Categories: Industry

Loudspeakers Market Expected To Reach $9.99 billion in 2028

Overview and Scope

A loudspeaker is an electroacoustic transducer that converts an electrical audio signal into a corresponding sound. Loudspeakers are used in aural communication for the generation of music through auto technology, radio, audio players, and bluetooth speakers.

Sizing and Forecast
The loudspeakers market size has grown strongly in recent years. It will grow from $7.51 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing use of in-wall loudspeakers, growing population, rise in disposable income across developing countries and growth in e-commerce for consumer electronics.

The loudspeakers market size is expected to see strong growth in the next few years. It will grow to $9.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The growth in the forecast period can be attributed to increasing consumer spending on entertainment, increasing penetration of wi-fi enabled loudspeakers and development of smart cities. Major trends in the forecast period include launching wireless loudspeakers into mature and emerging markets to cater to the growing demand of these devices, adopting new technological innovations such as sound beaming in order to stay competitive in the market, manufacturing speakers to vinyl record players on a small scale to capitalize on the rising popularity of vinyl records, minimizing waste and producing more loudspeakers that are eco-friendly for sustainable growth, focus on producing 360 degree audio into loudspeakers to provide the best experience to customers, consider using carbon fiber in speakers to improve quality of hardware and sound.

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Segmentation & Regional Insights
The loudspeakers market covered in this report is segmented –

1) By Product: Soundbar, Subwoofers, In-wall, Outdoor
2) By Type Of Enclosure: Single Mounted, Multiple Mounted, Not Mounted
3) By End User: Household, Commercial, Other End Users

Asia-Pacific was the largest region in the loudspeakers market share in 2022. The regions covered in the loudspeakers 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
Increased spending on entertainment products by consumers globally will contribute to the growth of the loudspeakers market in the forecast 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. For instance, in February 2022, according to the Digital Entertainment Group (DEG), a US-based industry association that advocates and promotes entertainment platforms, products, and distribution channels, consumer expenditure on home entertainment grew at an unprecedented rate in 2021, with total physical and digital home entertainment spending rising by 7.8% to a record $32.3 billion. Increased consumer expenditure on entertainment and consciousness of the quality of sound experienced increases the demand for different forms of loudspeakers which is driving the loudspeakers market.

Key Industry Players
Major companies operating in the loudspeakers market report are Bose Corporation, Harman International Industries, Altec Lansing, Bowers & Wilkins, VoLoudspeakers Market International, Focal, Dynaudio, KEF, QSC, Sony Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, Jinyoung G&T, Pantos Logistics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., Enping Macadn Electronic Technology Co. Ltd, Sanway Audio Equipment, ZHIYA Audio Equipment Co., Ltd., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Sansui, Denon, Sharp, TOA Corporation, Zound Industries, Sennheiser, ELAC, Tannoy, ATC, Mission, Wharfedale, PMC, Fyne Audio, Q Acoustics, Aris Audio, Reezoldini, Xavian, Sonos, Inc., Apple , Inc., LG Electronics, DEI Holdings, Inc., JBL, Quested, Grado Labs, Klipsch, Mark Levinson Audio Systems, Master & Dynamic, Mcintosh, Rockford Fosgate, Samsung, Vizio Inc., L.G., Sound United, Panasonic, Philips, JVC, Logitech, ILive, Edifier, Martin Logan, Taligare, Numark, Eurolive, Pioneer, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Morel HiFi, Temple’s Counsel, Eminence Speaker, KCS Speakers, Al Watania

The loudspeakers market report table of contents includes:

1. Executive Summary

2. Loudspeakers Market Characteristics

3. Loudspeakers Market Trends And Strategies

4. Loudspeakers Market – Macro Economic Scenario

5. Global Loudspeakers Market Size and Growth

…..

32. Global Loudspeakers Market Competitive Benchmarking

33. Global Loudspeakers Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Loudspeakers Market

35. Loudspeakers Market Future Outlook and Potential Analysis

36. Appendix