Technological advancement is driving the loudspeaker market's growth
Globally, the loudspeaker market is expected to grow with a CAGR of 7.0% during the forecast period from 2019 to 2027. The market has been driven by the advancement in sound technology over the years. The speaker market has evolved significantly over the years, from multi-driver audio speakers to smart, connected speakers. This advancement in sound technology has fueled competition among the market players and resulted in the development of rapidly advancing consumer electronics.
The development of loudspeakers adds new features and creates new avenues for applications ranging from medical to industrial. Furthermore, the growing adoption of internet services and Wi-Fi-enabled devices is further accelerating the demand for the loudspeaker market. Additionally, the consistently growing disposable income of individuals across the globe is augmenting the market.
Sound bars are dominating the loudspeaker market
Sound bars are the leading loudspeaker segment, with a share of more than 30% in terms of revenue in 2018. The growth of the market is credited to the growing disposable income of individuals across emerging economies. The sound bars are widely used by users to enhance the audio quality of the music across indoor and outdoor applications. The systems come with wireless technology that can connect with any portable digital device, such as MP3 players, laptops, smartphones, and iPods. The advancement in the design and raw material of soundbars has further augmented the demand for the market. On the other hand, stereo systems are estimated to grow significantly during the forecast period due to the widespread adoption of media streaming services across the globe.
Asia Pacific is leading the loudspeaker market
Asia Pacific is leading the loudspeaker market with over 30% of the revenue in 2018. The presence of several regional and multinational speaker manufacturers in the region supports the growth of the market. The improving economic condition in Southeast Asia, along with the rising disposable income in the region, is also propelling the market growth. Furthermore, the growing trend of parties, sports competitions, and cultural festivals across the region is accelerating the adoption of loudspeakers.
The prominent vendors in the loudspeaker market are Altec Lansing, Audiovox Corporation, B&W Group Ltd., Bose Corporation, Boston Acoustics Inc., Creative Labs Inc., Definitive Technology, Directed Electronics Inc., KLH Audio, Harman International Industries Inc., Polk Audio, Klipsch Group Inc., and Yamaha Corporation of America.
Historical and Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. The compound annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The loudspeaker market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of the global loudspeaker market based on product and geography.
Key questions are answered in this report
What was the market size of loudspeakers in 2018, and what is the forecast up to 2027?
Which is the largest regional market for loudspeakers?
What are the major trends followed in the loudspeaker market across different regions?
Who are the key companies in the loudspeaker market?
What are the key strategies adopted by the leading loudspeaker companies in the market?
Unique data points of this report
Statistics on loudspeakers and spending worldwide
Recent trends across different regions in terms of the adoption of loudspeakers for industries
Notable developments are going on in the industry.
Attractive investment propositions for segments as well as geography
Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)
Frequently Asked Questions:
The market for Loudspeaker Market is expected to reach US$ XX Bn by 2027.
The Loudspeaker Market is expected to see significant CAGR growth over the coming years, at 7.0%.
The report is forecasted from 2019-2027.
The base year of this report is 2018.
Audiovox Corporation, B&W Group Ltd., Bose Corporation, Boston Acoustics Inc., Creative Labs Inc., Definitive Technology, Directed Electronics Inc., KLH Audio, Harman International Industries Inc., Polk Audio, are some of the major players in the global market.
