How large (or small) is the audiophile market?

In the December issue of TAS they report their subscriber numbers (it’s required for print magazines).  They printed 16,250 copies a month (average for previous 12 months). Total paid circulation was 14,188. There are also about 11,700 paid electronic copies

I don’t have my Stereophiles handy. Their numbers are higher but shrinking too.

I’m not saying there are 26,000 audiophiles but these numbers give some indication that there aren’t a huge number of us.

Paul at PS Audio once did some math that arrived at a population of 250k. Obviously, your definition of the target for inclusion will vary, but for high end stuff that might be close. 

Not too many people I know indulge themselves with fine audio gear.   I don't have any co workers or friends that spend on HiFi.     I'm pretty low key about my hobbies in general but it's not hard to see I've spent some money on this stuff.    Well worth the enjoyment it get in return though without question.    

I had a marathon listening session last night in my main room.   Haven't done that in a while.  I needed to escape for a while 

A logical starting point would be 1% of the population which is 343 million(2025) in the United States and 40 million in Canada. I would include entry level products from Emotiva/JBL/Klipsch and Chi-Fi due to the fact these are still separate components. That computes to around 3.8 million potential HEA customers in North America. Given the current trend to "shame" true HEA, a vast majority of the bottom feeders will stay complacent with budget gear regardless of financial means. Possibly 25% of the 3.8 million buyers will consider upgrading which leads to around 950,000 North American potential buyers. Factor in aspirational buyers/tire kickers and the WAF and there could be around 750,000 actual HEA buyers in the North American market.

My perception mirrors @oddiofyl .

I have a single friend who actually spends money on high-end gear. I don't know anyone else who does. In high school I was the only person who had a component system. Same thing in college. Almost the same thing in dental school. I knew a couple of people who actually had a nice system. Decades later I know only one other person who cares about audio and has a high-end system.

When I am asked about hobbies or interests all I get is a blank stare after I respond "Listening to music in a dedicated listening room".

I do have a few friends who like coming over to hear my system, but they are unwilling to invest in good gear for themselves.

Definitely a lonely hobby.

It's only Rock n Roll, but I like it, like it, yes I do.