Global Loudspeakers Market Size 2024, Forecast To 2033
11 Mar, 2024
The loudspeakers market has demonstrated strong growth, increasing from $7.51 billion in 2023 to $7.94 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period is attributed to strong economic growth in emerging markets, the increasing use of in-wall loudspeakers, a growing population, a rise in disposable income across developing countries, and growth in e-commerce for consumer electronics. Looking ahead to the next few years, the market is expected to see strong growth, reaching $9.99 billion in 2028 with a CAGR of 5.9%. The forecasted growth can be attributed to increasing consumer spending on entertainment, the increasing penetration of Wi-Fi-enabled loudspeakers, and the development of smart cities. Major trends in the forecast period involve launching wireless loudspeakers into mature and emerging markets, adopting new technological innovations such as sound beaming, manufacturing speakers for vinyl record players on a small scale, minimizing waste and producing eco-friendly loudspeakers, focusing on producing 360-degree audio, and considering the use of carbon fiber in speakers to improve hardware and sound quality.
Global Loudspeakers Market Key Driver
The growth of the loudspeakers market in the forecast period is attributed to increased global consumer spending on entertainment products. Consumers are increasingly opting for external sound systems as a means of enhancing their home entertainment experience, showing a heightened awareness of sound quality and a willingness to invest more in sound systems. According to the Digital Entertainment Group (DEG), consumer expenditure on home entertainment witnessed a remarkable 7.8% growth in 2021, reaching a record $32.3 billion. This surge in consumer spending on entertainment, coupled with a growing emphasis on sound quality, is driving the demand for various types of loudspeakers and contributing to the expansion of the loudspeakers market. These dynamics are expected to shape the market size in 2023, with ongoing influences on the market in 2024 and 2028.
Get A Free Sample Of The Global Loudspeakers Market ReportGlobal Loudspeakers Market Segments
The loudspeakers market covered in this report is segmented –
1) By Product: Soundbar, Subwoofers, In-wall, Outdoor
2) By Type Of Enclosure: Single Mounted, Multiple Mounted, Not Mounted
3) By End User: Household, Commercial, Other End Users
By Geography:The regions covered in the loudspeakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
Asia-Pacific was the largest region in the loudspeakers market share in 2022. The regions covered in the loudspeakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Loudspeakers Industry Players
Bose Corporation, Harman International Industries, Altec Lansing, Bowers & Wilkins, Voxx International, Focal, Dynaudio, KEF, QSC, Sony Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, Jinyoung G&T, Pantos Logistics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., Enping Macadn Electronic Technology Co. Ltd, Sanway Audio Equipment, ZHIYA Audio Equipment Co., Ltd., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Sansui, Denon, Sharp, TOA Corporation, Zound Industries, Sennheiser, ELAC, Tannoy, ATC, Mission, Wharfedale, PMC, Fyne Audio, Q Acoustics, Aris Audio, Reezoldini, Xavian, Sonos, Inc., Apple , Inc., LG Electronics, DEI Holdings, Inc., JBL, Quested, Grado Labs, Klipsch, Mark Levinson Audio Systems, Master & Dynamic, Mcintosh, Rockford Fosgate, Samsung, Vizio Inc., L.G., Sound United, Panasonic, Philips, JVC, Logitech, ILive, Edifier, Martin Logan, Taligare, Numark, Eurolive, Pioneer, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Morel HiFi, Temple’s Counsel, Eminence Speaker, KCS Speakers, Al Watania
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Loudspeakers Market Overview
A loudspeaker is an electroacoustic transducer that converts an electrical audio signal into a corresponding sound. Loudspeakers are used in aural communication for the generation of music through auto technology, radio, audio players, and bluetooth speakers.
Loudspeakers Global Market Report 2023 provides data on the global loudspeakers market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The loudspeakers market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.