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Global Pro Speaker Market - Market Size, Trends, Share & Forecast 2023 | Arizton
Pro Speaker Market Size to Cross $2 billion by 2023 | Research Report
Pro Speaker Market - Overview
The exponential rise in demand for digital equipment and launch of new product models is propelling the growth of the global pro speaker market. The top revenues generating countries in the world market include the US, Japan, the UK, Germany, and France. The development of Asian countries such as India and China will boost the adoption of these devices in the global professional speaker market. The increasing spending on music concerts and festivals worldwide will augment the demand for these speakers in the global market. The leading vendors are focusing on offering a diverse range of products to gain a larger market share and attract new consumers. The development of various industries including hospitality, real estate, corporate, education, and music in emerging nations such as China, India, and Brazil will revolutionize the global market. The increasing requirement to efficiently distribute sounds in large venues will result in the growing demand for public address systems worldwide.
The development of the music industries in countries such as the US and Japan will augment the need for professional speakers in the global market. The rising demand from industries such as exhibition, trade shows, sports, music concerts, and film and motion production will have a positive impact on the global market. The pro speaker market is projected to generate revenues of more than $2.2 billion by 2023.
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Pro Speaker Market - Dynamics
The increasing number of sporting events is expected to contribute to the revenues of the global pro speaker market over the next few years. The estimated value of the global sports market that includes sports infrastructure, events, training, and sporting goods ranges between $650-750 billion. The growing need for effective sound reinforcement equipment such as pro speaker in sporting arenas and stadiums for communication purposes and announcements will attribute to the growth of the global market. The increasing investment in sports sponsorship in another factor the will boost the revenues in the professional speaker market. Major sporting events such as FIFA World Cup in Russia in 2018 and Qatar in 2022, and the Olympics in Tokyo in 2020 are expected to fuel the demand for pro speakers in the global market.
Pro Speaker Market – By Products
Point source systems to occupy the largest market share in the pro speaker market during forecast period
The pro speaker market by product type is segmented into the structure (point source systems, line array systems, subwoofers, and other) and amplification (powered speaker and passive speaker). The point source system segment dominated the market share in 2017 and is expected to grow at a CAGR of more than 2% during the forecast period. Point source systems are cost-effective and offer sound coherence than multi-speaker designs, which in turn, will propel the growth of this product segment in the global market. These are budget speakers suitable for small venues, the house of worship, small live events, retail outlets, and corporate setups. Such benefits of using these compact speakers will propel the growth of the point source systems in the global market.
Pro Speaker Market – By Format
Digital speakers to witness immense proliferation in the pro speaker market during forecast period
The format segment in the pro speaker market is classified into digital and analog. Digital speakers occupied the largest market share in 2017 and are expected to grow at a CAGR of more than 4% during the forecast period. The rising development and adoption of digital wireless technologies across industries worldwide will attribute to the growth of this format segment in the global professional speaker market. The benefits of implementing wireless technology include low voice distortion, less noise interference, increased opportunity for encryption, and enhanced reliability of signal transmission. The convenience of using wireless digital technology as affordable prices will attribute to the growth of this segment in the global market during the forecast period.
Pro Speaker Market – By Distribution Channel
Retail stores to generate the maximum revenues in the pro speaker market during forecast period
The pro speaker market by distribution channel is divided into retail and online. The retail segment dominated over three-fourth of the market share in 2017. The retail distribution channel is further divided into AV system integrators, pro audio and electronics stores, and pro audio dealers and distributors. Pro audio dealers and distributors occupy over half of the market share in the retail segment. The personalized customer services offered in retail stores make it the preferred choice of the distribution channel of various end-users in the global market. The staff in these stores have thorough knowledge about the product, its usage, and complexity and in turn, offers advice to consumers on these products and helps them select the best suitable product according to their requirement.
Pro Speaker Market – By End-Users
Implementation of IoT to boost demand in the corporate sector in the pro speaker market during forecast period
The end-user segment in the pro speaker market consists of corporate, large venues & events, educational institutions, government & military, studio & broadcasting, hospitality, and others. The corporate sector dominated the market share in 2017 and is projected to grow at a CAGR of about 3% during the forecast period. The expansion to new offices and growing penetration of IoT in corporate offices worldwide will boost the demand for professional speakers in the global market. The incorporation of corporate e-learning programs that are specifically designed for skill development and training of the employees will drive the growth of the global market. The integration of IT technology and innovative sound reinforcement equipment will create lucrative opportunities for leading players in the market.
Pro Speaker Market – By Geography
US and Canada to generate high revenues in the pro speaker market during forecast period
The pro speaker market by geography is categorized into North America, APAC, Europe, Latin America, and MEA. North America dominated the market share in 2017 and is expected to grow at a CAGR of approximately 2% during the forecast period. The development of music industry, increasing office construction activities, and rising number of retail expansion are some of the factors promoting the growth of the professional speaker market in North America. The US is the largest revenue contributor in the North American market followed by Canada. The development of industries such as corporate, large venues and events, government and military, education, entertainment, hospitality, and retail will have a positive impact on the market in this region. The growth of the health and fitness clubs segment will attribute to the demand for these speakers in the region during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
US
Canada
Japan
Australia
China
South Korea
Germany
UK
France
Brazil
Key Vendor Analysis
The global pro speaker market is moderately fragmented, and the leading players dominate over 40% of the total market share. The vendors are leveraging innovative technology to create their unique value proposition and sustain the competition in the market. The prominent companies are focusing on expanding their businesses to fast-developing countries in APAC and Latin America to gain larger market shares in the global market. The introduction of innovative and advanced solutions will help players attract new consumers and gain a competitive edge over other vendors in the global market. The rapid increase in product/service extensions, technological innovations, and M&As will intensify the competition in the market during the forecast period.
