Overview and Scope
Audio equipment is a device that is used for recording, reproducing, and processing sound. Audio equipment’s primary function is to reproduce, record, or process sound.
Sizing and Forecast
The audio equipment market size has grown steadily in recent years. It will grow from $35.4 billion in 2023 to $36.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to cultural and lifestyle influences, aging population and audio preferences, consumer preferences and trends, market competition and innovation, music industry influences.
The audio equipment market size is expected to see steady growth in the next few years. It will grow to $41.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to innovation in audio formats, regulatory changes and standards, demographic shifts and preferences, media consumption evolution, market competition and product development. Major trends in the forecast period include fashion and design integration, adoption of 3d audio technology, gaming audio equipment, environmental sustainability, customization and personalization.
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Segmentation & Regional Insights
The audio equipment market covered in this report is segmented –
1) By Type: Loudspeakers, Microphones, Amplifiers, Turntables, Other Types
2) By Technology: Wired, Wireless
3) By End User: B2B, B2C
Sub-Segmentes
By Price Range: Low, Medium: High
Asia-Pacific was the largest region in the audio equipment market in 2023. North America was the second-largest region in the global audio equipment market share. The regions covered in the audio equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growing demand for luxury cars is expected to propel the growth of the audio equipment market going forward. Luxury cars are vehicles built by recognized luxury automakers that provide above-average to high-end levels of comfort, features, and equipment. High-end audio systems in luxury cars can enhance the driving experience by providing an immersive and high-quality audio experience that can make long drives more enjoyable. For instance, in January 2022, according to the Bayerische Motoren Werke AG, a Germany-based Luxury vehicles company, in 2021, the BMW Group had an 8.4% year-on-year sales increase, with 2,521,525 BMW, MINI, and Rolls-Royce automobiles delivered to consumers worldwide. Thus, the growing demand for luxury cars is driving the growth of the audio equipment market.
Key Industry Players
Major companies operating in the audio equipment market report are Sony Corporation, Panasonic Corporation, LG Electronics Inc., Pioneer Corporation, Sharp Corporation, Koninklijke Philips NV, Yamaha Corporation, Harman International Industries Inc., Bose Corporation, JVC Kenwood Holdings Inc., Jabra, Dolby Laboratories Inc., DTS Inc., Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Bang & Olufsen A/S, Bowers and Wilkins Group Ltd., Samsung Electronics Co. Ltd., Onkyo Corporation, Sanyo Electric Co. Ltd., Danish Audiophile Loudspeaker Industries A/S, Beats Electronics LLC, Audio-Technica Corporation, Focal-JMLab SA, Blaupunkt GmbH, Beyerdynamic GmbH & Co. KG, Nakamichi Corporation, Akai Electric Co. Ltd., James Bullough Lansing, Akustische und Kino-Geräte Gesellschaft m.b.H
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. Global Audio Equipment Market Size and Growth
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32. Global Audio Equipment Market Competitive Benchmarking
33. Global Audio Equipment Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Audio Equipment Market
35. Audio Equipment Market Future Outlook and Potential Analysis
36. Appendix
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