Audio Equipment Market

Audio Equipment Market

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Audio Equipment Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $41.8 billion In 2028 At A CAGR Of 3.3% :

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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Audio Equipment Market Major Segments

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

Key Driver – Surge In Luxury Car Demand Fuels The Audio Equipment Market

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.

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Prominent Trend – Strategic Partnerships Shape The Audio Equipment Market

Major companies operating in the audio equipment market are developing strategic partnerships to provide an elevated in-car audio experience to customers. Audio companies are involved in partnerships with car manufacturers to diversify revenue sources for audio companies by expanding into the automotive industry and using brands known for premium audio to sway customers’ buying decisions. For instance, in March 2023, Sonos Inc. a US-based manufacturer of audio products partnered with Audi, a Germany-based automotive manufacturer to bring its audio technology to cars, specifically the Q4 E-Tron. The partnership marks Sonos’ first foray into the automotive industry, and the Q4 E-Tron will be the first Audi model to feature Sonos’ sound system. The partnership aims to provide an elevated in-car audio experience to customers, which can be a selling point for both the car manufacturer and the audio company.

Audio Equipment Market 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

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Largest And Fastest Growing Region In The Market

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.

The Table Of Content For The Market Report Include:

1. Executive Summary

2. Audio Equipment Market Report Structure

3. Audio Equipment Market Trends And Strategies

4. Audio Equipment Market – Macro Economic Scenario

5. Audio Equipment Market Size And Growth

…..

27. Audio Equipment Market Competitor Landscape And Company Profiles

28. Key Mergers And Acquisitions

29. Future Outlook and Potential Analysis

30. Appendix

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