Pro Speakers Market

Global Pro Speakers Market:

The global pro speakers market size reached US$ 2,454.5 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 3,374.4 Million by 2032, exhibiting a growth rate (CAGR) of 3.49% during 2024-2032. The increasing demand for professional audio speakers in the commercial sector, various innovations in wireless digital technology, and the integration of the Internet of Things (IoT) with professional audio equipment are primarily driving the growth of the market.

Global Pro Speakers Market Analysis:

• Major Market Drivers: The market is primarily driven by the escalating demand for professional audio speakers in the commercial sector. This can be attributed to the growing music industry, along with emerging consumer preferences for live music events and exhibitions.
• Key Market Trends: Various product innovations and the integration of the Internet of Things (IoT) with professional audio equipment are creating a positive outlook for the overall market. Besides this, the growing number of new bars and nightclubs across the world and the replacement of old sound systems in existing nightclubs and bars are leading to the installation of improved sound systems, which is acting as another significant trend in the market.
• Geographical Landscape: On a regional level, the market has been classified into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. 
• Competitive Landscape: Some of the leading players in the global pro speakers market include B&C Speakers, B&W Group Ltd., Bose Corporation, CELTO Acoustique Ltd., CODA Audio GmbH, D&B Audiotechnik GmbH & Co. KG, K-Array, Klipsch Group Inc. (Voxx International), L-Acoustics Group, Meyer Sound Laboratories Incorporated, Renkus-Heinz Inc., Sennheiser electronic GmbH & Co. KG, Sony Group Corporation and Yamaha Corporation., among many others.
• Challenges and Opportunities: Challenges in the pro speaker market include rapid technological advancements requiring frequent product updates and price pressures. However, opportunities, including the growing demand for high-quality audio in various applications, such as live events, home entertainment, and commercial installations, are anticipated to propel the pro speakers market sales in the coming years.
   

Global Pro speakers Market Trends:

Growing Product Utilization in the commercial sector

The increasing adoption of loudspeakers for communication purposes and the growing utilization of multimedia equipment and digital modes of presentation in the corporate environment, ranging from investor presentations to gamification of employee metrics, are significantly driving the pro speaker market growth. Moreover, acoustic communication systems, such as conferences, seminars, and attending events with large audiences, have elevated the use of pro speakers to a considerable extent. Various key manufacturers are introducing pro speakers with improved sound quality and functionality to cater to the bolstering demand. For instance, in July 2022, PSB, a Canadian audio firm, introduced the Passif 50 loudspeaker. It has a titanium dome tweeter, which employs a strong neodymium magnet and ferrofluid absorption for better output, improved power management, and decreased distortion. Similarly, in May 2022, the Moon launched voice 22 loudspeakers. Simaudio's Voice 22 is a stand-mounted loudspeaker representing 40 years of sound design. The Voice 22 can be used on any surface, since it features a Hover Base design that provides stability and reduces vibration.

Increasing Adoption of Music Production and Recording Procedures

The growing internet penetration and the rising trend of digitalization are further augmenting the adoption of pro speakers, especially in the music industry. Physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, YouTube Premium, and Tindle are gaining immense traction. According to the press release by Spotify, the paid subscribers of the platform worldwide reached 108 million in the second quarter of 2019, with a growth of over 8% from the previous one. Such a surge in the adoption of music is anticipated to give rise to music concerts and at the same time augment the need for music production and recording equipment. This, in turn, provides lucrative growth opportunities for the professional speakers market. In addition to this, various companies in the music business are extensively making strategic partnerships with music streaming service providers to launch new products and increase the consumer base. For instance, a music-focused online service provider, Napster entered into a collaboration with Sony Music to launch its new 360 Reality Audio streaming format for consumer companies. Similarly, in October 2022, Electro-Voice unveiled the worldwide release of the EVERSE 8, a revolutionary weatherproof battery-powered loudspeakers with Bluetooth sound and control suited for applications, such as live performance, speaker reinforcement, audio streaming, DJs, musicians, production and rental firms, etc.

Emergence of Wireless Digital technology 

The increasing demand for wireless audio technology, on account of the rising preference for portable gadgets and the shift in customer media consumption habits, is further providing lucrative growth opportunities to the overall market. Consumers are increasingly utilizing smartphones, tablets, and computers to broadcast audio on loudspeakers wirelessly. Such user behavior is propelling the need for Wi-Fi and Bluetooth-enabled speakers. In response to this demand, various key market players are launching compact and wireless sound systems. For instance, in August 2022, JBL launched a 3D soundbar that included the JBL 1000. The 7.1.4-channel JBL Bar 1000 enables a genuine home theatre experience without cables, with four up-firing speakers that offer Dolby Atmos and DTS:X 3D stereo sound. In addition to this, the emerging trend of voice-assisted speakers is creating a positive outlook for the overall market. Recently, Bose introduced the Smart Soundbar 900 with Dolby Atmos, which comes with support for Google Assistant and Alexa voice control. The speaker also features Wi-Fi and Bluetooth, a simple app for touch control, and is compatible with Spotify Connect and AirPlay 2. Ongoing innovations in wireless technology are projected to catalyze the pro speakers market demand in the coming years. 

