Press release
Loudspeakers Global Market Analysis Development Trends, Industry Growth Opportunities, Regional Demand and Forecast 2024-2033 | Bose Corporation, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio
Loudspeakers Global Market
The Business Research Company offers in-depth market insights through Loudspeakers 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 market size has grown strongly in recent years. It will grow from $7.51 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing use of in-wall loudspeakers, growing population, rise in disposable income across developing countries and growth in e-commerce for consumer electronics.
The loudspeakers market size is expected to see strong growth in the next few years. It will grow to $9.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing consumer spending on entertainment, increasing penetration of wi-fi enabled loudspeakers and development of smart cities. Major trends in the forecast period include launching wireless loudspeakers into mature and emerging markets to cater to the growing demand of these devices, adopting new technological innovations such as sound beaming in order to stay competitive in the market, manufacturing speakers to vinyl record players on a small scale to capitalize on the rising popularity of vinyl records, minimizing waste and producing more loudspeakers that are eco-friendly for sustainable growth, focus on producing 360 degree audio into loudspeakers to provide the best experience to customers, consider using carbon fiber in speakers to improve quality of hardware and sound.
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Market Segmentation:
The loudspeakers market covered in this report is segmented -
1) By Product: Soundbar, Subwoofers, In-wall, Outdoor
2) By Type Of Enclosure: Single Mounted, Multiple Mounted, Not Mounted
3) By End User: Household, Commercial, Other End Users
Major Driver - Growing Demand For Loudspeakers Driven By Increased Consumer Entertainment Spending
Increased spending on entertainment products by consumers globally will contribute 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. 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 loudspeakers market.
Competitive Landscape:
Major companies operating in the loudspeakers market report are Bose Corporation, Harman International Industries, Altec Lansing, Bowers & Wilkins, Voxx International, Focal, Dynaudio, KEF, QSC, Sony Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, Jinyoung G&T, Pantos Logistics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., Enping Macadn Electronic Technology Co. Ltd, Sanway Audio Equipment, ZHIYA Audio Equipment Co., Ltd., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Sansui, Denon, Sharp, TOA Corporation, Zound Industries, Sennheiser, ELAC, Tannoy, ATC, Mission, Wharfedale, PMC, Fyne Audio, Q Acoustics, Aris Audio, Reezoldini, Xavian, Sonos, Inc., Apple , Inc., LG Electronics, DEI Holdings, Inc., JBL, Quested, Grado Labs, Klipsch, Mark Levinson Audio Systems, Master & Dynamic, Mcintosh, Rockford Fosgate, Samsung, Vizio Inc., L.G., Sound United, Panasonic, Philips, JVC, Logitech, ILive, Edifier, Martin Logan, Taligare, Numark, Eurolive, Pioneer, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Morel HiFi, Temple's Counsel, Eminence Speaker, KCS Speakers, Al Watania
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Top Trend - Rapid Growth In Loudspeakers Market Driven By Changing Consumer Behavior
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 Market Characteristics
3. Loudspeakers Market Trends And Strategies
4. Loudspeakers Market - Macro Economic Scenario
5. Loudspeakers Market Size And Growth
…..
27. Loudspeakers Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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