchandisers in the industry are contributing to higher profitability than 2014 levels.
Shifting technologies
According to the Consumer Technology Association (CTA), technology is rapidly redefining and driving audio equipment demand.
Consumers are embracing new, high-end audio products such as soundbars, amplifiers or docking stations. These products are increasingly multifaceted and integrated with online and digital technologies, driving demand for the newest products and contributing to rising industry revenue.
New technologies, such as smart speakers, are particularly attractive to consumers younger than 25, which was the fastest-growing industry market over the past five years. For example, according to the CTA, smart speakers accounted for 22.5% of units sold in 2016, and they are projected to account for 62.4% of all units sold in 2019. Furthermore, the CTA also highlighted that sales of wireless speakers, including those compatible with Wi-Fi and Bluetooth, increased 47.5% in 2017 and an expected 29.4% in 2018 (latest data available). However, the primary demographic investing in audio equipment over the past five years was consumers between the ages of 25 and 54. Consumers in this age bracket are most likely to buy audio equipment to furnish new homes and also have the highest proportion of disposable income to spend on discretionary goods.
Historical Performance Data
Year
Revenue
($m)
IVA
($m)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($m)
Imports
($m)
Wages
($m)
Domestic
Demand
($m)
E-commerce sales
($b)
2010
17,475
2,343
94,386
79,037
457,985
N/A
N/A
1,644
N/A
170
2011
18,112
2,418
103,484
88,256
482,709
N/A
N/A
1,720
N/A
200
2012
18,732
2,253
103,219
87,844
465,741
N/A
N/A
1,485
N/A
230
2013
19,244
2,505
116,143
99,368
522,408
N/A
N/A
1,562
N/A
261
2014
19,725
2,601
124,989
108,565
554,850
N/A
N/A
1,615
N/A
299
2015
20,083
2,801
130,881
114,265
564,711
N/A
N/A
1,686
N/A
340
2016
20,065
2,707
135,947
118,631
587,807
N/A
N/A
1,603
N/A
394
2017
21,048
2,747
142,540
124,479
613,157
N/A
N/A
1,674
N/A
452
2018
22,016
2,884
150,412
131,512
642,198
N/A
N/A
1,753
N/A
510
2019
22,964
3,009
158,009
138,271
670,732
N/A
N/A
1,830
N/A
567
The Retail Market for Audio Equipment
June 2019
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Industry Outlook
Outlook
The Retail Market for Audio Equipment is expected to expand over the next five years as rising e-commerce sales and disposable income contribute to retailer success.
Annualized growth in the number of households over the five years to 2024 is projected to raise the overall supply of consumers seeking to outfit homes with industry products. Home audio systems are the largest product segment in the industry and command the highest price point. As household figures expand during the five-year period, more consumers will be seeking to furnish new homes with newer, more technologically advanced home audio equipment, with an increasing focus on interconnectivity. Additionally, per capita disposable income growth is expected to accelerate during the five-year period, giving more consumers the ability to make discretionary component purchases. Overall, these factors are expected to lift industry revenue at an annualized rate of 3.1% to $26.8 billion over the five years to 2024, including growth of 3.6% in 2020.
Technology boosts profitability
Consumers are expected to shop for new audio equipment due to new technologies, which are increasingly enabling consumers to integrate home audio systems with online content and mobile devices, as well as older technologies.
However, built-in audio functionality on many devices also competes with audio equipment retailers because it makes their products increasingly discretionary. Nevertheless, this trend is expected to contribute to industry success by shifting demand toward high-end audio equipment that is more profitable to sell. However, industry profit, measured as earnings before interest and taxes, is forecast to slightly decline to 4.4% over the next five years due to price-based competition.
More retailers
Over the next five years, the average industry retailer is more likely to be owned by a large company but operate in a smaller space.
Large brick-and-mortar retailers such as Best Buy Co. Inc., Walmart Inc. and Target Corporation are opening smaller stores, especially in urban areas, to better compete with convenient online stores. Meanwhile, more retail locations are expected to add audio equipment to their shelves as brands such as Bose and Beats by Dre continue to employ new marketing strategies and target new demographics.
Likewise, the number of e-tailers is projected to continue growing as e-commerce increases. Over the next five years, the number of enterprises is projected to grow at an annualized rate of 4.5% to 171,905 companies, with the number of retail locations increasing at the same pace. E-tailers are expected to comprise an increasing part of the businesses selling smaller items, such as headphones, which is leading to a declining number of employees per retailer. Additionally, establishments are forecast to increase at an annualized 4.3% to 195,479 locations, which is slightly lower than the previous five-year period due to the proliferation of online retailers. Furthermore, traditional brick-and-mortar companies that also operate an online platform are shifting their focus away from their storefronts and closing operations to invest more in their online functions.
In particular, the headphone product segment has become increasingly trendy and contributed to the rise in audio equipment retailers in recent years. Headphone manufacturers have invested in marketing over the past five years to advertise products such as limited-edition headphones or headphones designed to target niche consumers. Some headphone manufacturers and retailers have launched marketing campaigns that use celebrities to market its headphones. Beats Electronics LLC, a subsidiary of Apple Inc., has had celebrities such as LeBron James and Justin Bieber endorse its products. Additionally, Skullcandy Inc. has marketed itself toward the extreme sports market by sponsoring professionals in a variety of sports, such as snowboarding, skiing, skateboarding and surfing. Various retailers, from mass merchandisers to convenience stores, have reacted to rising consumer demand and are increasingly expected to sell headphones and other small audio products or accessories. Consequently, employment is forecast to rise at an annualized rate of 3.6% to 801,285 workers.