The major vendors in the global market are:
Bose
D&B audiotechnik/system
HARMAN International (Samsung)
L-Acoustics
LOUD Audio
MUSIC Group (MUSIC Tribe)
Yamaha
Other prominent vendors include Alcons Audio, Bowers & Wilkins, B&C Speakers, Carlson Audio Systems, Dynaudio, Electro-Voice, Hz Sound Systems, inMusic Brands, Klipsch Audio Technologies, K-Array, Meyer Sound Laboratories, Nady Systems, PROEL, Pyle Pro, RCF, Renkus-Heinz, Robert Bosch, and Sennheiser Electronic.
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Key Topics Covered are
11 Global Pro Speaker market
11.1 Historical Data 2015−2016
11.2 Market Size & Forecast
11.3 Porter’s Five Forces Analysis
11.3.1 Threat of New Entrants
11.3.2 Bargaining Power of Suppliers
11.3.3 Bargaining Power of Buyers
11.3.4 Threat of Substitutes
11.3.5 Competitive Rivalry
12 Market By Product Type
12.1 Market Overview
12.2 Global Point Source Speaker Systems Market
12.2.1 Market Size & Forecast
12.3 Global Line Array Speaker Systems Market
12.3.1 Market Size & Forecast
12.4 Global Subwoofer Speakers Market
12.4.1 Market Size & Forecast
12.5 Global Pro Speaker Market by Other Speaker Systems
12.5.1 Market Size & Forecast
13 Market by Amplification Type
13.1 Market Overview
13.2 Market Size & Forecast
14 Market by Format
14.1 Market Overview
14.2 Market Size & Forecast
14.2.1 Digital versus Analog
15 Market by End-users
15.1 Market overview
15.2 Global Market by Corporate
15.2.1 Market Size & Forecast
15.3 Global Market by Large Venues and Events
15.3.1 Market Size & Forecast
15.4 Global Market by Educational Institutions
15.4.1 Market Size & Forecast
15.5 Global Market by Government and Military
15.5.1 Market Size & Forecast
15.6 Global Market by Studio and Broadcasting
15.6.1 Market Size & Forecast
15.7 Global Market by Hospitality
15.7.1 Market Size & Forecast
15.8 Global Market by Others
15.8.1 Market Size & Forecast
16 Market Segmentation by Distribution Channels
16.1 Market Overview
16.1.1 Manufacture, Production, and Distribution
16.1.2 Distribution through Retail Stores
16.1.3 Distribution through Online Websites
17 Geographical Segmentation
17.1 Market Overview
18 North America
18.1 Market Overview
18.1.1 Historical Data 2015−2016
18.1.2 Market Size & Forecast 2017−2023
18.2 Key Countries
18.2.1 US: Market Size & Forecast
18.2.2 Canada: Market Size & Forecast
18.3 Leading Trend, Enabler, and Restraint
19 APAC
19.1 Market Overview
19.1.1 Historical Data 2015–2016
19.1.2 Market Size & Forecast 2017–2023
19.2 Key Countries
19.2.1 Japan: Market Size & Forecast
19.2.2 Market Size & Forecast: Australia
19.2.3 China: Market Size & Forecast
19.2.4 South Korea: Market Size & Forecast
19.3 Leading Trend, Enabler, and Restraint
20 Europe
20.1 Market Overview
20.1.1 Historical Data 2015−2016
20.1.2 Market Size & Forecast 2017−2023
20.2 Key Countries
20.2.1 Germany: Market Size & Forecast
20.2.2 UK: Market Size & Forecast
20.2.3 France: Market Size & Forecast
20.3 Leading Trend, Enabler, and Restraint
21 Latin America
21.1 Market Overview
21.1.1 Historical Data: 2015−2016
21.1.2 Market Size & Forecast 2017−2023
21.2 Key countries
21.2.1 Brazil: Market Size & Forecast
21.3 Leading Trend, Enabler, and Restraint
22 MEA
22.1 Market Overview
22.1.1 Historical Data 2015−2016
22.1.2 Market Size & Forecast 2017−2023
22.2 Key Countries
22.3 Leading Trend, Enabler, and Restraint
23 Competitive Landscape
23.1 Market Overview
23.2 Market Structure and Mapping of Competition
23.2.1 Herfindahl-Hirschman Index
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About Arizton Advisory & Intelligence
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
Arizton has gained a paramount standpoint in the market research arena as it offers top of the line solutions to clients to assess market landscape and to finalize foolproof business strategies. We are committed to provide inclusive market research reports and consulting services to clients from diversified industries including –Consumer Goods & Retail Technology, Automotive and Mobility, Smart Tech, Healthcare and Lifesciences, Industrial Machinery, Chemicals and Materials, IT and Media, Logistics and Packaging
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Arizton Advisory & Intelligence
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