The global Consumer Audio Market enjoys enormous traction. The proliferation and growing popularity of audio devices among people boosts the sales of headphones, headsets, soundbars, speaker systems, and microphones. Besides, rising advances in connectivity and Bluetooth technology boost the market growth. Key audio streaming & live entertainment trends boost consumer audio market shares.
With the spurring increase in electronic devices, the market is projected to grow exponentially in the next few years. According to Market Research Future (MRFR), the global consumer audio market is estimated to reach USD 234.2 BN by 2030, growing at a significant double-digit CAGR of 16.3% throughout the forecast period (2022–2030). The emergence of popular voice assistants defines the market growth prospects globally.
Report Scope:
Parameter |
Details |
Revenue Forecast in 2030 |
USD 234.2 Billion |
Growth Rate: |
CAGR of 16.3% from 2022 to 2030 |
Study Period: |
2022 -2030 |
Report Coverage: |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
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Usages of consumer audio are growing among youths and in outdoor activities such as trekking and camping. Additionally, the rising sales of smartphones and growing preference for listening to music while traveling escalate the market value to further heights. The market has been witnessing high growth in recent years, led by the increasing popularity of portable products.
The growing popularity of integrated music streaming platforms such as Spotify and iTunes influences the sales of consumer audio devices. These developments also presage the heydays the consumer audio market is to perceive soon. Increasing competition among the market players in terms of price, functions, quality, and design has led to high investments in R&D.
Industry Trends
The increasing adoption of AI-based reference platforms to deliver exciting experiences in speech, music, and multimedia on portable speakers, soundbars, TVs, and more is the latest trend observed during the market analysis. Also, professional DJs and more increasingly use advanced interfaces for sound transformation and personalization of audio consumption to create songs & audio memes, karaoke singing, play Cappella, and mix tunes.
In addition, using those interfaces, users can interact with their devices effortlessly with crystal clear voice without any background noise and enhanced with personalized to a particular avatar at home, in the car, or at work.
As podcasts and digital media keep trending up, market revenues will keep increasing. However, many of the major podcast providers do not glean indicative trends, such as the demographic divide and the fact that general podcast listeners account for larger shares. The most popular podcast sources, such as Spotify, Apple, and Pandora, are beginning to cap out, with domestic growth slowing overall.
Audio streaming service users and subscribers are reflected in the large numbers of streaming services to share subscriber and monthly average user data. With the likes of sharing, a full picture being available is in the form of the label. For instance, Amazon and Apple do not share information on their music services, but the revenue generated from the format suggests that all major services are seeing significant use by consumers.
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Consumer Audio Market Segments
The consumer audio market is segmented into products, connectivity solutions, and regions. The product segment is bifurcated into headphones, headsets, soundbars, speaker systems, microphones, and others. Similarly, the connectivity segment is bifurcated into wired and wireless. The region segment is bifurcated into North America, Europe, Asia-Pacific, and the rest of the world.
Consumer Audio Market Regional Analysis
North America dominates the global consumer audio market due to the vast popularity of audio devices and high per capita disposable income in the region. Besides, the growing trend of smart homes with appliances and electronics controlled by gestures or voice boosts the region’s market demand. Also, large technological advances, alongside technology providers in the region, drive regional Consumer Audio Market growth.
Consumer audio device manufacturers in the region strive to acquire digital audio streaming technologies, exclusive, perpetual licenses, and related assets to enhance and accelerate their digital platforms. They also strive to provide their customers with audio streaming and monetization services to drive their revenue growth.
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Consumer Audio Market Competitive Analysis
Highly competitive, the consumer audio market appears diversified with the presence of many popular brands. Players incorporate strategic initiatives such as collaboration, mergers & acquisitions, expansion, and product/technology launch to gain a larger competitive share. Industry players make substantial investments locally and in emerging countries to expand their production capacity and distribution network.
For instance, on Sep. 02, 2022, GrAI Matter Labs (GML), a provider of brain-inspired ultra-low latency & high precision computing, along with its partner StreamUnlimited, a leading developer of connected audio & IoT products, demonstrated multiple novel applications developed using Life-Ready AI in music and consumer audio at the IFA-2022. The world’s first real-time music/media source separation AI platform combines the companies’ expertise in product development for consumer devices in connected audio, IoT, and AI.
Players leading the global consumer audio market include HARMAN International Industries, Inc., Apple Inc., Bose Corporation, Sony Corporation, Sonos, Inc., DEI Holdings, Inc., VIZIO, Inc., Sennheiser Electronic GmbH & Co. Kg, VOXX International Corporation, Ossic Corporation, Plantronics, Inc., Phazon, Trüsound Audio, Bragi, Jam, Earin, Human Inc., Jaybird, Devialet, and Dali A/S, among others.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.