Press release
Loudspeakers And Sound Bars Market Report 2024: Strategies And Recent Developments | Bose Corporation, Harman International Industries Incorporated
Loudspeakers And Sound Bars Market Size
The Business Research Company offers in-depth market insights through Loudspeakers And Sound Bars Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The loudspeakers and sound bars market size has grown steadily in recent years. It will grow from $16.04 billion in 2023 to $16.67 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to entertainment industry, home audio systems, automotive audio, consumer electronics, wireless and bluetooth technology.
The loudspeakers and sound bars market size is expected to see steady growth in the next few years. It will grow to $18.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to smart home ecosystems, high-resolution audio, gaming and esports, 5g technology, home office and remote work. Major trends in the forecast period include voice control and ai integration, soundbars with immersive audio, wireless multi-room audio, compact and portable speakers, sustainability and eco-friendly materials.
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Market Segmentation:
The main types of enclosure of loudspeakers and sound bars are single mounted, multiple mounted, and not mounted. A single-mounted loudspeaker consists of one speaker recorded within an audio file. The loudspeakers and soundbars are used for communication, automotive, film and television, and club/bar by household, commercial and other end users.
Major Driver - Consumer Spending On Entertainment Boosts Loudspeakers And Sound Bars Market Growth
Increased spending on entertainment products by consumers globally contributed to the growth of the loudspeakers market in the forecast period. Consumers are preferring external sound systems as a medium of home entertainment and there is an increasing consciousness about the quality of sound they are experiencing as a result of which they are willing to spend more on sound systems. For instance, in February 2022, according to the Digital Entertainment Group (DEG), a US-based industry association that advocates and promotes entertainment platforms, products, and distribution channels, consumer expenditure on home entertainment grew at an unprecedented rate in 2021, with total physical and digital home entertainment spending rising by 7.8% to a record $32.3 billion. There is plenty of growth potential in smart devices with embedded voice assistants and loudspeakers which enhance entertainment at home. Increased consumer expenditure on entertainment and consciousness of the quality of sound experienced increases the demand for different forms of loudspeakers which is driving the growth of the loudspeakers market.
Competitive Landscape:
Major companies operating in the loudspeakers and sound bars market include Bose Corporation, Harman International Industries Incorporated, Bowers & Wilkins (B&W), Klipsch Audio Technologies, Kent Engineering and Foundry (KEF), Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., Wharfedale, Cerwin-Vega Inc., Behringer, Peavey Electronics, Jamo, Dynaudio A/S, Sound United LLC, LG Electronics Inc. (Lucky Goldstar Electronics Inc.), Logitech International S.A., Panasonic Corporation, Audiovox Corporation, Boston Acoustics Inc., Bang & Olufsen A/S, James Bullough Lansing Professional, Definitive Technology, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co. Ltd., Vizio Inc., Sonos Inc., Polk Audio, Philips Electronics N.V., Sharp Corporation, Pioneer Corporation, Onkyo Corporation, Denon Electronics (USA) LLC, Marantz America LLC, MartinLogan, GoldenEar Technology, SVS LLC, Focal-JMlab, ELAC Electroacustic GmbH, DALI A/S, Canton Elektronik GmbH, Q Acoustics, Monitor Audio Ltd.
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Top Trend - Soaring Demand For Wireless Audio Equipment Fuels Growth In Loudspeakers And Sound Bars Market
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behavior of consumers. Consumers are increasingly using mobile devices, tablets, and laptops to wirelessly play audio on speakers. Such consumer behavior is driving the growth of Wi-Fi and Bluetooth-connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment includes Sonos Wi-Fi speakers, Bose's SoundTouch system, and Amazon's Echo speakers.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Loudspeakers And Sound Bars Market Characteristics
3. Loudspeakers And Sound Bars Market Trends And Strategies
4. Loudspeakers And Sound Bars Market - Macro Economic Scenario
5. Loudspeakers And Sound Bars Market Size And Growth
…..
27. Loudspeakers And Sound Bars Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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