Audio Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Audio Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021 •
  • 175 pages •
  • Report ID: 6072083 •
  • Format: PDF
Major players in the audio equipment market are Sennheiser, Yamaha, Audio-Tehcnica, Shure, AKG, Blue, Lewitt Audio, Sony, Takstar, and MIPRO.

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%.

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.