Consumer Audio Equipment Market to Reach $93 billion, Globally, by 2033 at 5.3% CAGR: Allied Market Research
Thursday, September 26, 2024
The growing popularity of music streaming services, and technological advancements in the consumer audio equipment market drive the growth of the market. However, intense competition and market saturation impedes market growth. Moreover, the rise in popularity of wireless and portable devices is expected to create lucrative opportunities for the key players operating in the market during the forecast period.
WILMINGTON, Del., Sept. 18, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Consumer Audio Equipment Market by Product (Microphones, Headphones, Soundbars, Headsets, Speaker Systems, and Others), Technology (Wired and Wireless), End User (Education, Government, Retail, Hospitality, and Others), and Type (Stationary Consumer Audio Equipment and Portable Consumer Audio Equipment): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the "consumer audio equipment market" was valued at $55.8 billion in 2023, and is estimated to reach $93 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.
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-- 152-Tables
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Prime determinants of growth
The consumer audio equipment market growth is driven primarily by technological advancements, increase in demand for wireless audio devices, and the popularity of streaming services. Innovations in Bluetooth and Wi-Fi technologies have led to the development of high-quality, wireless audio products such as headphones, earbuds, and smart speakers. These devices offer enhanced convenience, mobility, and compatibility with various smart devices, attracting a broad consumer base.
Rise in adoption of smart home systems is another key factor. Smart speakers integrated with voice assistants such as Amazon Alexa and Google Assistant are becoming central to home automation, boosting the demand for connected audio devices. In addition, the surge in music and video streaming services has heightened consumer expectations for high-fidelity audio, pushing manufacturers to innovate in sound quality and user experience.
Furthermore, the surge in trend of home entertainment systems, fueled by the need for immersive experiences, particularly in gaming and home theaters, supports market growth. Price sensitivity and the availability of diverse product ranges, from budget to premium segments, also shape consumer preferences.
Report coverage & details:
Report Coverage
Details
Forecast Period
2024-2033
Base Year 2023
Market Size in 2023
$55.8 billion
Market Size in 2033
$93 billion
CAGR 5.3 %
No. of Pages in Report 312
Segments Covered Product, Technology, End User, Type, and
Region
Drivers Surge in demand for entertainment
devices
Expanding home audio Networking
Increasing gaming and virtual reality
(VR) usage
Opportunities Popularity of wireless and portable
device
Restraint
High equipment cost
The headphones segment dominated the market in 2023.
By product, the headphones segment held the highest market share in 2023. The rise of wireless and true wireless (TWS) headphones has revolutionized the consumer audio equipment market. These headphones offer the convenience of cable-free listening, driven by improvements in Bluetooth technology that ensure stable connectivity and high-quality sound. The shift away from devices with headphone jacks has increased the demand for TWS headphones, appealing to users seeking portable and hassle-free audio solutions. Moreover, noise-cancellation technology is a major trend in the headphone market, addressing consumer desire for an immersive listening experience amidst noise. Active noise-cancelling (ANC) headphones are particularly sought after for commuting, travel, and open-office environments. The increasing demand for effective noise-cancellation is driving innovation, enabling manufacturers to offer advanced ANC features at various price points.
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The wireless segment dominated the market in 2023.
By technology segment, the wireless segment held the highest market share in 2023. The popularity of true wireless earbuds demonstrates a trend toward tiny, cable-free audio solutions. These earphones eliminate cords, giving users freedom of movement and ease. Manufacturers are improving features like battery life, audio quality, and ergonomic design to appeal to mobile customers who value portability. Furthermore, integration of technologies like active noise cancellation (ANC) and touch controls enhances the listening experience, making true wireless earbuds a preferred choice for everyday activities such as commuting, workouts, and casual listening. Moreover, continuous advancements in Bluetooth and Wi-Fi technologies propel significant progress in wireless audio equipment. These enhancements include faster data transfer rates, greater connectivity range, and improved audio fidelity, resulting in more seamless connections and enhanced user experiences
Education segment dominated the market in 2023.
