The “Audio Equipment Global Market Report 2021: COVID-19 Impact and Recovery to 2030” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global audio equipment market as it emerges from the COVID-19 shut down.
The global audio equipment market is expected to grow from $24.59 billion in 2020 to $28.54 billion in 2021 at a compound annual growth rate (CAGR) of 16.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $28.71 billion in 2025 at a CAGR of 0.1%.
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Where is the largest and fastest growing market for the audio equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The Audio Equipment market global report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider audio equipment market, and compares it with other markets.
The market characteristics section of the report defines and explains the market.
The market size section gives the market size ($b) covering both the historic growth of the market, the impact of the COVID-19 virus and forecasting its recovery.
Market segmentations break down market into sub markets.
The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the impact and recovery trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
The audio equipment market section of the report gives context. It compares the audio equipment market with other segments of the audio equipment market by size and growth, historic and forecast.
Major players in the audio equipment market are Sennheiser, Yamaha, Audio-Tehcnica, Shure, AKG, Blue, Lewitt Audio, Sony, Takstar, and MIPRO.
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 amplifiers for musical instruments and public address systems.
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’ behaviour 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.
Regulations by government have always been challenging to the audio equipment market as loudspeakers usage is one of the main reasons 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, 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 audio equipment market covered in this report is segmented by type into loudspeakers, microphones, amplifiers, turntables and others and by end user into B2B and B2C.
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behaviour of consumers. Consumers are increasingly using mobile devices, tablets and laptops to wirelessly play audio on speakers. Such consumer behaviour 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. Globe Newswire