According to the latest report by IMARC Group, titled "Loudspeaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global loudspeaker market reached a value of US$ 7.1 Billion in 2021. A loudspeaker refers to the audible device that is generally used to reproduce music and speech. It is electroacoustic transducer equipment that usually works by changing electrical energy into acoustical signal energy, which, in turn, creates sound. It mainly consists of a diaphragm, dust cap, surround, spider, voice coil, basket, magnet, driver and enclosure that allows the formation of sound waves to radiate into an enclosed space or open air. It is easily available across the globe in various forms that differ on the basis of their technology, sizes and shapes and based on installation locations, applications and audio range. It is extensively utilized in locations where large acoustic power and direction control of sound radiation is required, such as cinema halls, stadiums, rallies and concerts.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Loudspeaker Market Trends:
The global market is primarily driven by significant growth in the media and entertainment sector, supported by the escalating popularity of live events, such as music concerts and comedy shows, across numerous countries. The rising product utilization for aural communication, including seminars and conferences, along with the growing adoption of digital modes of presentation across corporates and educational institutes, is further creating a positive market outlook. Moreover, several leading players are heavily investing in product innovations, such as the introduction of artificial intelligence (AI)-enabled loudspeakers, are supporting the demand for loudspeakers across numerous end use sectors. Besides this, the emergence of wireless and portable loudspeakers for easy handling is gaining widespread prominence across the globe. Furthermore, continuous improvements in the e-commerce sector and the advent of online delivery models are providing lucrative growth opportunities to the key market. Other factors, including the inflating disposable income levels of the masses and extensive research and development (R&D) activities conducted by key players, are also favorably impacting the product uptake. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 9.2 Billion by 2027, exhibiting a CAGR of 4.36% during 2022-2027.
- On the basis of the product type, the market has been segregated into satellite, subwoofers, soundbar, in-wall, outdoor and multimedia.
- Based on the application, the market has been segmented into electronic gadgets, home entertainment, automotive, communication and others.
- On the basis of the end-user, the market has been categorized into household, commercial and others.
- Based on the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.?Some of these players include Bose Corporation, Dynaudio AS (Goertek Inc.), Harbeth Audio Ltd., Harman International Industries Incorporated (Samsung Electronics Co. Ltd.), Koninklijke Philips N.V., Lenovo Group Limited, LG Electronics Inc., Panasonic Corporation, Peavey Electronics Corporation, Sony Corporation, Sound United LLC, Vandersteen Audio and VOXX International Corp.
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