Professional Portable Audio System Market [2022-2031]: Latest Updates, Next Generation Products, Top Key Players Analysis (During Pandemic & Post Pandemic) and Business Growth Opportunities

Professional portable audio systems are audio systems whose locations can be changed according to requirement since its components can be separated and their positions shifted. They are primarily used in the music industry, industry gatherings, commercial complexes, and for professional purposes such as public functions and gatherings. Professional portable audio systems are premium-quality, studio-grade systems which produce clear & high-quality sound. Professional portable audio systems are made-of several parts such as mixers, power amplifiers, speakers, and microphones. These systems are either connected wirelessly or in a wired manner, according to requirement.

Professional portable audio systems are used in industries for a variety of purposes. For instance, restaurants are using these systems to enhance the experience of their customers. This can include playing soft music to popular songs throughout the time period when the establishments are open to business. Commercial complexes use different types of advanced facilities, such as professional portable audio systems. They are used during corporate functions and corporate events held by companies and organizations. Such various purposes of the system are expected to continue having a positive effect on the professional portable audio system industry due to the rapid industrialization being witnessed in many parts of the globe from Latin American countries such as Argentina and Brazil, to African nations such as South Africa and Nigeria, further to Asian countries such as India and China.

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Market players have focused on expanding their supply-chain network by making tie-ups with several distributors to ensure a far & wide geographic reach. This is further enhanced by the expansion of internet reach in recent decades. The online presence of companies as well as distributors immensely contributes to the market growth. On the other hand, high repairing cost of these systems and unavailability of professionals for their maintenance are the major hindrances in the market growth.

The outbreak of the COVID-19 pandemic in 2020 negatively impacted the growth of the global professional portable audio system market. Industry stakeholders witnessed huge losses and had to resort to extreme measures, even reorient their age-old strategies in order to ensure survival in the short-term and long-term stability. However, after the passing of the relapse waves of COVID-19 accompanied by massive vaccination drives carried out by nations across the globe, different aspects of the professional portable audio system market such as online channels, offline channels, speakers, music industry, commercial sector, software and apps, and the rental segment began to recover from 2021.

The COVID-19 pandemic has primarily had a disruptive effect on the economy, as many end users important to this market had to halt their working, such as the music industry coupled with ban on public functions. The distribution channels of the finished product as well as components and raw materials were impacted by the supply chain disruptions. This led to a significant drop in demand for professional portable audio systems, as compared to pre-COVID levels. In the short term, the demand for professional portable audio systems were affected by a decline in export shipments and slowdown in domestic demand compared to pre-COVID-19 levels. However, as restrictions liberalized, the market started growing. This was attributed to the fact that as people started stepping out of their house again and public gatherings were normalized, usage of these systems gained momentum, thereby surging the growth of this industry.

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Key Player Strategies to Tackle the Negative Impact:
The economic impact of the coronavirus pandemic has been largely disruptive across the globe. Companies operating in the professional portable audio system industry state that the temporary shutdown of production sites led to decline in revenues for the financial year 2020-2021. Various measures undertaken by players to tackle the negative impact are as follows:

Focus on Next-Generation Products:
It is expected that the demand for new and innovative products will surge once the economy begins to recover. Rather than simply improving products using current state-of-the-art technology, companies are looking forward to investing in next-generation products using new technologies, as it will well position their goodwill, once customer demand surges.

Companies such as Harman International, KORG Inc., Yamaha Corporation, Roland Corporation, and Sennheiser Electronic GmbH & Co. KG, are looking forward to incorporating new technologies ranging from wireless to Internet of Things (IoT) that is connected devices in their products to enhance customer experience. This factor will provide an edge for the companies & manufacturers to further lower the material cost during production, and while providing constant updates for the products.

Furthermore, major players operating in the professional portable audio system market are expected to continue their ongoing retrofitting of professional portable audio systems as the rules & regulations for coronavirus pandemic are minimized. This will help companies strive for their business in this dire situation and propel the market forward positively.

