The marine audio market size is expected to see marginal growth in the next few years. It will grow to $2.01 billion in 2028 at a compound annual growth rate (CAGR) of 1.8%. The anticipated growth during the forecast period is primarily driven by environmental considerations, the expanding electric boat market, increased emphasis on customization and personalization, a heightened focus on user experience, and the integration of augmented reality (AR). Key trends expected in the forecast period encompass advancements in waterproof technology, the development of sustainable and eco-friendly products, a heightened emphasis on product durability, the incorporation of health monitoring features, and the augmentation of connectivity options.
The anticipated expansion of the recreational boating industry is poised to drive the growth of the marine audio market in the foreseeable future. This industry encompasses the production, distribution, and utilization of boats and related equipment for leisure and enjoyment. The marine audio system plays a crucial role in providing boaters with entertainment and reliable sound quality in the unique and sometimes challenging marine environment. For example, a May 2023 report from the National Marine Manufacturers Association, a US-based trade association for the recreational boating industry, revealed a 36% increase in the annual economic impact of recreational boating to $230 billion in 2023, supporting over 812,000 jobs. Consequently, the burgeoning recreational boating industry is a key driver for the growth of the marine audio market.
The rising popularity of marine tourism is expected to contribute to the growth of the marine audio market. Marine tourism involves travel and leisure activities in coastal and marine environments. Marine audio systems enhance the immersive experience of marine tourism by providing high-quality sound entertainment and communication capabilities. For instance, a report from August 2022 by British Marine Limited, a UK-based industrial group, highlighted a significant impact of COVID-19 on the UK's outdoor connections, leading to a notable increase in visits to 'blue spaces' such as canals, rivers, lakes, and the coast. The percentage of people engaging in such activities rose from 18% before the pandemic to 49% in 2021. Hence, the growing popularity of marine tourism emerges as a driving force for the marine audio market.
The marine audio market is witnessing a significant trend towards technological advancements, with major companies in the sector adopting new technologies to maintain their market standing. An example of this trend is seen in the actions of Harman International, a US-based audio electronics company, which introduced the first marine A2B digital signal audio processor in March 2023. This Automotive Audio Bus (A2B) technology is specifically designed to enhance on-water listening experiences, simplify installation and maintenance processes, and reduce overall ownership costs. The A2B-equipped system utilizes a two-wire bus system to handle up to 32 digital audio channels, providing superior digital sound quality while minimizing cabling. This innovation allows boat builders to position amplifiers closer to batteries, leading to shorter power cables, cost savings, and reduced weight due to fewer required components.
Major players in the marine audio market are also placing a strategic focus on the development of advanced marine speakers, such as horn-loaded marine speakers, to gain a competitive advantage. An illustration of this is Rockford Fosgate, a US-based audio innovation company, launching the Element Ready M2 in July 2022. This 10-inch full-range horn-loaded marine speaker is engineered for marine environments, featuring high output, Color Optix lighting control, and customizable grilles for an unparalleled on-water audio experience. The speakers, available in coaxial and wake tower options, incorporate a 1-inch horn tweeter paired with a 10-inch high-efficiency midrange, delivering detailed and powerful sound suitable for open-air settings. With options for panel-mounted and clamp-mounted applications, including wake, surf, and ski towers or UTV roll cages, these speakers offer UV, salt-fog, and corrosion resistance.
In November 2021, Patrick Industries Inc., a US-based component product manufacturer, acquired Wet Sounds Inc., a US-based manufacturer of marine audio products. While the financial details were undisclosed, this strategic acquisition positions Patrick Industries to strengthen its role as a provider of value-added component solutions in the marine sector, complementing its existing portfolio with well-known, high-quality brand enterprises.
Major companies operating in the marine audio market report are Harman International, Garmin, Sony Corporation, JBL, Crestron, Pioneer Corporation, West Marine, JL Audio, JVC Corporation, Kenwood Corporation, KICKER, Boss Audio Systems, Steinway Lyngdorf, Merdian, MTX Audio, The Faurecia Clarion Electronics Co. Ltd., Stinger, Rockford Corporation, Paradigm, Memphis Car Audio, James Loudspeaker, MB Quart, Poly-Planar LLC, Maxxsonics USA, Sonance, Stillwater Designs and Audio Inc., Wet Sounds.
Europe was the largest region in the marine audio market in 2023. Asia-Pacific is expected to be the fastest-growing region in the marine audio market report during the forecast period. The regions covered in the marine audio market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the marine audio market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The key product categories within the marine audio market include speakers, subwoofers, stereo receivers, and amplifiers. Speakers, serving as electroacoustic transducers, convert electrical impulses into sound waves. They find application in various boat types, such as inboard, outboard, and sterndrive vessels. The technologies employed in marine audio systems encompass both wired and wireless options, with products available through original equipment manufacturers (OEMs) as well as aftermarket suppliers. This diverse range of technologies and product types caters to the varied preferences and requirements of boaters seeking audio solutions for their marine experiences.
The marine audio market research report is one of a series of new reports that provides marine audio market statistics, including marine audio industry global market size, regional shares, competitors with a marine audio market share, detailed marine audio market segments, market trends and opportunities, and any further data you may need to thrive in the marine audio industry. This marine audio market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The marine audio market includes revenues earned by entities by providing high-quality sound, splash proof, corrosion resistance, UV resistance, and multi-zone audio. The market value includes the value of related goods sold by the service provider or included within the service offering. The marine audio market also includes sales of marine speakers, marine amplifiers, and marine receivers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
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Table of Contents
Executive Summary
Marine Audio Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on marine audio market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for marine audio? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Product: Speaker; Subwoofer; Stereo Receiver; Amplifier
2) By Boat Type: Inboard; Outboard; Sterndrive; Other Boats
3) By Technology: Wired; Wireless
4) By Sales: Original Equipment Manufacturer (OEM); Aftermarket
Key Companies Mentioned: Harman International; Garmin; Sony Corporation; JBL; Crestron
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned
- Harman International
- Garmin
- Sony Corporation
- JBL
- Crestron
- Pioneer Corporation
- West Marine
- JL Audio
- JVC Corporation
- Kenwood Corporation
- KICKER
- Boss Audio Systems
- Steinway Lyngdorf
- Merdian
- MTX Audio
- The Faurecia Clarion Electronics Co. Ltd.
- Stinger
- Rockford Corporation
- Paradigm
- Memphis Car Audio
- James Loudspeaker
- MB Quart
- Poly-Planar LLC
- Maxxsonics USA
- Sonance
- Stillwater Designs and Audio Inc.
- Wet Sounds.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 1.87 Billion |
Forecasted Market Value ( USD | $ 2.01 Billion |
Compound Annual Growth Rate | 1.8% |
Regions Covered | Global |
No. of Companies Mentioned | 27 |