DUBLIN, April 3, 2020 /PRNewswire/ -- The "Loudspeakers Global Market Report 2020" report has been added to ResearchAndMarkets.com's offering.
This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider loudspeakers market, and compares it with other markets.
The global loudspeakers market was worth $15.1 billion in 2019. It is expected to grow marginally at a compound annual growth rate (CAGR) of 0.01% and reach $15.11 billion by 2023.
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.
Increased spending on entertainment products by consumers globally contributed to the growth of loudspeakers market in the historic 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 Futuresource Consulting the global consumer expenditure on entertainment content is expected to reach $439 billion by the end of 2021 which is 17 % increase from 2017. 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.
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.
Regulations by government have always been challenging to the loudspeakers market as loudspeakers usage is one of the main reason 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, in 2017, 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.
Major players in the market are Bose Corporation, Harman International Industries, Bowers &Wilkins, Klipsch Audio Technologies, KEF, Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., and Wharfedale.
Key Topics Covered
1. Executive Summary
2. Loudspeakers Market Characteristics
3. Loudspeakers Market Size and Growth
3.1. Global Loudspeakers Historic Market, 2015 - 2019, $ Billion
3.1.1. Drivers of the Market
3.1.2. Restraints on the Market
3.2. Global Loudspeakers Forecast Market, 2019 - 2023F, 2025F, 2030F, $ Billion
3.2.1. Drivers of the Market
3.2.2. Restraints on the Market
4. Loudspeakers Market Segmentation
4.1. Global Loudspeakers Market, Segmentation by Type of Enclosure, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
- Single Mounted
- Multiple Mounted
- Not Mounted
4.2. Global Loudspeakers Market, Segmentation by End User, Historic and Forecast, 2015-2019, 2023F, 2025F, 2030F, $ Billion
5. Loudspeakers Market Regional and Country Analysis
- Bose Corporation
- Audiovox Corporation
- Bang & Olufsen
- Boston Acoustics Inc.
- Bowers & Wilkins
- Cerwin Vega
- Creative Technology Ltd.
- Definitive Technology
- Harman International Industries
- Harman Kardon
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