The Global Market for Loudspeakers is Forecast to Reach 51.2 Billion Units by 2024
Digital Entertainment Boom
Brings the Promise of Growth for the Global Loudspeakers Market, According to a
New Report by Global Industry Analysts, Inc.
GIA launches comprehensive analysis of
industry segments, trends, growth drivers, market share, size and demand
forecasts on the global Loudspeakers market. The global market for Loudspeakers is forecast to reach
51.2 billion units by 2024, driven by
the rapid rise of streaming video-on-demand and parallel increase in at-home
movie watching; growing number of cloud music streaming subscriptions and the resulting
need for whole house music and multi-room audio systems.
Despite the financial challenges posed
by anemically growing economies, structural challenges posed by changing
dynamics of household wealth distribution and consumer psychographic challenges
posed by changing behavioral, perception, lifestyle and spending patterns,
hopes for growth in home entertainment spending is growing stronger. The
prevailing optimism is supported by the rise of ‘at-home entertainment’ as a
strategy to reduce household costs and expenditure and the migration to digital
forms of entertainment and service delivery platforms. Cocooning, a major
demographic and social trend highlighting the “stay-at-home behavior” is now
gradually giving way to “Hiving”, an evolving trend where consumers make their
homes a focal point. Hiving involves increased at-home entertainment and
bonding with family, friends and neighbors. Launch of bandwidth intensive 3.5
and 4G technologies, massive improvements in audio and video streaming,
development of affordable internet connected TV, smart TVs,
and social TVs are primary factors driving the home entertainment trend.
Watching movies at home is undeniably
the most inexpensive alternative to visiting multiplexes. Video consumption
patterns at home are rapidly changing. Renting home movie DVDs, and Blu-ray are
today virtually extinct and obsolete, edged aside by the rise of streaming
video-on-demand (SVoD) services such as Netflix, Amazon Prime, and Hulu.
Time-shifted TV viewing is growing in popularity over conventional linear TV
viewing. Both these factors are catalyzing opportunities for assembled home
audio systems comprising of loudspeakers as the core component. Currently,
there are virtually limitless options to watch diverse genre of movies via the
internet. On-demand video services (VoD) are resulting in increased viewing of TV serials and
content. With SVoD service providers premiering blockbuster movies on their
service packages almost simultaneously as the movies hit the big screen, the
theater experience is moving from traditional theaters to homes. Against the
backdrop of the current golden age of digital entertainment, there is a radical
increase in the number of hours spent by people watching movies, listening to
music and playing video games at home. With all current generation movies and
videos featuring immersive HD image resolution and 7.1 surround sound, there is
a strong need for high fidelity audio. The time is therefore ripe for
investments in high performance AV system.
The need to wirelessly beam streamed
music into every room in a home is driving demand for wireless speakers. The
trend is chiefly supported by the growing popularity of music streaming
services such as Spotify, Google Play Music, Apple Music, Amazon Music, Deezer,
Microsoft Groove. Music has long been mainstream entertainment. The cloud is
transforming music into a “paid utility” where unlimited music is offered for a
monthly subscription fee. The trend juxtaposed with the growing number of
networked homes is driving demand for multi-room audio streaming. The growing
number of consumer home networks supported by the development in Internet
infrastructure and affordable access to Internet-Protocol (IP) based services
is forecast to fuel the growth of multi-room audio streaming. With the number
of connected devices and their uses growing by leaps and bounds, consumers are
seeking to leverage optimum functions, features and performance from their home
networks.
As stated by the new market research
report on Loudspeakers
the United States represents the largest market worldwide. Asia-Pacific ranks
as the fastest growing market with a CAGR of 8.1% over the analysis period led
by digitalizing lifestyles of the middle class population and a parallel increase
in appetite for digital consumer technologies; increased consumer preference
for affordable assembled speakers to supplement audio performance of flat panel
TVs; developing internet and telecom industry and the resulting Leapfrogging of
Southeast Asian countries to digital forms of entertainment that provide
opportunities for loudspeakers ranging from docking speakers, sound bars to whole
house audio and multi-room sound solutions.
Major players in the market include Altec
Lansing LLC, Amaoto Industrial Co. Ltd., Bang & Olufsen, B&W Group
Ltd., Bose Corporation, Boston Acoustics Inc., Creative Technology Ltd.,
Cambridge SoundWorks, DEI Holdings Inc., DEI Holdings Inc., Polk Audio, Focal
JM-Lab, Focus Audio Inc., German Physiks, Harbeth Audio Ltd., Harman
International Industries Inc., Jean-Marie Reynaud, KEF, Nortek Inc., Niles
Audio Corporation, SpeakerCraft Inc., Opera Loudspeakers, QLN AB, Sammi Sound
Tech Co. Ltd., Sonance Inc., Sonos Inc., Velodyne Acoustics Inc., VOXX
International Corporation, Klipsch Group Inc., and Yamaha Corporation among
others.
The
research report titled “Loudspeakers: A Global Strategic
Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The
report provides market estimates and projections for all major geographic
markets such as the USA, Canada, Japan, Europe, Asia-Pacific, Middle East and
Rest of World. Loudspeakers are analyzed by major segments that include Pair
Speakers, Satellite/Subwoofer Speakers, Subwoofer Speakers, Soundbars, In-Wall
Speakers and Outdoor Speakers
Global Industry
Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.
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