Consumer Audio Market Analysis
Market Research Future (MRFR) projects the global Consumer Audio Market size to reach USD 138 billion, registering a CAGR of 14.2% from 2022–2030 (forecast period).
Numerous Factors Contributing to Market Growth
Consumer audio refers to audio electronics designed for home entertainment, such as shelf stereos, music centers, and surround sound receivers. These equipment are intended to be visually appealing as well as audibly pleasing. Nevertheless, these consumable goods rarely meet the criteria of a genuine music producer, audiophile, or someone who is more concerned with sound quality than appearance. Consumer demand for more features, higher quality, and cheaper pricing is always increasing, putting pressure on audio and electronics manufacturers to differentiate on cost efficiency, shorter time to market, and superior performance. Rising demand for infotainment devices, increased acceptance of advanced wireless audio devices, and the proliferation of connected homes are some of the reasons driving the worldwide consumer audio market’s growth. Furthermore, the rising demand for home theatres and LCDs is likely to open up new prospects in the global market.
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Consumer Audio Market Segmentation
The worldwide consumer audio market has been segmented based on product, connectivity, and region.
On the basis of product, the worldwide consumer audio market has been segmented into headphones, headsets, speaker systems, soundbars, microphones, and others.
On the basis of connectivity, the worldwide consumer audio market has been segmented into wired and wireless.
Consumer Audio Market Regional Analysis
North America to Dominate the Global Market
North America dominated the global market in 2019 and is predicted to do so throughout the forecast period. The increasing adoption of home theatre systems for residential use and increasing smart home deployments in the region are projected to fuel the regional market growth.
Consumer Audio Market Key Players
MRFR has recognized the key players in the global consumer audio market. These include Apple Inc., HARMAN International Industries, Inc., Bose Corporation, Sonos, Inc., Sony Corporation, DEI Holdings, Inc., Sennheiser Electronic GmbH & Co. Kg, VIZIO, Inc., VOXX International Corporation, Plantronics, Inc., Ossic Corporation, Phazon, Trüsound Audio, Jam, Earin, Human Inc., Bragi, Jaybird, Devialet, and Dali A/S.
Consumer Audio Market Industry News
In March 2021, HiSense collaborated with DTS to develop products that will use DTS Play-Fi wireless multi-room audio and surround sound technologies. Hisense will design and manufacture products that will be sold globally in the second half of 2021.
In February 2021, Sennheiser confirmed plans to sell its consumer audio business, including headphones and soundbars. The company intends to devote its full attention to professional audio, including its Neumann microphone division and what Sennheiser refers to as business communications.
In June 2020, Infinity Systems, a subsidiary of Harman, launched its new soundbar, the Infinity Sonic B200, and headphone, the Infinity Glide 510. The Infinity Sonic B200 has 160W peak power and a dedicated wireless subwoofer, which should provide a cinematic, bass-rich experience right in your living room.
In May 2020, Samsung Electronics Co. launched an innovative new series of soundbars, all of which are designed to deliver immersive, captivating sound quality that will enhance the home theatre experience. The new Q, T, and S Soundbar Series integrate seamlessly with Samsung’s extensive TV lineup, with premium design to suit the needs of any consumer’s home environment.
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Table of Contents
2.1. Market Definition
2.2. Scope of the Study
2.2.1. Research Objectives
2.2.2. Assumptions & Limitations
2.3. Market Structure
3.1. Research Process
3.2. Secondary Research
3.3. Primary Research
3.4. Forecast Model
4.1. Porter’s Five Forces Analysis
4.1.1. Threat of New Entrants
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of Substitutes
4.1.4. Intensity of Rivalry
4.1.5. Bargaining Power of Suppliers
4.2. Value Chain/Supply Chain of the Global Consumer Audio Market