Loudspeaker Market By Speaker Type (Satellite Speakers, Subwoofers, Soundbars, Wall-mounted Speakers, Outdoor Speakers), By Application (Communication, Automotive, Home Entertainment), By Region - Global Market Insights 2021 to 2031
Loudspeaker Market Outlook (2022-2032)
The loudspeaker market is likely to reach US$ 6 Bn by the end of the forecast period ranging from 2022 to 2032.
Sales of outdoor speakers are augmenting due to frequent hosting of commercial as well as private outdoor activities, anticipated to account for nearly 3/5th of global revenue. Heightened consumer spending on multimedia systems is another driver spurring loudspeaker adoption.
Market Size (2022)
US$ 3.4 Bn
Value CAGR (2022-2032)
Market Share of Germany
Key Companies Profiled
Revenue from Loudspeaker Industry from 2017 to 2021 Compared to Demand Outlook for 2022 to 2032
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. Imposition of lockdown increased the virtual entertainment indulgences, stimulating demand for soundbars, woofers and other types of loudspeakers. From 2017-2021, the market surged at over 5% CAGR.
As the market for consumer electronics extends, opportunity for loudspeakers is anticipated to cultivate, as more people will be dependent on sophisticated acoustic systems to augment their overall digital entertainment experiences, with key manufacturers likely to invest in cutting-edge technologies such as near field connectivity to provide improved experiences. During the future outlook i.e., 2022-2032, sales are likely to reach US$ 6 Bn.
What are the Factors Driving the Demand for the Loudspeaker Market?
The demand for loudspeakers has largely been nourished by a swelling scope for emergency services such as ambulance calls to transport sick patients to diagnostic and quarantine facilities.
The compact size of in-wall loudspeakers is steering the market. These speakers are cost-effective, have a level-headed sound array, and progressively swap the tower and separate speakers. They are also usually used in cafes and restaurants as they occupy little space.
The swelling usage of loudspeakers for communication purposes and the cumulative custom of multimedia equipment and digital means of presentation in the corporate environment (ranging from investor presentations to gamification of employee metrics) are likely to be the prominent factors to boost the market growth for loudspeakers in the nearby future.
What are the Key Market Trends & Growth Opportunities in Loudspeaker Market?
The advent of wireless speakers in market has multiplied the sales revenue to a great extent. For instance, fixtures company Kohler has recently debuted an all-new showerhead, attached with a wireless speaker. Entitled the Moxie 2.0 and Moxie 2.5, the new-fangled models of speaker for 2020 come in an range of colours, including brushed nickel and oil-rubbed bronze, and can be detached from the showerhead for recharging.
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.
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, snow proof, and dirt proof.
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What Makes U.S a High Potential Market for Loudspeaker?
The North American market is an enormous marketplace for loudspeakers as it captures nearly 26.1% revenue and is estimated to expand in the years to come. As per the report of Consumer Technology Association, the market size of the Home Theatre system in the USA in 2020 was recorded nearly US$ 87 Million, while that of wireless speakers is projected to be US$ 5,975 Million.
In terms of revenue generation, the United States is likely to generate fresh revenue streams for key loudspeaker manufacturers, majorly driven by high inclination towards smart speakers. U.S After a breakout year of sales in 2019, devices like Apple AirPods and Samsung Galaxy Buds helped the market to recuperate and registered the sales of 67 Mn units in 2020 (up 35%), earning US$ 8.2 Bn in revenue (up 31%).
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.
How is Widespread Rock Music Popularity Stimulating Demand for Loudspeakers in Germany?
In terms of revenue contribution, Germany is likely to capture lion’s share in the regional market. The market is anticipated to emerge as the most lucrative revenue ecosystem for prominent loudspeaker makers, owing to the ever-increasing fame of rock music. A market share of nearly 30% is anticipated for the German market.
Over 1/4th of German adults owned a smart speaker at the start of 2021. The realm is famous for producing some of the most celebrated composers, singers, performers and producers. Moreover, it also hosts the famed Rock am Ring and Rock im Park festivals.
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.
How is Demand for Soundbars Expected to Act as a Growth Lever in the Loudspeaker Market?
The market size of soundbar is likely to surpass US$ 1 Bn in 2022 and is poised to expand at a CAGR of 3.2% throughout the forecast period. Swelling demand for replicating theatre-like sound quality across residential settings is promoting enhanced sales of soundbars across major geographies. Besides, installation ease, augmented output, and wireless connectivity are some other growth drivers.
Prominent companies 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?
Home theatre are gaining immense recognition with the growing inclination towards enjoying a theatre-like experience across home setting, thereby stimulating the demand for robust sound system equipment. A CAGR worth 4% is projected for the home entertainment segment.
Manufacturers have been introducing products, which are compatible with the communication devices of the smart home, which is driving the demand for home theatre. For instance, Sony has recently launched HT-IV300 Real 5.1ch Dolby Digital DTH Home Theatre System which is fitted with NFC one touch, Bluetooth and HDMI port that allow the system to connect with TV’s, smartphone or monitor.
An Adaptive Approach to Modern-day Research Needs
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advancements, mergers, and acquisitions to expand their market ground
- 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
Key Segments Covered in the Loudspeaker Industry Analysis
- Satellite Loudspeakers
- Subwoofer Loudspeakers
- Wall-mounted Loudspeakers
- Outdoor Loudspeakers
- Multimedia Loudspeakers
- Other Loudspeaker Types
- Loudspeakers for Communication
- Automotive Loudspeakers
- Loudspeakers for Home Entertainment
- Loudspeakers for Other Applications
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