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

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