Major players in the loudspeakers and sound bars market are Bose Corporation, Harman International Industries, Bowers &Wilkins, Klipsch Audio Technologies, KEF, Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd.
New York, Oct. 04, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Loudspeakers And Sound Bars Global Market Report 2021: COVID-19 Impact And Recovery To 2030" - https://www.reportlinker.com/p06102998/?utm_source=GNW
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The global loudspeakers and sound bars market is expected to grow from $11.34 in billion 2020 to $13.35 billion in 2021 at a compound annual growth rate (CAGR) of 17.7%.The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $14.32 billion in 2025 at a CAGR of 2%.
The loudspeakers and sound bars market consists of sales of loudspeakers and sound bars by entities (organizations, sole traders and partnerships) that manufacture loudspeakers and sound bars.A loudspeaker is an electroacoustic transducer which converts an electrical audio signal into a corresponding sound.
Loudspeakers are used in radios, audio players, and Bluetooth speakers. Only goods and services traded between entities or sold to end consumers are included.
The loudspeakers and sound bars market covered in this report is segmented by type of enclosure into single mounted, multiple mounted and not mounted. It is also segmented by end user into household, commercial and others.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Regulations by 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, increased stress level and can even lead to coronary artery disease.
In India, the Supreme Court passed a regulation which restricts the use of public address systems at night (between 10:00pm and 6:00am) 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.
In September 2019, the US based company, Sonance announced that it has entered into an agreement with James Loudspeaker to acquire James for an undisclosed amount.The aim of the deal is to combine engineering technology to reinforce their goal of providing superior acoustic performance in products by delivering innovative approaches.
James Loudspeaker is a US based company and an innovator in both high performance residential and commercial audio solutions. It produces products for exclusive homes, forward-thinking businesses, and upscale marine applications.
Increased spending on entertainment products by consumers globally contributed to the growth of 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.
According to a survey by Dolby Laboratories, the USA consumers’ expenditure on home entertainment increased by 72% in 2020.This spend is led by Gen Z and millennial.
GFK recorded a €7.9 billion sales in 2019 for global audio devices market excluding North America. There is plenty of growth potential in smart devices with embedded voice assistants and loudspeakers which enhances the entertainment at home. Increased consumer expenditure on entertainment and consciousness of quality of sound experienced increases the demand for different forms of loudspeakers which is driving 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 include Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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