iCrowdNewswire Jan 27, 2021 2:00 AM ET
WiseGuyReports.com adds “Global Loudspeakers Market Research Report 2021 Analysis and Forecast 2027” reports to its database.
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behavior of consumers. Consumers are increasingly using mobile devices, tablets and laptops to wirelessly play audio on speakers. Such consumer behavior is driving the growth of Wi-Fi and Bluetooth connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment include Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.
The loudspeakers market consists of sales of loudspeakers and related services which are used in aural communication for generation of music through auto technology, radio, audio players and Bluetooth speakers. The loudspeaker device generates an acoustical signal energy from a corresponding electric audio signal which is enough to be heard from a distance.
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The loudspeakers market covered in this report is segmented by type of enclosure into single mounted, multiple mounted and not mounted. It is also segmented by end user into household, commercial and others.
The global loudspeakers market was worth $15.1 billion in 2019. It is expected to grow marginally at a compound annual growth rate (CAGR) of 0.01% and reach $15.11 billion by 2023.
Increased spending on entertainment products by consumers globally contributed to the growth of loudspeakers market in the historic 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 Futuresource Consulting the global consumer expenditure on entertainment content is expected to reach $439 billion by the end of 2021 which is 17 % increase from 2017. 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.
In September 2019, the US based company, Sonance announced that it has entered into an agreement with James Loudspeaker to acquire James for an undisclosed amount. The aim of the deal is to combine engineering technology to reinforce their goal of providing superior acoustic performance in products by delivering innovative approaches. James Loudspeaker is a US based company and an innovator in both high performance residential and commercial audio solutions. It produces products for exclusive homes, forward-thinking businesses, and upscale marine applications.
Regulations by government have always been challenging to the loudspeakers market as loudspeakers usage is one of the main reason for noise pollution. Noise pollution deteriorates both physiological and psychological health which may lead to health complications such as hypertension, anxiety, increased stress level and can even lead to coronary artery disease. In India, in 2017, the Supreme Court passed a regulation which restricts the use of public address systems at night (between 10:00pm and 6:00am) and during cultural or festive occasions to not more than 15 days a year. These regulations are expected to negatively impact the growth of the loudspeakers market.
Major players in the market are Bose Corporation, Harman International Industries, Bowers &Wilkins, Klipsch Audio Technologies, KEF, Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., and Wharfedale.Loudspeakers Global Market Report 2020 from The Business Research Company provides the strategists, marketers and senior management with the critical information they need to assess the global loudspeakers market.
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