Europe Audio Products Market Valuation Worth USD 7,463 Million in 2027, At 9.94% CAGR - Report by Allied Market Research

According to a new report published by Allied Market Research, titled, "Europe Audio Products Market by Type, Technology, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2027," The Europe audio products market size is expected to reach $7,463 million in 2027 from $4,928 million in 2019, growing at a CAGR of 9.94% from 2020 to 2027.

Audio products enable the conversion of electric audio signals into sound waves. They enhance the volume and quality of the sound produced by utilizing speaker drivers, which boosts sound reproduction quality.

Growth in demand for wireless audio devices and smart speakers drive the Europe audio products market. Based on type, the soundbar and home cinema segment held the largest market share in 2019. On the other hand, by technology, the multiroom segment dominated the market with maximum market share. Moreover, e-commerce segment is anticipated to register the fastest growth rate by 2027.

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Wireless audio devices are gaining traction among the youth in Europe. Wireless speakers are majorly used as outdoor speaker systems. If the user wants to set up a speaker system on a deck, patio, or swimming pool area and a wireless system serves as an ideal option. Furthermore, high demand for wireless speakers is attributed to their easy, wireless connectivity to smartphone, tablet, or other device. Moreover, most of the wireless devices are fairly portable, making them easy to carry along.

Furthermore, during vacation, consumers prefer spending their free time for leisure activities such as listening to music, which boosts the Europe audio products market demand for wireless speakers. Thus, all these factors collectively contribute toward the growth of the Europe audio products market.

By type, in 2019 the soundbar & home cinema segment was the highest contributor to the Europe audio products market analysis, as they provide economical, hassle-free entertainment at home along with privacy. Consumers are increasingly becoming more research-driven, well-informed, particular, and price-sensitive about products and services. Therefore, they opt for home entertainment devices that offer value for money.

Distribution channel, in 2019 the specialty electronic stores segment led the Europe audio products market trends, owing to the fact that consumers prefer to analyze and evaluate the product before purchase, thereby boosting the retail sales of audio products through specialty stores. In addition, customers check the functioning of appliances in stores and the type of accessories compatible with them. Therefore, specialty stores in Europe audio products market segment are projected to witness high sale of audio products in the near future, thereby augmenting the growth of the market.

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The Covid-19 pandemic has a vital impact on the growth of the Europe Audio Products Market and altered several market scenarios. The lockdown across various countries and ban on international travel has disrupted the supply chain and revenue chain. The report includes a thorough analysis of the Covid-19 pandemic on the growth of the Europe Audio Products Market.

The key market players profiled in the report include:

• Samsung Electronics Co. LTD
• Sonos Inc.
• Blaupunkt GMBH
• Bose Corporation
• Koninklijke Philips N.V.
• Sony Corporation
• LG
• Alphabet Inc.
• Amazon Inc.
• Panasonic.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current Europe audio products market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth Europe audio products market analysis and the market size and segmentation assist to determine the prevailing Europe audio products market opportunity.
• The major countries in Europe are mapped according to their revenue contribution to the market.
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the Europe audio products market.

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