Loudspeaker Market

About the Report

The global loudspeaker market is expected to witness steady growth through 2031. As people across the world become more digitally literate, access to smartphones, laptops, and smart televisions is anticipated to witness a steep incline. Furthermore, growing taste and preference for different entertainment media, including live music streaming and concerts, will stimulate demand for sophisticated equipment.

Despite reduction in the number of outdoor media entertainment activities such as rock concerts attributed to the COVID-19 pandemic crisis, demand for loudspeakers has largely been sustained by an increasing scope for emergency services such as ambulance calls to transport infected patients to diagnostic and quarantine centers. Market growth is expected to be restored by the latter half of 2021.

In its new study, consulting firm Fact.MR offers insights about key factors driving demand for loudspeakers. The report tracks the global sales of loudspeakers in 20+ high-growth markets, along with analyzing the impact COVID-19 has had on the retail and consumer goods market in general, and loudspeaker demand in particular.

Will Future Growth Projections Outpace Historical Demand?

Although performing quite well through the historical period, the global loudspeaker market has been acquiring major traction since the outbreak of the COVID-19 pandemic, as mandatory social distancing norms have compelled people to remain confined indoors and engage themselves in virtual entertainment indulgences, stimulating demand for soundbars, woofers, and other types of loudspeakers.

As the market for consumer electronics widens, scope for loudspeakers is expected to grow, as more people will be reliant on sophisticated acoustic systems to enhance their overall digital entertainment experiences, with prominent manufacturers likely to invest in advanced technologies such as near field connectivity to provide enhanced experiences.

How is Growing Adoption of Wi-Fi- & Bluetooth-enabled Devices Spurring Growth?

As smart living acquires importance, demand for Wi-Fi- and Bluetooth-enabled devices is gaining impressive traction. Getting a Wi-Fi connected speaker helps in significantly enhancing audio output quality. They are capable of delivering multi-room audio, which can be easily controlled from a smartphone. Several prominent manufacturers are effectively exploiting these technologies to dole out highly successful products.

• For instance, Bose Corporation’s Home Speaker 500 is compatible with Amazon Alexa and Google Assistant voice commands. Additionally, it is also compatible with Apple AirPlay 2 wireless streaming. At just 9 inches tall, the speaker isn’t very large, consisting of 8 built-in microphones, and delivers superior sound quality. The Home Speaker 500 is part of an extensive lineup of Bose products with Wi-Fi connectivity.
• Similarly, Sonos One Wi-Fi speakers contain the brand’s signature design, easy setup process, support for streaming services, and compatibility with Apple AirPlay 2, just like Bose’s speakers. Moreover, its compact design fits in just about any space, making it a highly preferred choice amongst customers. Additionally, this system is also compatible with Alexa and Google Assistant.

Why is Deepening Digital Literacy a Boon to the Loudspeaker Market?

As the world becomes increasingly automated, digital literacy amongst the global population is inclining. Constant reliance on digitally disruptive technologies has dramatically altered human existence, streamlining and optimizing workflows and personal living experiences. Rising awareness regarding an interconnected world is prompting governments to undertake initiatives to promote digital literacy.

In March 2019, the Coalition for Digital Intelligence (CDI), a platform created by the World Economic Forum (WEF) and the Organization for Economic Co-operation and Development (OECD), published a report to attempt to define a global standard for digital literacy. The standard aims to set a global framework for digital intelligence, which includes a common set of definitions, and language and understanding of comprehensive digital literacy and skills.

Besides, other frameworks in place at regional levels have greatly helped alleviate digital literacy levels, enabling consumers to become more aware about technologies such as wireless and Bluetooth speakers and sound systems.

Country-wise Analysis

Why are Smart Speakers Grabbing Eyeballs across the U.S.?

The United States is likely to generate fresh revenue streams for key loudspeaker manufacturers, majorly driven by high inclination towards smart speakers. As per a survey conducted by Voicebot, 87.7 million U.S. adults use smart speakers as of January 2020. This represented an increase of 32% over 2019, and an 85% jump compared to 2018. The addition of over 20 million new smart speaker users in 2019 elevated the installed base of users to 34.4%.

