Loudspeakers And Sound Bars
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How Large Will the Loudspeakers And Sound Bars Market Size By 2025?
The market for loudspeakers and sound bars has seen significant growth in recent years. It is projected to expand from $30.25 billion in 2024 to $31.77 billion in 2025, experiencing a compound annual growth rate (CAGR) of 5.0%. This growth during the historic period can be ascribed to various factors such as the entertainment industry, home audio systems, automotive audio, consumer electronics, and advancements in wireless and Bluetooth technology.
How Big Is the Loudspeakers And Sound Bars Market Size Expected to Grow by 2029?
In the coming years, the market for loudspeakers and sound bars is predicted to witness a consistent upswing, reaching an estimated value of $37.07 billion in 2029, with a compound annual growth rate (CAGR) of 3.9%. This expected rise during the forecast period is largely due to influences from smart home ecosystems, high-resolution audio, gaming and esports entertainment, 5G technology, and the increasing trend of home offices and remote working. Notably, the forecast period will also see key trends including the integration of voice control and AI, immersive audio soundbars, wireless multi-room audio, compact and portable speakers, and a focus on sustainability through eco-friendly materials.
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Which Key Market Drivers Powering Loudspeakers And Sound Bars Market Expansion and Growth?
The rise in the global consumption expenditure on entertainment products has fostered the expansion of the loudspeakers market during the projected timeframe. There’s a growing trend among consumers worldwide to opt for external sound systems for their home entertainment needs. Moreover, consumers are becoming more aware of the sound quality these systems offer, which is why they are willing to invest more in them. This was confirmed by the Bureau of Labor Statistics, a US government agency, which reported in February 2022 that consumer expenditure in the country rose by 9.0% in 2022 when compared to 2021. This increased investment in entertainment and heightened awareness about sound quality fuels the demand for various types of loudspeakers, eventually driving the growth of the loudspeakers market.
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Which Fast-Growing Trends Are Poised to Disrupt the Loudspeakers And Sound Bars Market?
The wireless audio equipment market is observing a swift growth due to the burgeoning popularity of mobile gadgets and the altering patterns of media consumption by consumers. More and more people are exploiting mobile devices, tablets, and laptops to steam audio through speakers wirelessly, a trend leading to the expansion of Wi-Fi and Bluetooth incorporated speakers. Recognizing this surge in demand for wireless audio equipment, companies like Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are rolling out their own wireless audio products or platforms. Among the well-received Wi-Fi audio equipment are Sonos Wi-Fi speakers, the SoundTouch system from Bose, and Echo speakers by Amazon.
What Are the Emerging Segments in the Loudspeakers And Sound Bars Market?
The loudspeakers and sound bars market covered in this report is segmented –
1) By Type Of Enclosure: Single Mounted, Multiple Mounted, Not Mounted
2) By Applications: Communication, Automotive, Film and Television, Club/Bar
3) By End User: Household, Commercial, Others End User
Subsegments:
1) By Single Mounted: Wall-mounted, Standalone
2) By Multiple Mounted: Wall-mounted Arrays, Floor-mounted Setups
3) By Not Mounted: Portable Speakers, Floor-standing Speakers
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Who Are the Global Leaders in the Loudspeakers And Sound Bars Market?
Major companies operating in the loudspeakers and sound bars market include Bose Corporation, Harman International Industries Incorporated, Bowers & Wilkins (B&W), Klipsch Audio Technologies, Kent Engineering and Foundry (KEF), Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., Wharfedale, Cerwin-Vega Inc., Behringer, Peavey Electronics, Jamo, Dynaudio A/S, Sound United LLC, LG Electronics Inc. (Lucky Goldstar Electronics Inc.), Logitech International S.A., Panasonic Corporation, Audiovox Corporation, Boston Acoustics Inc., Bang & Olufsen A/S, James Bullough Lansing Professional, Definitive Technology, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co. Ltd., Vizio Inc., Sonos Inc., Polk Audio, Philips Electronics N.V., Sharp Corporation, Pioneer Corporation, Onkyo Corporation, Denon Electronics (USA) LLC, Marantz America LLC, MartinLogan, GoldenEar Technology, SVS LLC, Focal-JMlab, ELAC Electroacustic GmbH, DALI A/S, Canton Elektronik GmbH, Q Acoustics, Monitor Audio Ltd.
Which are the Top Profitable Regional Markets for the Loudspeakers And Sound Bars Industry?
Asia-Pacific was the largest region in the loudspeakers and sound bars market in 2023. North America is the second-largest region in the loudspeakers and sound bars market. The regions covered in the loudspeakers and sound bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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