How large (or small) is the audiophile market?

I don't think the market for quality audio equipment will disappear, but I think it will contract. I'm in my late 60s and as a kid the family listened to our stereo (such as it was) for family entertainment. That entailed actually buying physical media and loading it up on the turntable. Recorded music has been commoditized for young people with ITunes and a cell phone-no more "ritual" involved. There are exponentially more entertainment choices and music is more likely to be a background thing while they are working out, etc.Quality sound is not very important in that context. One of my great pleasures is spending a couple of hours, or more, just listening to music and nothing else-my kids (in their 30s) don't get that at all.

I also think the disappearance of brick and mortar stores contributes to the shrinking market. How many young people have actually heard a reasonably competent system? In the old days, audio stores were plentiful and even if you couldn't afford to buy you were exposed to the experience if you were curious enough to walk in to a store. That's not happening much these days.

To this point, there’s companies like Acora Acoustics Corporation, which bought Audio Research as part of a private equity deal.

Acora makes stone speakers. How many people are buying their speakers a year? 5? 100? How do these companies exist?

There appears to be much more supply of high end product than any possible market for it. To prove this, I pulled a Stereophile issue from roughly 10 years ago and then researched some of the manufactures to see if they were still in business. Many were not going concerns. I don’t understand how so much new capital is being allocated to such a small market with seemingly endless new offerings. What market research is showing enough scale to the audiophile market to justify this?

The only guy I know that I would consider an audiophile owns a powerful old Marantz that he recapped himself, and he doesn’t chase more.  He is older, like myself.  With the high costs of living, and especially housing, I think younger Americans don’t have the money or interest to purchase high cost audio equipment (I know OP wasn’t asking about cost, but let’s face it — this is not a cheap hobby).  It’s appears that convenience, affordability and “good enough” are what Millennials and younger folks seek. 

I suppose to clarify, I would consider an audiophile to be anyone how cares about music reproduction enough to have some sort of playback system besides a smart phone and earbuds or an Alexa device.

When I was in college it seemed that pretty much 50% of men's dorm rooms had some kind f decent stereo.  I could count the women's dorm rooms with decent tunes on one hand.  So that would put the population at about 12.5% of students with decent music back in the 70's.

Now I don't really know anyone besides myself (and my system is pretty modest) who owns anything other than "lifestyle" products.  So that was the direction I was trying to go with this thread.  There is so much expensive equipment out there...who buys that stuff?