Press release
Audio And Video Equipment Market Set to Reach $378.07 Billion by 2029 with 3.9% Yearly Growth
Audio And Video Equipment Market Size
The surge in internet usage will be fueled by substantial public and private efforts to expand internet access. This escalation in internet accessibility influences the functionality of numerous audio and video devices, enhancing the user experience. Increased access to low-cost smartphones will also contribute to the rise of internet users. As per data from Broadband Search, a firm based in the US focussed on maintaining a database of internet and television providers and plans, 93.79% of the population, approximately 311.3 million people, are projected to be using internet in the US as of September 2023. Consequently, the heightened spread of internet access propels the progress of the audio and video equipment market.
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What Is the projected market size and growth rate for the audio and video equipment market?
In the past few years, the audio and video equipment market has experienced considerable growth. Projections show that this market, which was worth $308.39 billion in 2024, will increase to $323.9 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to this growth in the historic period include the expansion of the broadcasting industry, media globalization, the uptake of color television, the advent of home recording studios, and the integration of mobile devices.
The market size of the audio and video equipment sector is projected to experience consistent expansion in the upcoming years. By 2029, it's estimated that the market will rise to an impressive $378.07 billion, with a compound annual growth rate (CAGR) of 3.9%. This anticipated growth in the projection period can be linked to several factors such as the increase in smart home integrations, the popularity of podcasts and audio content, demand for video conferencing, the rise of short-form videos and the growth of the e-sports industry. Key trends expected throughout the forecast period involve 5G connectivity, smart and connected devices, home entertainment systems, AI and machine learning integration, wireless audio solutions, and small, portable devices.
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What new trends are reshaping the audio and video equipment market and its opportunities?
Alterations in how consumers live their lives and their personal tastes have greatly influenced the audio and video equipment market. As the usage of smartphones and internet increases along with advancements in social media and digital technologies, customers are transitioning from traditional TV to more modern entertainment forms like online audio and video streaming services on mobile devices. TV viewership has been on a downward trend, particularly among millennials. For example, in October 2023, a report from the International Telecommunication Union, a specialized agency based in Switzerland, revealed that approximately 67 percent of the worldwide population, or 5.4 billion individuals, are now connected to the internet. This showcases a 4.7 percent rise since 2022, which is an uptick from the 3.5 percent growth witnessed between 2021 and 2022. Shifts in consumer preferences have curbed the demand for audio and video equipment.
What major market segments define the scope and growth of the audio and video equipment market?
The audio and video equipment market covered in this report is segmented -
1) By Type: Audio Equipment, Video Equipment
2) By Mode: Online, Offline
3) By Sales Channel: OEM, After market
4) By End-User: B2B, B2C
Subsegments:
1) By Audio Equipment: Speakers, Headphones And Earphones, Amplifiers, Microphones, Soundbars, Mixing Consoles, Audio Interfaces
2) By Video Equipment: Televisions, Projectors, Video Cameras, Streaming Devices, Video Conferencing Equipment, Display Screens
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Which region dominates the audio and video equipment market?
Asia-Pacific was the largest region in the audio and video equipment market in 2024. North America was the second largest region in the audio and video equipment market. The regions covered in the audio and video equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the audio and video equipment industry growth?
Major companies operating in the audio and video equipment market include Kenwood Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, LG Electronics Inc., JBL Incorporated, Pioneer Corporation, TEAC Corporation, Harman International Industries Inc., Yamaha Corporation, Bose Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Shure Incorporated, Bowers & Wilkins Ltd., AKG Acoustics GmbH, Peavey Electronics Corporation, Alpine Electronics Inc., Allen & Heath Limited, Klipsch Group Inc., McIntosh Laboratory Inc., Paradigm Electronics Inc., Naim Audio Ltd., Behringer GmbH & Co. KG, Audio-Technica Corporation, Krell Industries Inc., MartinLogan Ltd., Polk Audio Inc., Bryston Ltd.
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What Is Covered In The Audio And Video Equipment Global Market Report?
• Market Size Forecast: Examine the audio and video equipment market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the audio and video equipment market for a structured understanding.
• Key Players Overview: Analyze major players in the audio and video equipment market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the audio and video equipment market.
• Segment Contributions: Evaluate how different segments drive overall growth in the audio and video equipment market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the audio and video equipment market.
• Industry Challenges: Identify potential risks and obstacles affecting the audio and video equipment market.
• Competitive Landscape: Review strategic developments in the audio and video equipment market, including expansions, agreements, and new product launches.
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