By end user, the education segment held the highest market share in 2023. The trend toward integrating audio-visual learning tools in education involves increasing adoption of technologies such as classroom amplification systems and interactive displays. These tools enhance multimedia learning experiences by providing clear audio and visual aids that support modern teaching methods. Manufacturers are focusing on developing audio equipment that seamlessly integrates with educational technologies to improve engagement and learning outcomes in diverse classroom settings.
Furthermore, educational audio equipment is becoming integrated with online learning platforms and virtual classrooms. This trend promotes seamless communication and collaboration in digital learning environments, allowing educators to deliver interactive classes remotely. Features such as cloud-based recording and real-time interaction tools improve accessibility and engagement, making hybrid and distance learning programs more effective.
Portable Consumer Audio Equipment segment dominated the market in 2023.
By equipment type segment, the portable consumer audio equipment segment held the highest market share in 2023. The shift toward wireless technology, including Bluetooth and Wi-Fi, continues to dominate the market. Consumers prefer devices that offer freedom from cables, enhancing portability and convenience. Moreover, Portable audio devices are increasingly integrated with smart assistants such as Amazon Alexa, Google Assistant, and Apple's Siri. This integration offers voice control and smart home connectivity, attracting tech-savvy consumers. Moreover, rapid urbanization and rise in disposable incomes in emerging markets present significant opportunities for growth in the consumer audio equipment sector.
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Asia-Pacific region held the highest market share in 2023.
By region, Asia-Pacific dominated the consumer audio equipment market in 2023. The Asia-Pacific region is experiencing rapid urbanization, coupled with increasing disposable incomes among its population. This demographic shift is driving higher consumer spending on entertainment and technology products, including consumer audio equipment. There is an increased demand for sophisticated audio solutions that cater to diverse consumer preferences and lifestyle needs as urban centers grow and incomes rise. Moreover, the widespread adoption of smartphones across Asia-Pacific is fueling demand for compatible audio devices. Headphones, earbuds, and wireless speakers are increasingly popular for streaming music and multimedia content on mobile platforms, reflecting a growing consumer preference for portable and versatile audio solutions.
Key Players: -
-- Bose Corporation
-- HARMAN International
-- Koninklijke Philips N.V.
-- Sennheiser Electronic GmbH And Co. KG
-- Skullcandy, Sonos, Inc.
-- Sony Corporation,
-- VIZIO, Inc.
-- Yamaha Corporation.
The report provides a detailed analysis of these key players in the global consumer audio equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Recent Development
-- In May 2024, Sonos, Inc. launched headphones, Sonos Ace. The premium
over-the-ear Bluetooth headphones feature breathtaking lossless and
spatial audio, Active Noise Cancellation (ANC), and Aware Mode.
Furthermore, it is equipped with Sonos' new TrueCinema technology that
offers precise and immersive home theater experience.
-- In December 2022, Sony Corporation launched A Series Home Theatre
Systems with HT-A5000 and HT-A3000 soundbars. The soundbar works well
with Google Assistant or Amazon Alexa-enabled devices. The HT-A5000
5.1.2 channel soundbar comes with a built-in dual subwoofer for deep
bass and two up-firing speakers that reflect sound off the ceiling for
immersive overhead audio. The HT-A3000 features 3.1 channels, three
front speakers including a dedicated center speaker for clear dialogue,
and a built-in dual subwoofer for deep bass.
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Consumer Audio Equipment Market Key Segments:
By Product
-- Headsets
-- Speaker Systems
-- Microphones
-- Headphones
-- Soundbars
-- Others
By Technology
-- Wired
-- Wireless
By End User
-- Education
-- Government
-- Retail
-- Hospitality
-- Others
By Type
-- Stationary Consumer Audio Equipment
-- Portable Consumer Audio Equipment
By Region
-- North America: U.S., Canada, Mexico
-- Europe: Germany, France, Italy, UK, Rest of Europe
-- Asia-Pacific: China, Japan, India, South Korea, Rest of Asia-Pacific
-- LAMEA: Latin America, Middle East, Africa
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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