Manufacturers such as Acoustic Research have a prominent presence across the U.S. market. The company currently offers a wide range of wireless speakers, such as the Mainstreet Rechargeable Wireless Speaker, with color changing light modes; the Sedona Rechargeable Wireless Speaker with an LED flickering flame light; and the Santa Cruz Portable Wireless Speaker with LED flickering flame light; among others.

Likewise, Altec Lansing’s first Alexa enabled hands-free voice activated speaker consists of a built-in far-field voice technology, known as Versa, capable of picking up commands in the loudest of rooms and from across rooms. Furthermore, it is equipped with Wi-Fi and Bluetooth functionality, and is IP67 rated waterproof, snowproof, and dirtproof.

Will Increasing Ambulance Sales Catapult Loudspeaker Demand in the U.K.?

According to a report published by U.K. National Audit Office, the government spent £1.78 billion on disbursing urgent and emergency ambulance services provided by NHS ambulance trusts from 2015-16, with nearly 11 million calls for ambulance services. A huge spike in demand was registered through 2020, as the COVID-19 pandemic raged on.

Hence, deployment of adequate emergency care infrastructure has risen, leading to increased procurement of emergency vehicles and subsequent expenditure on equipping them with sirens and sound systems, elevating loudspeaker demand for the same. Response Vehicle Lighting (RVL) is a prominent player, offering three main siren speaker categories: the SlimLineTM Emergency Warning Siren Speaker (100 Watt), the conventional Emergency Warning Siren Speaker (100 Watts), and the Emergency Siren Beacon (Magnetic-12 V-80 W-Wail, Yelp, Hyper-Yelp and Two Tone).

To facilitate enhanced response to emergency operations, the U.K. government’s Home Office has, since February 2021, been leading a cross-government program to deliver new Emergency Services Network (ESN) critical communications systems. This new initiative is expected to substitute the existing Airwave service used by emergency services across Great Britain. ESN is likely to transmit fast, safe, and secure voice, video, and data across the 4G network, providing first responders immediate access to life-saving data and more actively deploying ambulances and other vehicular services, uplifting loudspeaker demand over the coming years.

How is Widespread Rock Music Popularity Stimulating Demand for Loudspeakers in Germany?

The German market is expected to emerge as the most lucrative revenue ecosystem for key loudspeaker manufacturers, attributed to the ever-increasing popularity of rock music. The country is renowned for producing some of the most well-known composers, singers, performers and producers. Additionally, it also hosts the famous Rock am Ring and Rock im Park festivals.

According to the German Music Industry Association (BVMI), the German music industry expanded by nearly 8% in H1 2019, marking the country’s music industry’s highest growth rate since 1993. During that time period, the industry generated a total of €783.21 million from audio streams and the sale of CDs, downloads, and vinyl. From music events, revenues have increased 22% since 2011.

Based on these trends, sales of loudspeakers to support commercial gigs’ success rates have bolstered significantly. While the COVID-19 pandemic led to a cessation of outdoor musical activity, government efforts to support online streaming services have largely helped sustain demand for advanced acoustic equipment. For instance, in June 2020, the German government announced a €130 billion (US$ 150 billion) economic stimulus package for its struggling business sectors - including a €1 billion disbursement towards the cultural industry.

What are the Growth Opportunities for the Indian Market?

The Indian loudspeaker market is majorly reliant on a flourishing automotive industry. Projections indicate that India is expected to emerge as the third-largest passenger vehicle market by 2021. Annual production amounted to almost 31 million units in 2019, as against 29 million units in 2018. Consequently, the market for automotive accessories, including loudspeakers, has also significantly surged.

Prominent automotive speaker manufacturers in the Indian landscape include Bose Automotive and Sony, among others. The former offers stereo services amplifying the music experience, active sound management, and sound placement. The latter offers 2-way component speakers, 4-way coaxial speakers, and 3-way coaxial speakers, among others.

Category-wise Insights

Why is Demand for Soundbars Expected to Remain High?

Soundbars are anticipated to post lucrative gains through 2021 and beyond, expected to register a noteworthy growth rate in the long run. Increasing demand for replicating theatre-like sound quality across residential settings is stimulating enhanced sales of soundbars across prominent geographies. Furthermore, simplicity in installation, enhanced power output, and wireless connectivity are some other growth drivers.

