The global loudspeakers and sound bars market size is expected to grow from $14.62 in billion 2021 to $15.59 billion in 2022 at a compound annual growth rate (CAGR) of 6.6%.The growth in the market 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 loudspeaker and sound bar market is expected to reach $19.27 billion in 2026 at a CAGR of 5.5%.
What is the Global Loudspeakers And Sound Bars Market?
The loudspeakers and sound bars market consists of sales of loudspeakers and sound bars by entities (organizations, sole traders and partnerships) that manufacture loudspeakers and sound bars. A loudspeaker is an electroacoustic transducer which converts an electrical audio signal into a corresponding sound. Loudspeakers are used in radios, audio players, and Bluetooth speakers. Only goods and services traded between entities or sold to end consumers are included.
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What drives the Global Loudspeakers And Sound Bars Market?
Increased spending on entertainment products by consumers globally contributed to the growth of loudspeakers market in the forecast period. Consumers are preferring external sound systems as a medium of home entertainment and there is an increasing consciousness about the quality of sound they are experiencing as a result of which they are willing to spend more on sound systems. According to a survey by Dolby Laboratories, the USA consumers’ expenditure on home entertainment increased by 72% in 2020. This spend is led by Gen Z and millennial. GFK recorded a €7.9 billion sales in 2019 for global audio devices market excluding North America. There is plenty of growth potential in smart devices with embedded voice assistants and loudspeakers which enhances the entertainment at home. Increased consumer expenditure on entertainment and consciousness of quality of sound experienced increases the demand for different forms of loudspeakers which is driving the loudspeakers market.
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Global Loudspeakers And Sound Bars Market Segments
The global loudspeakers and sound bars market is segmented:
By Type of Enclosure: Single Mounted, Multiple Mounted, Not Mounted
By End-User: Household, Commercial, Others
By Application: Communication, Automotive, Film and Television, Club/Bar
By Geography: The regions covered in the loudspeakers and sound bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Loudspeakers And Sound Bars Global Market Report 2022 provides market size and growth forecasts for the global loudspeakers and sound bars market, global loudspeakers and sound bars market share, loudspeakers and sound bars market segments and geographies, loudspeakers and sound bars market competitive landscape including leading competitors’ revenues, profiles and market shares. The loudspeakers and sound bars market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Loudspeakers And Sound Bars Industry Players include Bose Corporation, Harman International Industries, Bowers &Wilkins, Klipsch Audio Technologies, KEF, Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., and Wharfedale. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
