Loudspeakers And Sound Bars Market Report 2024 - Market Size And Forecast

"The Business Research Company recently released a comprehensive report on the Global Loudspeakers And Sound Bars Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:
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.

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.

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Major Key Players of the Market:
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.

Loudspeakers And Sound Bars Market 2024 Key Insights:
• 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%.
• Consumer Spending On Entertainment Boosts Loudspeakers And Sound Bars Market Growth
• Soaring Demand For Wireless Audio Equipment Fuels Growth In Loudspeakers And Sound Bars Market
• Asia-Pacific was the largest region in the loudspeakers and sound bars market in 2023

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