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Audio Equipment Market Report 2024 - Audio Equipment Market Size, Growth And Opportunities
Audio Equipment Market
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According to The Business Research Company's, The audio equipment market size has grown steadily in recent years. It will grow from $35.4 billion in 2023 to $36.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to cultural and lifestyle influences, aging population and audio preferences, consumer preferences and trends, market competition and innovation, music industry influences.
The audio equipment market size is expected to see steady growth in the next few years. It will grow to $41.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to innovation in audio formats, regulatory changes and standards, demographic shifts and preferences, media consumption evolution, market competition and product development. Major trends in the forecast period include fashion and design integration, adoption of 3d audio technology, gaming audio equipment, environmental sustainability, customization and personalization.
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Market Drivers and Trends:
The growing demand for luxury cars is expected to propel the growth of the audio equipment market going forward. Luxury cars are vehicles built by recognized luxury automakers that provide above-average to high-end levels of comfort, features, and equipment. High-end audio systems in luxury cars can enhance the driving experience by providing an immersive and high-quality audio experience that can make long drives more enjoyable. For instance, in January 2022, according to the Bayerische Motoren Werke AG, a Germany-based Luxury vehicles company, in 2021, the BMW Group had an 8.4% year-on-year sales increase, with 2,521,525 BMW, MINI, and Rolls-Royce automobiles delivered to consumers worldwide. Thus, the growing demand for luxury cars is driving the growth of the audio equipment market.
Major companies operating in the audio equipment market are developing strategic partnerships to provide an elevated in-car audio experience to customers. Audio companies are involved in partnerships with car manufacturers to diversify revenue sources for audio companies by expanding into the automotive industry and using brands known for premium audio to sway customers' buying decisions. For instance, in March 2023, Sonos Inc. a US-based manufacturer of audio products partnered with Audi, a Germany-based automotive manufacturer to bring its audio technology to cars, specifically the Q4 E-Tron. The partnership marks Sonos' first foray into the automotive industry, and the Q4 E-Tron will be the first Audi model to feature Sonos' sound system. The partnership aims to provide an elevated in-car audio experience to customers, which can be a selling point for both the car manufacturer and the audio company.
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Major Key Players of the Market:
Sony Corporation, Panasonic Corporation, LG Electronics Inc., Pioneer Corporation, Sharp Corporation, Koninklijke Philips NV, Yamaha Corporation, Harman International Industries Inc., Bose Corporation, JVC Kenwood Holdings Inc., Jabra, Dolby Laboratories Inc., DTS Inc., Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Bang & Olufsen A/S, Bowers and Wilkins Group Ltd., Samsung Electronics Co. Ltd., Onkyo Corporation, Sanyo Electric Co. Ltd., Danish Audiophile Loudspeaker Industries A/S, Beats Electronics LLC, Audio-Technica Corporation, Focal-JMLab SA, Blaupunkt GmbH, Beyerdynamic GmbH & Co. KG, Nakamichi Corporation, Akai Electric Co. Ltd., James Bullough Lansing, Akustische und Kino-Geräte Gesellschaft m.b.H
Audio Equipment Market 2024 Key Insights:
• The audio equipment market size is expected to see steady growth in the next few years. It will grow to $41.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%.
• Surge In Luxury Car Demand Fuels The Audio Equipment Market
• Strategic Partnerships Shape The Audio Equipment Market
• Asia-Pacific was the largest region in the audio equipment market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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