Global Marine Audio Market Poised for Growth, Reaching $1.84 Billion in 2023, Driven by Booming Recreational Boating Industry

DUBLIN, Oct. 13, 2023 /PRNewswire/ -- The "Marine Audio Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

The global marine audio market is poised for steady growth, with projections indicating an increase from $1.81 billion in 2022 to $1.84 billion in 2023, reflecting a compound annual growth rate (CAGR) of 1.7%. This growth trend is set to continue, with the marine audio market forecasted to reach $1.95 billion by 2027, maintaining a CAGR of 1.5%.

Key players in the marine audio market include Harman International, Garmin, Sony Corporation, JBL, Crestron, Pioneer Corporation, West Marine, JL Audio, JVC Corporation, Kenwood Corporation, KICKER, Boss Audio Systems, Steinway Lyngdorf, Meridian, MTX Audio, The Faurecia Clarion Electronics Co. Ltd., Stinger, Rockford Corporation, Paradigm, Memphis Car Audio, James Loudspeaker, MB Quart, Poly-Planar LLC, Maxxsonics USA, Sonance, Stillwater Designs and Audio Inc., and Wet Sounds.

Key Highlights of the Market Report

1. Global Reach: Gain comprehensive insights with a report covering 50+ geographies.
2. COVID-19 Impact Analysis: Understand how the market has been affected by the coronavirus and its responses as the pandemic's impact diminishes.
3. Geopolitical Influences: Assess the repercussions of the Russia-Ukraine conflict on agriculture, energy, and mineral commodity supply and its direct and indirect effects on the market.
4. Inflation Assessment: Measure the impact of elevated global inflation on market growth.
5. Regional and Country Strategies: Develop localized strategies with region-specific data and analysis.
6. Growth Segment Identification: Identify high-potential growth segments for strategic investments.
7. Competitive Edge: Leverage forecast data and market drivers and trends to outperform competitors.
8. Customer Insights: Understand customer preferences and market dynamics based on the latest market shares.
9. Performance Benchmarking: Benchmark your performance against key competitors.
10. Presentation-Ready Data: Access reliable data and analysis for internal and external presentations.

Marine audio technology allows boat and yacht owners to enjoy music, podcasts, or other media while on the water. These audio systems are designed to be waterproof and shock-resistant to withstand the challenging marine environment, typically installed in boat cabins or cockpits.

Marine audio products encompass speakers, subwoofers, stereo receivers, and amplifiers. Speakers are devices that convert electrical signals into sound waves using electroacoustic transducers. These products cater to various types of boats, including inboard, outboard, sterndrive, and others. They utilize different technologies, including wired and wireless, and are available through OEMs and aftermarket channels.

Product innovation is a prominent trend in the marine audio market, with leading companies incorporating new technologies to maintain their market positions. For example, Harman International recently introduced the first marine A2B digital signal audio processor, utilizing Automotive Audio Bus (A2B) technology to enhance on-water listening experiences, simplify installations, and reduce overall ownership costs.

In November 2021, Patrick Industries Inc. acquired Wet Sounds Inc., further strengthening Patrick's position as a provider of value-added component solutions to the marine sector. Wet Sounds specializes in marine audio products.

Europe led the marine audio market in 2022, with Asia-Pacific expected to demonstrate the highest growth rate in the forecast period. The report encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa. Additionally, it covers countries including Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, the USA, Canada, Italy, and Spain.

The expanding recreational boating industry is anticipated to drive the growth of the marine audio market. The recreational boating industry involves the production, distribution, and use of boats and related equipment for leisure and enjoyment. Marine audio systems provide boaters with entertainment and reliable sound quality in the unique marine environment. For instance, according to the National Marine Manufacturers Association, the annual economic impact of recreational boating increased by 36% to $230 billion in 2023 from $170 billion in 2018, with a 14% growth in jobs supported, from 691,000 in 2018 to over 812,000 in 2023.

The marine audio market encompasses revenues generated by entities offering high-quality sound, splash-proof, corrosion-resistant, UV-resistant, and multi-zone audio solutions for marine environments. The market also includes the sale of marine speakers, marine amplifiers, and marine receivers. Values in this market are 'factory gate' values, representing the value of goods sold by manufacturers or creators to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. This value comprises related services provided by the creators of these goods.

Key Topics Covered:

1. Executive Summary

2. Marine Audio Market Characteristics

3. Marine Audio Market Trends And Strategies

4. Marine Audio Market - Macro Economic Scenario
4.1. Impact Of High Inflation On Online Therapy Services Market
4.2. Ukraine-Russia War Impact On Online Therapy Services Market
4.3. COVID-19 Impact On Online Therapy Services Market
5.1. Global Marine Audio Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
5.2. Global Marine Audio Forecast Market Size and Growth, 2022 - 2027, 2032F, Value ($ Billion)
5.3. Global Marine Audio Market Drivers and Restraints
5.3.1. Drivers Of The Market
5.3.2. Restraints Of The Market

6. Marine Audio Market Segmentation
6.1. Global Marine Audio Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Speaker
• Subwoofer
• Stereo Receiver
• Amplifier

6.2. Global Marine Audio Market, Segmentation By Boat Type, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Inboard
• Outboard
• Sterndrive
• Other Boats

6.3. Global Marine Audio Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Wired
• Wireless

6.4. Global Marine Audio Market, Segmentation By Sales, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

• Original Equipment Manufacturer (OEM)
• Aftermarket

7. Marine Audio Market Regional And Country Analysis
7.1. Global Marine Audio Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Marine Audio Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/vdm259

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