Global Loudspeaker Market to Surge on back of Rising Demand for Soundbars, Surpassing US$ 1 Bn by 2022, Says Fact.MR
Published : 22 Dec 2021 Industry: Consumer Goods
The global loudspeaker market is likely to reach US$ 6 Bn in value terms, expanding at a CAGR of 5.84% during the forecast period 2022-2032, concludes a recently revamped report published by Fact.MR. Growth is underpinned by an increasing tilt towards investments in advanced acoustic systems across residential and commercial settings.
From 2017 to 2021, the market experienced a steady expansion rate, clocking a CAGR of over 5%. By the end of the said historical period, the industry was valued at nearly US$ 3 Bn. Prospects further heightened during the COVID-19 pandemic, as mandatory stay at home directives led to increased reliance on virtual streaming platforms for entertainment and business purposes.
As these restrictions ease, both residential and commercial stakeholders are resuming outdoor public activities, further reinforcing the projected positive growth outlook for the market. Moreover, enhanced spending on consumer electronics, including smartphones, laptops and tablets will further cement high loudspeaker sales in the forthcoming decade.
Key Takeaways from the Market Study
- Global loudspeaker market to reach US$ 3.4 Bn in value by 2022 end
- By speaker type, soundbars are expected to surpass US$ 1 Bn in 2022
- Sales of outdoor loudspeakers to contribute 3/5th of total market revenue
- Loudspeakers for home entertainment systems applications to experience a CAGR of 4%
- Germany to emerge as the dominant loudspeaker market, capturing 30% revenue
- U.S to provide noteworthy growth opportunities to manufacturers, generating over 1/4th of total sales
“State-of-the-art innovation in speakers’ technology such as addition of blue tooth and wireless speakers for the purpose of entertainment and communication in corporate sector is likely to bolster demand of loudspeakers in forthcoming years.” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions.
- In November 2020, Israeli tech company, Noveto Systems, has developed a "futuristic audio technology" to enable listeners to enjoy solo wireless music - without headphones. The new technology, dubbed sound beaming, uses a 3-D sensing module from the speaker, locating and tracking the ear's position to send audio via ultrasonic waves.
- In Sept. 2019, Sonance, a leading loudspeaker manufacturer in the smart-home installation channel, has signed an agreement to acquire James Loudspeaker. The companies had agreed to operate as separate companies until then.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the Consumer goods market, presenting historical demand data (2017-2021) and forecast statistics from 2022 to 2032.
The study divulges essential insights on the market based on speaker type (satellite speakers, subwoofers, wall-mounted speakers, outdoor speakers, soundbars, multimedia speakers and others) and application (communication, automotive, home entertainment and others) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and MEA).
About the Consumer Goods Division at Fact. MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Technology team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed consumer goods market across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Shambhu Nath Jha
Sr. Consultant – Retail & Consumer Goods