Prominent manufacturers such as Sonos, JBL, Bose Corporation and Sennheiser are at the forefront of the global soundbar demand. While the Sonos Beam soundbar offers high quality 3-dimensional Dolby Digital 5.1 sound output, the JBL Bar Studio offers high bass output, while the Sennheiser Ambeo Soundbar contains the Dolby Atmos & DTS: X surround sound.

Will Home Entertainment Cement its Dominance Application-wise?

With rising disposable incomes across prominent geographies, consumers are allocating a major portion of their expenses in installing sophisticated home theater equipment. Growing inclination towards enjoying a theatre-like experience across home settings is fueling demand for robust sound system equipment. Furthermore, the growing trend of organizing functions and social events in home settings is fueling demand for loudspeakers.

Prominent manufacturer Bose Corporation is a specialist in this regard, manufacturing the Bose Professional ArenaMatch loudspeakers. These speakers deploy the DeltaQ sound quality and flexibility to outdoor installations, including sports stadiums, arenas, outdoor entertainment centers, and more. These systems are being increasingly incorporated across residential settings, specifically across back gardens, terrace parties, and other similar events. These speakers come in the AM20, AM10, and AM40 categories, respectively.

Competitive Landscape

*This list is not exhaustive- full details about prominent loudspeaker manufacturers is available upon request

Continuous launch of new speakers with upgraded acoustic technology is the principal strategy deployed by the aforementioned manufacturers to increase their market presence. Besides, mergers & acquisitions, collaboration with prominent sound software providers, and strengthening of global and regional distribution frameworks are also relied upon.

• In 2018, Samsung Electronics Co. Ltd. partnered with audio systems manufacturer Steinway Lyngdorf to further enhance its The Wall MicroLED displays by incorporating the latter’s exquisite Model B loudspeakers. The Model B system is a controlled P-100 multichannel processor, permitting the speakers to produce optimum sound, and are virtually invisible or integrated with room décor.
• In 2019, Toshiba Corporation introduced its TY-ASC60 loudspeaker, which is portable and rechargeable that is equipped with a Bluetooth and USB playback facility. Besides offering superior acoustic output, the hardware is comprised of a sturdy build. Furthermore, the speakers are compatible with all Android and Apple devices.
• Recently, in February 2021, Xiaomi Communications Co. Ltd. announced that it intends to launch two new audio products across the Indian market. The product launch involves commercial availability of the Mi Portable Speaker, which already has a large global presence, and a pair of active noise cancellation earphones. These launches are a part of its Mi Sound Unveil event.

Report Scope

Key Market Segments Covered

• Speaker Type

  • Satellite Speakers
  • Subwoofers
  • Wall-mounted Speakers
  • Outdoor Speakers
  • Soundbars
  • Multimedia Speakers
  • Others

• Application

  • Communication
  • Automotive
  • Home Entertainment
  • Others

• Region

  • North America (US and Canada)
  • Latin America (Brazil, Mexico, Argentina and Rest of LATAM)
  • Europe (UK, Germany, France, Spain, Italy and Rest of Europe)
  • Asia Pacific (India, ASEAN, China, Japan, Australia & New Zealand and Rest of APAC)
  • Middle East & Africa (GCC, South Africa and Rest of MEA)

Loudspeaker Market- Scope of Report

A recent study by Fact.MR on the loudspeaker market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of loudspeakers.

The study also provides the dynamics that are responsible for influencing the future status of the loudspeaker market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the loudspeaker market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of loudspeakers across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of loudspeakers during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

• Which are the most lucrative markets for loudspeakers?
• Which factors will impact the growth of the loudspeaker market?
• How will changing trends impact the strategies of market players?
• How can market players capture the low-hanging opportunities across regions?
• Which companies are leading the loudspeaker industry?
• What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each market segment in terms of volume (‘000 Units) and value (US$ Mn).

Market estimates at global and regional levels for loudspeakers are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global loudspeaker market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the loudspeaker market during the forecast period.

Country-specific valuation on demand for loudspeakers has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value and volume for emerging countries has also been included in the report.

In-depth Analysis on Competitive Landscape

The report sheds light on leading manufacturers of loudspeakers, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of loudspeakers has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the loudspeaker market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.