The Shift toward Agile Elastic Supply Chain Model:
Key players in the global professional portable audio system market are shifting toward agile supply chain model with multiple pathways in order to prevent a single point of failure. This will help them balance costs with better assurance for business continuity & sustainability. The shift from single country hubs to more extensive regional supply networks can initiate collaborative partnerships and industry associations. Stakeholders are investing in resources and infrastructure that can quickly enable new manufacturing and supply nodes when required.

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Post COVID-19 Scenario:
Professional portable audio systems are extensively required in music systems and other applications. Firms gain a competitive edge by following quality management standards and by providing standardized products and services. Governments of different regions such as North America and Asia-Pacific are further promoting the importance of good quality sound in indoor and outdoor environment. Such developments will help the market to grow and reach the untapped regions, in the process also boosting the growth of agile supply chains in the professional portable audio system market.

India Scenario and Benefits of Production-Linked Incentives (PLI) Scheme:
The professional portable audio system industry benefits from the fact that India already has a large music industry, on account-of the big entertainment industry, consisting of films and TV series, to film songs and plays which take place on stage.

On the other hand, the government of India's increased focus on the manufacturing sector through its 'Make in India' initiatives also benefits the professional portable audio system industry in several ways. India's government has settled on the aim of making the country a global manufacturing hub, and in order to meet this aim, in 2020, introduced the highly-focused production-linked incentives (PLI) scheme. Under this scheme, fiscal incentives are offered to companies who make investments in technology upgrades and production facilities in the country. Apart from sectors such as food processing, telecom, and specialty steel, this scheme also covers the electronics sector, including equipment such as transistors, diodes, and mobile phones.

The recent budget by India's government for the year 2023-24 continues to extend the benefits of production-linked incentives (PLI) scheme, directly and indirectly, to the professional portable audio system industry. For instance, manufacturers will continue to get relief on the import of certain components and parts which are required in all mobile phones. Battery packs of mobile phones are manufactured using lithium-ion cells. The concessional duty on these cells has also been extended for another year. The professional portable audio system industry is expected to continue reaping the benefits of these combination of factors in India in the coming years.

Recent News in the Professional Portable Audio System Market:
In March 2022, Yamaha Corporation launched its MG-X models of mixing consoles, focused on live & installed sound applications, which require high-quality SPX effects. This range has been developed specifically for corporate events & medium-sized live music venues. The 3 MG-X models are focused on the portable professional audio system and possess robust metal chassis and are quick and easy to install wherever needed. The MGX10 can be installed even on a microphone stand, while MG12X has the option of 19-inch rackmount kit, and MG16X has integral fixings for rack mounting. The models feature a contemporary new grey color, to blend into the equipment space, while also providing instant visual references for quick locations of master controls.

Furthermore, the SPX effects of MG-X work harmoniously with custom made MG01 operational amplifiers and discrete D-PRE mic preamplifiers for delivering high quality sound, which can be easily adapted to any space. In addition, a '1-knob' compressor on the device provides instant access to optimized compression settings for instruments, speech, and vocals via a single rotary control. The launch of such innovative products is expected to boost the professional portable audio system market in many regions, especially Europe and North America.

Conclusion:
The professional portable audio system market is expected to leverage the high potential of the rapid digitalization of the music industry and considerable penetration of smartphones. This has increased the requirement to create noise- and error-proof audio mixes for a wide range of purposes such as music recordings and advertisements. The same has further increased the importance of factors such as HD and ultra HD sound quality on a variety of connectivity technologies such as Wi-Fi and Bluetooth.

Thus, the technological prowess of the market players is expected to play an important role in the market growth. Due to their rapid economic development, developing countries such as China and India are expected to substantially contribute to the market growth. Furthermore, companies in the industry are adopting various innovative techniques such as mergers and acquisitions to strengthen their business position in the competitive matrix.

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