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 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.
