According to a new market research report published by Credence Research “Global Loudspeaker Market (Product (Portable Loudspeakers, Soundbars, Home Theatre Arrays, Multimedia Systems, Stereo Systems, Others) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the loudspeaker market was set to grow with a CAGR of 7.0% during the forecast period.
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The global loudspeaker market is driven by the increasing use of Wi-Fi enabled devices. A significant increase in the use of Wi-Fi enabled devices such as smartphones, speakers, wearable devices and other digital devices across the globe has been witnessed. This growth is credited to the increasing disposable income of the population across the global along with the emergence of the low cost consumer electronics manufacturers in the Asia region. Moreover, the increasing use of internet services has also drive the market growth. The total number of internet user worldwide was estimated to be around 3.8 Bn in 2018, up from 3.65 Bn in 2017. The development in the network infrastructure and decline in the price of the data services has encouraged the adoption of the internet services across. Additionally, the supportive government initiative for the promotion of the digitalization has further accelerated the adoption of internet services.
Multimedia systems are estimated to become the most lucrative segment for the loudspeakers market. The multimedia systems are widely used among across the homes and restaurants for the entertainment purpose. The changing consumer preferences across the globe and increasing urbanization is driving the demand for the multimedia systems. Furthermore, the rise in the disposable income of the individuals across the globe has further accelerated the adoption of the multimedia systems.
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Europe is one of the most lucrative regions in the loudspeaker market. The wide-scale adoption of the internet service across the region is the primary factor driving the market growth. The growing adoption of the media streaming services propelling the demand for the loudspeakers market. Additionally, the growing number of smartphone and internet users acts as a major force driving the market. Further, Asia Pacific is expected to register highest growth in the market during the forecast period. The market here is primarily governed by India, China, Japan, South Korea and Southeast Asian countries having huge consumer base for such consumer electronic products.
Some of the prominent vendors in the market are Altec Lansing, Audiovox Corporation, B&W Group Ltd., Bose Corporation, Boston Acoustics Inc., Creative Labs Inc, Definitive Technology, Directed Electronics Inc, KLH Audio, Harman International Industries Inc., Polk Audio, Klipsch Group Inc., and Yamaha Corporation of America.
By Product Segment (2017–2027; US$ Bn)
- Portable Loudspeakers
- Home Theatre Arrays
- Multimedia Systems
- Stereo Systems
By Geography Segment (2017-2027; US$ Bn)
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Latin America
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