The Audio Equipment Global Market Report 2023 by The Business Research Company, provides audio equipment market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Audio Equipment Global Market Report 2023, the global audio equipment market size will grow from $33.13 billion in 2022 to $34.05 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global audio equipment is expected to grow to $37.9 billion in 2027 at a CAGR of 2.7%.
The audio equipment market is expected to be driven by growing demand for wireless audio devices. The demand for wireless audio devices is growing rapidly due to changing consumers’ behaviour in media consumption and the increasing popularity of mobile devices. Consumers are increasingly using their mobile devices, laptops, and tablets to play audio on speakers wirelessly, which is driving the growth of Wi-Fi and Bluetooth-connected speakers.
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The audio equipment market is segmented:
1) By Type: Loudspeakers, Microphones, Amplifiers, Turntables, Other Types
2) By End User: B2B, B2C
3) By Technology: Wired, Wireless
4) By Price Range: Low, Medium: High
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behaviour of consumers. Consumers are increasingly using mobile devices, tablets, and laptops to wirelessly play audio on speakers. Such consumer behaviour 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 includes Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.
The audio equipment market report table of contents includes:
1. Executive Summary
2. Audio Equipment Market Characteristics
3. Audio Equipment Market Trends And Strategies
4.Audio Equipment Market – Macro Economic Scenario
5. Audio Equipment Market Size And Growth
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26. Africa Audio Equipment Market
27. Audio Equipment Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Audio Equipment Market
29. Audio Equipment Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
Sennheiser
Yamaha
Audio-Technica
Shure
AKG
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