Marine Audio Market 2024: Industry Size, Share, Trends, and Comprehensive Overview

The Business Research Company recently released a comprehensive report on the Global Marine Audio 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 marine audio market size has grown marginally in recent years. It will grow from $1.84 billion in 2023 to $1.87 billion in 2024 at a compound annual growth rate (CAGR) of 1.5%. The growth in the historic period can be attributed to increased demand for recreational boating, regulatory standards, economic growth, shift towards wireless connectivity, consumer preferences.

The marine audio market size is expected to see marginal growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 1.8%. The growth in the forecast period can be attributed to environmental concerns, growth in electric boats, customization and personalization, focus on user experience, augmented reality (ar) integration. Major trends in the forecast period include waterproof technology development, sustainability and eco-friendly products, increased focus on durability, health monitoring features, enhanced connectivity options.

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Market Drivers and Trends:

The growing recreational boating industry is expected to propel the growth of the marine audio market going forward. The recreational boating industry refers to the area of the economy that deals with producing, distributing, and using boats and related equipment for pleasure and enjoyment. The marine audio system gives boaters amusement and dependable sound quality in the unique and sometimes tricky marine environment. For instance, in May 2023, according to a report published by the National Marine Manufacturers Association, a US-based trade association for the recreational boating industry, the yearly economic effect of recreational boating climbed by 36% to $230 billion in 2023, with more than 812,000 jobs supported in 2023. Therefore, the growing recreational boating industry is driving the growth of the marine audio market.

Technological advancements are a key trend gaining popularity in the marine audio market. Major companies operating in the marine audio market are adopting new technologies to sustain their position in the market. For instance, in March 2023, Harman International, a US-based audio electronics company, launched the first marine A2B digital signal audio processor. Its Automotive Audio Bus (A2B) technology is designed for an improved on-water listening experience, more straightforward installation and maintenance, and a lower overall cost of ownership. The A2B-equipped system utilizes up to 32 digital audio channels via a two-wire bus system. In addition to providing superior digital sound quality, the A2B system bus reduces the amount of cabling. It extends the distance audio signals can be run from the head unit to the amplifiers. It enables boat builders to place amplifiers closer to batteries, shortening power cables and saving manufacturers time, money, and weight because fewer components are required.

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Major Key Players of the Market:

Harman International, Garmin, Sony Corporation, JBL, Crestron, Pioneer Corporation, West Marine, JL Audio, JVC Corporation, Kenwood Corporation, KICKER, Boss Audio Systems, Steinway Lyngdorf, Merdian, MTX Audio, The Faurecia Clarion Electronics Co. Ltd., Stinger, Rockford Corporation, Paradigm, Memphis Car Audio, James Loudspeaker, MB Quart, Poly-Planar LLC, Maxxsonics USA, Sonance, Stillwater Designs and Audio Inc., Wet Sounds.

Marine Audio Market 2024 Key Insights:

• The marine audio market size is expected to see marginal growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 1.8%.
• Surge In Recreational Boating Boosts Marine Audio Market Growth
• Innovative A2B Technology Revolutionizes Marine Audio Systems
• Europe was the largest region in the marine audio market in 2023

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This release was published on openPR.