Performance Outlook Data
Year
Revenue
($m)
IVA
($m)
Establishments
(Units)
Enterprises
(Units)
Employment
(Units)
Exports
($m)
Imports
($m)
Wages
($m)
Domestic
Demand
($m)
E-commerce sales ($b)
2019
22,964
3,009
158,009
138,271
670,732
N/A
N/A
1,830
N/A
567
2020
23,797
3,120
166,280
145,717
699,585
N/A
N/A
1,906
N/A
620
2021
24,487
3,212
173,464
152,204
723,783
N/A
N/A
1,970
N/A
667
2022
25,098
3,293
180,185
158,264
745,828
N/A
N/A
2,028
N/A
705
2023
25,888
3,402
187,506
164,805
772,017
N/A
N/A
2,098
N/A
761
2024
26,814
3,526
195,479
171,905
801,285
N/A
N/A
2,176
N/A
833
2025
27,652
3,639
203,339
178,938
829,011
N/A
N/A
2,250
N/A
898
Industry Life Cycle
The life cycle stage of this industry is Mature
LIFE CYCLE REASONS
1. The industry’s product range is stable
1. The industry serves established markets
1. The industry’s contribution to the economy is forecast to grow in line with the overall economy
The Retail Market for Audio Equipment’s contribution to the economy, measured as industry value added (IVA), is anticipated to rise an annualized 3.1% over the 10 years to 2024. Comparatively, GDP is projected to rise an annualized 2.0% during the 10-year period. IVA growth in line with the economy as a whole is highly indicative that this market is in the mature stage of its life cycle. Employment and disposable income growth over the next five years are projected to boost consumer demand for audio equipment. Disposable income growth is also expected to expand the higher-end headphone product segment, driving industry revenue growth.
Despite the increasing use of audio equipment, these products are becoming less expensive due to offshoring and the gradual deduction of initial development costs from retail prices. Consumers are using audio equipment at a high rate as mobile electronics such as smartphones and tablets increase in popularity, but the industry is also experiencing increased competition from such products that come with built-in audio capabilities. Nonetheless, sales of high-end products and lower overhead costs for e-tailers are expanding industry revenue and profit.
The Retail Market for Audio Equipment
June 2019
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Products & Markets
Supply Chain
Key Buying Industries
1st Tier
Consumers in the US
Educational Services in the US
Key Selling Industries
1st Tier
Audio & Video Equipment Manufacturing in the US
Electronic Part & Equipment Wholesaling in the US
2nd Tier
Plastic & Resin Manufacturing in the US
Aluminum Manufacturing in the US
Products & Services
Multichannel home audio systems
Multichannel home audio system is the largest product segment and accounts for an estimated 48.0% of industry revenue in 2019.
This segment is differentiated by the packaged nature of its products. Products include home-theater-in-a-box (HTiB) systems, which often include some variation of a multichannel amplifier (which includes a surround-sound decoder, a radio tuner, and other features), speaker wires, connection cables, remote control, surround-sound speakers and a low-frequency subwoofer. More recently, this segment has seen growth in the sales of wirelessly connected home audio. Brands like Sonos have successfully brought to market speaker setups that connect to individual control panels and smartphones to connect an entire home’s audio to a single source. As these setups are often sold in a bundle, they are included in the multichannel audio equipment segment. Not all of the products are sold in full bundles, but many speaker systems are sold that include connection cables, audio interfaces and tuners. When they are purchased in this fashion, they are considered part of this segment. When additional speakers are components are purchased to add into existing systems, they are considered individual component purchases. Items in this segment are often much more expensive than other segments, as they are purchased in a set. Home theater audio systems, a popular product in this segment, are much more expensive than individual speakers, which illustrates the segment’s high price point. during the period, this segment has increased in popularity alongside the emergence of e-commerce in the industry. As these products are often very expensive, customers are more likely to price compare to find the best deal. Price comparison is often easier online, where a variety of selections from different manufacturers can be sorted by capability and price.
Bluetooth speakers, radios and other equipment
Bluetooth speakers, radios and other equipment is the second-largest segment in the industry and is estimated to account for 29.1% of industry revenue.
Products in this segment are often standalone products that do not exist within a home audio entertainment system. This includes MP3 player docking systems and portable speaker systems that are compatible with the MP3 device. Demand for docking systems has grown in line with the popularity of MP3 players; these systems vary in terms of stability, color scheme, function, style and cost. However, all systems enable MP3 users to charge their device while playing music. According to the consumer electronic association, the number of multiple-iPod households is growing; therefore, this segment increased as a share of revenue in the past five years. However, the increasing use of smartphones is mitigating the growth of MP3 players, as smartphones have the capability to act as an MP3 player on top of their other uses. This also includes radios and other equipment. As streaming services have become more popular during the period, radios have fallen in popularity. However, growth in bluetooth speakers has outpaced the decrease in demand for radios and alarm clocks, causing this segment to expand over the five years to 2019.
Individual components
Individual audio components make up the third-largest product segment for the industry, accounting for 22.1% of revenue.
The most demanded products from this segment are individually packaged speakers, subwoofers, tuners, audio interfaces, connection cables and audio components. As these components are often integrated into home audio systems, the rise in bundled packages has adversely affected this segment.
Demand Determinants
Most audio equipment purchases are considered discretionary; therefore, a variety of economic and social factors affect the decision to buy audio equipment.
Discretionary income is one of the major determinants of demand. A rise in disposable income will lead to more purchases, which will increase the need for audio equipment retailers to meet increasing demand. Over the past five years, demand for industry-specific prod
