Mar 30, 2021
Loudspeaker Demand Growth to be Majorly Directed by Home Entertainment Indulgences
by Team Fact.MR
Award winning market research company Fact.MR has recently published a report on the global loudspeaker market. As per its analysis, the market is expected to yield credible gains through 2021 and beyond, largely underpinned by an increasing tilt towards investments in advanced acoustic systems across residential and commercial settings. An impressive growth rate has been projected throughout the 2021-2031 forecast period.
Over the years, the market has made massive gains, as deepening digital literacy has enabled greater access to laptops, tablets, and smart television sets. This is inclining demand for outdoor entertainment setting-like experiences within the home environment. For instance, popular estimates suggest that, the smart speaker systems market across India reached nearly US$ 64 million in 2020. Similarly, bright prospects are on the cards for the U.S., German, and U.K. markets.
With future entertainment trends making a paradigm shift as people prefer to organize events and performances across residential settings amid heightened convenience and cautiousness levels, prominent loudspeaker manufacturers are making significant strides to ensure the availability of the most sophisticated and state-of-the-art product offerings.
Key Takeaways from Market Study
- By speaker type, preference for soundbars to remain high, attributed to portability benefits
- Home entertainment to account for bulk of all loudspeaker sales, fueled by surging income levels
- Growing popularity of smart speakers to bolster U.S. loudspeaker market revenue
- The U.K. experiencing high sales amid increasing deployment of emergency vehicle fleets
- Swelling music industry to heighten loudspeaker sales across Germany
- High demand across the automotive segment to enhance loudspeaker sales in India
“Prominent loudspeaker manufacturers are highly concentrating on offering loudspeakers that are Wi-Fi- and Bluetooth-compatible, attributed to increased ownership of laptops, smart TVs, and smartphones, so as to provide highly integrated solutions to end users,” comments a Fact.MR analyst.
Key loudspeaker manufacturers are engaging in active collaborations with prominent acoustic technology companies to develop highly sophisticated product portfolios. Furthermore, emerging economies across Asia Pacific are emerging as potential hotspots for key loudspeaker manufacturers, attributed to an increase in living standards, which is heightening expenditure on luxury goods.
- Players such as Bose Corporation are already in the limelight, offering the Home Speaker 500, packed with two custom drivers placed in opposite directions to provide a wide output range. It also offers the Soundbar 700, comprising the company’s proprietary ADAPTiQ technology, allowing them to adapt to surroundings and HDMI Audio Return Channel (ARC) for compatibility with future technology.
- In September 2020, JBL launched the new JBL Xtreme 3 speakers comprising a cylindrical design, with over 15 hours of battery life, across India. Moreover, the speaker is IP67 certified for water and dust resistance, supports Bluetooth v5.1 connectivity, and possesses a USB Type-C power adapter for charging.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global loudspeaker market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (satellite speakers, subwoofers, wall-mounted, outdoor speakers, soundbara, multimedia speakers, and others) and application (communication, automotive, home entertainment, and others) across five major regions of the world (North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa).
About the Retail & Consumer Goods Division at Fact.MR
Retail and consumer goods analysts at Fact.MR have been categorically tracking the broader sub-industries to keep themselves abreast of the recent happenings in the market. Our practical approach to product design and pricing strategy contributes to the growth of businesses that are struggling to hit the ‘move-the-needle’ bottom line. With unmatched analytical diligence, the team at Fact.MR helps organizations design product differentiation strategies and introduce exclusive product(s) to their existing portfolio.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Retail & Consumer Goods
E-mail: [email protected]