Audio Equipment Market:
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Executive Summary
The audio equipment market consists of sales of audio equipment and related services that are used for entertainment, musical instrument amplification, motor vehicles, and public address. Audio equipment is a device that is used for recording, reproducing, and processing the sound. Audio equipment include speaker systems, stereo equipment, and Audio Equipment for musical instruments and public address systems.
The global audio equipment market was worth $33.37 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of -1.65% and reach $31.23 billion by 2023.
The audio equipment market is expected to be driven by growing demand for wireless audio devices. The demand for wireless audio devices is growing rapidly due to changing consumers’ behavior in media consumption and increasing popularity of mobile devices. Consumers are increasingly using their mobile devices, laptops and tablets to play audio on speakers wirelessly, which is driving the growth of Wi-Fi and Bluetooth connected speakers. Companies such as Samsung, Sony, LG and Bose are launching wireless audio products.
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The audio equipment market has been geographically segmented into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. North America was the largest region in the audio equipment market in 2019.
The audio equipment market covered in this report is segmented by type into loudspeakers, microphones, Audio Equipment, turntables and others and by end user into B2B and B2C.
Regulations by government have always been challenging to the audio equipment 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 audio equipment 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.
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.
Audio Equipment Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global audio equipment market.
Major players in the audio equipment market are Sennheiser, Yamaha, Audio-Tehcnica, Shure, AKG, Blue, Lewitt Audio, Sony, Takstar, and MIPRO.
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