Pro AV Market Worth $79.20 Billion by 2028 - Arizton

Arizton publishes the latest research report, pro AV market - global outlook & forecast 2023-2028. The market is growing at a CAGR of 6.27% during 2022-2028.

The demand for pro AV equipment and solutions from various end-user markets has also grown in countries such as China, Germany, Japan, and India due to the booming commercial real estate, hospitality, corporate, and music markets and a shift in consumer behavior toward live music concerts and exhibitions in developing countries. The pro AV market is particularly developed and growing, with vendors such as Samsung, Sony, Hitachi, LG, Panasonic, and Philips offering products to a diverse range of vertical markets. However, the higher cost of branded equipment and lower penetration of wireless digital technology can be significant growth inhibitors in APAC countries such as China, India, and Latin America.

The competition among the key players is intense at the global level. The market concentration in developed countries such as the US and other Western European countries is high, while the market is in its nascent stage in developing economies such as China and India because of the entry of many international brands. Vendors are using new business models and focusing on developing the portfolio of their establishments to drive growth.

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Pro AV Market Soars as Governments Boost E-Learning Technology

E-learning technology has created a buzz in the education industry. Infusing modern-day technologies in classroom learning further adds to stimulus and enhanced interaction between learners and educators in classrooms. E-learning is one of the most thrust areas the government identifies to impart education using educational tools and communication media. Learning is facilitated and supported by ICT- Information Communication Technologies, which aims to develop tools and technologies to promote e-learning. Governments are financially supporting R&D projects in the field of e-learning at various R&D labs and academic educational institutes. These projects focus on content development, HR development projects, technology development projects, and faculty training to improve literacy through ICT tools, which include computers, multimedia, and the web. Therefore creating a huge demand for the pro AV market.

Key Highlights

Product diversification is essential for new vendors to enter the market. Hence, existing consumer electronics vendors/traditional AV providers enter the market through product development and product line extension.
APAC-based vendors will opt for a global launch of their products during the forecast period.

Companies with better technical and financial resources can develop innovative products that render competitors' products ineffective even before their launch in the market or before their R&D costs are recovered. Therefore, vendors must develop new technologies. International players currently dominate the market. However, several regional and foreign players with small market shares also have a presence in the market.

Pro AV Revolutionizes Entertainment Venues in APAC, Boosting Business Success

The pro-AV products are essential for creating the right atmosphere in these venues, which is critical for the business's success. They help to create an immersive experience for the customers by providing music and enhancing the overall ambiance. The pro AV products also help to create an exciting and engaging environment that encourages customers to stay longer, spend more money, and return to the venue.

The ever-changing lifestyle of the population in APAC contributes to the popularity of bars and pubs in the region. There are changes in consumer lifestyle because of the growth of the IT and BPO sectors in India and other APAC countries, which result in high disposable income, which the younger generation is ready to spend on leisure and entertainment or at pubs, nightclubs, and resto-bars. The economic impact of the nightclub industry extends far to the pro AV market.

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Pro AV Market Dynamics: 

Drivers 
Increasing Number of Exhibitions, Seminars, and Conferences
Growing Demand from Corporate, Government, & Institutions
Rising Live Performance and Music Industry
Rise in the Number of Sports Events

Restraints 
Volatility of Raw Material Prices
High Capital Investments
Lack of Skilled Professionals

Opportunities 
Increasing Adoption OF E-Learning in the Educational Sector
Increasing Penetration of IOT in the Pro AV Industry
Rapid Development on Digital Signage Systems
Popularity of Nightclubs & Resto Bars in APAC

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Market Segmentation  

Product Type: Professional Video (Video Displays, Capture and Production, Video Projection, and Others) and Professional Audio (Microphones, Pro Speakers, Sound Mixers, Signal Processors, Power Amplifiers, and Others)

Application: Corporate, Media & Entertainment, Venues & Events, Education, Government & Military, Retail, Transportation, Hospitality, and Others

Distribution Channel: Offline and Online

Geography: North America, Europe, APAC, Latin America, and Middle East & Africa

Market Players  

Samsung, Sony, Hitachi, LG, Panasonic, Philips, Bose, TCL, Extron, Toshiba, Bang & Olufsen, Poly, Shure, Sennheiser Electronic, Biamp, Audio Technica, Logitech, Hisense, Crestron Electronics, Sharp NEC, Kramer, Planar, L-Acoustics, Yamaha, Nady Systems and Proel

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Key Questions Answered in the Report: 
How big is the pro AV market?
What is the growth rate of the global pro AV market?
Which region dominates the global pro AV market share?
What are the significant trends in the pro AV market?
Who are the key players in the global pro AV market?

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This release was published on openPR.