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global pro speakers market report, along with forecasts at the global, regional and country levels from 2024-2032. Our report has categorized the market based on product, format, amplification method, distribution channel, and end user.

Breakup by Product:

• Point Source
• Line Array
• Sub Woofers
• Others
   

The report has provided a detailed breakup and analysis of the market based on the product. This includes point source, line array, sub woofers, and others.

A point source speaker system uses a single speaker driver (or a small number of drivers) to produce sound. Whereas a line array speaker system uses multiple speaker drivers arranged in a vertical line. This configuration enables greater control over the dispersion of sound, particularly at higher frequencies. Besides this, sub woofers are specialized speakers that are specifically designed to reproduce low-frequency sounds, generally below 100 Hz.

Breakup by Format:

• Digital
• Analog
   

The report has provided a detailed breakup and analysis of the market based on the format. This includes digital and analog.

Analog signals are the conventional method of transmitting audio signals. In professional speakers, analog signals are generally utilized in wired connections, such as XLR or TRS cables, to connect microphones, mixers, amplifiers, and speakers. While on the other hand, digital signals are extensively being utilized in pro speakers, on account of their ability to transmit audio data in a more robust and efficient manner.

Breakup by Amplification Method:

• Passive Speakers
• Powered Speakers
   

The report has provided a detailed breakup and analysis of the market based on the amplification method. This includes passive speakers and powered speakers.

Passive speakers can be paired with a variety of amplifiers, allowing for more flexibility in system configuration. They are generally more cost-effective than powered speakers since they don't include built-in amplification. Powered speakers have a built-in amplifier, so they can be directly connected to a mixer or audio source without the need for an external amplifier. Moreover, since powered speakers are wireless and easily portable, they are currently in high demand.

Breakup by Distribution Channel:

• Online Channel
• Offline Channel
   

The report has provided a detailed breakup and analysis of the market based on the distribution channel. This includes online channel and offline channel.

In the pro speaker market, distribution channels can vary based on the target customer segments and product types. Offline distribution channels include retail stores, pro audio dealers, distributors, trade shows, and events. Whereas, online channels include online retailers, direct sales, e-commerce platforms, etc. Online channels offer the convenience of accessing a wide range of products from home and enable door-step delivery as well.

Breakup by End User:

• Corporates
• Large Venues and Events
• Educational Institutes
• Government and Military
• Studio and Broadcasting
• Hospitality
• Others
   

The report has provided a detailed breakup and analysis of the market based on the end user. This includes corporates, large venues and events, educational institutes, government and military, studio and broadcasting, hospitality, and others.

The versatility and high performance of pro speakers make them essential instruments. Consequently, they are widely adopted by corporates, government and military, studio and broadcasting, educational institutes, the hospitality sector, etc.

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa.

The increasing disposable incomes and technological developments are augmenting the demand for pro speakers in various regions. Apart from this, the expanding millennial population and the presence of major players, such as Sony and Samsung, are also propelling the growth of market in the Asia Pacific. Moreover, the escalating spending power of consumers in North America, along with the rising preference for live concerts and shows, is also bolstering the demand for pro speakers in the region.

Leading Players in the Global Pro Speakers Industry:

The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include: 

• B&c Speakers
• B&W Group Ltd.
• Bose Corporation
• CELTO Acoustique Ltd.
• CODA Audio GmbH
• D&B Audiotechnik GmbH & Co. KG
• K-Array
• Klipsch Group Inc. (Voxx International)
• L-Acoustics Group
• Meyer Sound Laboratories Incorporated
• Renkus-Heinz Inc.
• Sennheiser electronic GmbH & Co. KG
• Sony Group Corporation
• Yamaha Corporation
   

(Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report).

Global Pro Speakers Market News:

• April 2024: Electrotec Audio announced that its new STAGE ONE wireless portable Bluetooth pro/consumer speaker is available for pre-order through Electrotec’s Kickstarter campaign.
• January 2024: Dubai-based Endefo, announced the launch of two new audio products at the Mobile India Expo in Delhi. These include the Entun’z Mega Pro and Double Barrel party speakers. Both devices are accessible on their website across 19,000 Indian pin codes and will soon be available at 2000+ retail stores, including Sangeetha Mobiles, Supreme Paradise, Lot Mobile, Nandilath Digital, Ideal Home Appliances, Easy Store, Gulf Own Digital, Image Mobiles and Computers.

Global Pro Speakers Market Report Coverage:

Key Questions Answered in This Report:

• How has the global pro speakers market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global pro speakers market?
• What is the market size for pro speakers?
• What are the key regional markets?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on the format?
• What is the breakup of the market based on the amplification method?
• What is the breakup of the market based on the distribution channel?
• What is the breakup of the market based on the end users?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global pro speakers market and who are the key players?
• What is the degree of competition in the industry?

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the pro speakers market from 2018-2032.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global pro speakers market.
• The study maps the leading as well as the fastest growing regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the pro speakers industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.