Loudspeakers Global Market Report 2023
Major players in the loudspeakers market are Bose Corporation; Harman International Industries; Bowers &Wilkins; Klipsch Audio Technologies; KEF; Sonance; Yamaha Corporation; Sony Corporation; Creative Technology Ltd.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Loudspeakers Global Market Report 2023" - https://www.reportlinker.com/p06248557/?utm_source=GNW
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The global loudspeakers market will grow from $7.25 billion in 2022 to $7.74 billion in 2023 at a compound annual growth rate (CAGR) of 6.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The loudspeakers market is expected to grow to $9.35 billion in 2027 at a CAGR of 4.9%.
The loudspeakers market consists of sales of subwoofers, soundbars, wall-mounted speakers, outdoor speakers, and other loudspeakers.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
A loudspeaker is an electroacoustic transducer that converts an electrical audio signal into a corresponding sound. Loudspeakers are used in aural communication for the generation of music through auto technology, radio, audio players, and bluetooth speakers.
The main products of loudspeakers are soundbars, subwoofers, in-wall and outdoor.Subwoofers are a sort of speaker that amplifies the lowest frequencies in the audio.
Bass guitars, pipe organs, deep voices, kick drums, and cinematic sound effects are examples of low frequencies.Subwoofers are extremely popular for home theatre and automotive sound systems, and they are simple to install.
The various types of enclosure include single mounted, multiple mounted, and not mounted which are used by household, commercial and other end-users.
Increased spending on entertainment products by consumers globally will contribute to the growth of the loudspeakers market in the forecast period.Consumers are preferring external sound systems as a medium of home entertainment and there is an increasing consciousness about the quality of sound they are experiencing as a result of which they are willing to spend more on sound systems.
For instance, in February 2022, according to the Digital Entertainment Group (DEG), a US-based industry association that advocates and promotes entertainment platforms, products, and distribution channels, consumer expenditure on home entertainment grew at an unprecedented rate in 2021, with total physical and digital home entertainment spending rising by 7.8% to a record $32.3 billion. Increased consumer expenditure on entertainment and consciousness of the quality of sound experienced increases the demand for different forms of loudspeakers which is driving the loudspeakers market.
Regulations by the government have always been challenging to the loudspeakers market as loudspeakers usage is one of the main reasons for noise pollution.Noise pollution deteriorates both physiological and psychological health which may lead to health complications such as hypertension, anxiety, and increased stress levels, and can even lead to coronary artery disease.
In India, the Supreme Court passed a regulation that restricts the use of public address systems at night (between 10:00 pm and 6:00 am) and during cultural or festive occasions to not more than 15 days a year. These regulations are expected to negatively impact the growth of the loudspeakers market.
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behavior of consumers.Consumers are increasingly using mobile devices, tablets, and laptops to wirelessly play audio on speakers.
Such consumer behavior is driving the growth of Wi-Fi and Bluetooth-connected speakers.To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are also launching wireless audio products or platforms.
Popular Wi-Fi audio equipment includes Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.
In April 2022, Sonos, Inc , a US-based company operating wireless home sound systems acquired Mayht Holding BV for a deal of $ 100 million.This acquisition of Sonos, Inc aims to strengthen its product portfolio in home sound systems to enhance its competitive advantage.
Mayht Holding BV is a Netherlands-based speaker company.
The regions covered in the loudspeakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the loudspeakers market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The loudspeakers market research report is one of a series of new reports that provides market statistics, including loudspeakers industry global market size, regional shares, competitors with a loudspeakers market share, detailed loudspeakers market segments, market trends and opportunities, and any further data you may need to thrive in the loudspeakers industry. This loudspeakers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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