Professional Speaker Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The professional speaker market is expected to reach a CAGR of 3.2% over the forecast period (2021-2026). The audio and video(AV) industry is experiencing a shift from analog to digital medium. The convergence of IoT and the pro-AV industry is projected to give rise to sophisticated cabling solutions in the professional speakers market.

Key Highlights

• The increasing number of sporting events is expected to contribute to the revenues of the global pro speaker market over the next few years. The growing need for effective sound reinforcement equipment such as pro speakers in sporting arenas and stadiums for communication purposes and announcements will attribute to the growth of the global market. The increasing investment in sports sponsorship in another factor the will boost the revenues in the professional speaker market. For instance, Major sporting events such as the FIFA World Cup in Qatar in 2022, and the Olympics in Tokyo in 2021 are expected to fuel the demand for pro speakers in the global market.
• With an increase in the competition, the corporate industry and institutions are increasingly adopting AV equipment to ease and manage the workflow at workplaces. Nowadays, the implementation of sound reinforcement equipment and video conferencing systems in the corporate sector has become a necessity. Therefore, vendors are introducing new range of products, which are in-lined with the current requirement which contributes to the growth of professional speakers.
• However, the market is severely affected by the coronavirus pandemic, particularly in the case of these products where the import of components, and raw materials, have a huge dependency on imports from China, due to which it has become difficult to maintain supply and prices according to the demand, particularly in T2 and T3 cities.

Key Market Trends

Music Production and Recording Equipment to Boost the Growth of the Market

• Along with the rapidly growing internet penetration across the globe, the digital trend has also gracefully adopted by the music industry. The physical music revenue is continuously declining, and online streaming platforms like Spotify, Apple Music, Youtube Premium, and Tindle have taken traction over the years. According to the press release by Spotify, their paid subscribers worldwide have reached 108 million by the second quarter of 2019, with a growth of over 8% from the previous one.
• This surge in the adoption of music will give rise to an increased number of music concerts and at the same time will increase the growth rate of music production and recording equipment. This will, in turn, provide growth opportunities for the professional speakers market.
• The companies in the music businesses are extensively making strategic partnerships with the music recording player advanced music streaming services. For instance, music-focused online service provider Napster has announced to enter into collaboration with Sony Music to launch its new 360 Reality Audio streaming format to consumer companies globally by 2020.
• The sound mixers, audio signal processors, and audio power amplifiers are gaining momentum due to the growth in the music industry. With the increased music production and the growing market for nightclubs and DJ equipment, the demand for audio mixers is expected to grow in the United States and thus the region is witnessing increased adoption of professional speakers.

Asia-Pacific is Expected to Register Fastest Growth

• Asia-Pacific, being the most populated region, is the major developing region and is expected to record the maximum growth rate, in terms of the sales of professional speakers, over the forecast period, 2020-2025. The Asia Pacific countries are taking strong initiatives to upsurge their IT infrastructures, thereby enabling commercial users to adopt cutting-edge technologies including professional speakers.
• The region has emerged as the fastest-growing market for smart education solutions as well. Increasing developments in the field of education and corporates are also expected to create an increased demand for sound reinforcement equipment which further contributes to the growth of professional speakers in this region.
• The increasing disposable incomes and technological developments in countries, such as China, India, Japan, and South Korea, along with the region being home to major players, such as Sony and Samsung, are expected to help in the growth of the wireless speakers market in Asia-Pacific.

Competitive Landscape

The wireless speaker market is moderately fragmented, as changing consumer demands are pushing companies to innovate in the space to attract more consumers. The competition in this market has intensified over the years, with companies launching a multitude of products to attract consumers. Some of the key players in the market are Harman International Industries, Bose Corporation, etc.

• In May 2019, Sony Corporation launched new high power party speakers with four new models, MHC-V82D, MHC-V72D, MHC-V42D, and MHC-V02. MHC-V82D and MHC-V72D boast of 360-degree surround sound feature which is capable of filling large party spaces, providing a fully encapsulating the party experience. Each speaker is engineered with rear tweeters, angled speakers, and a spread sound generator.
• In June 2019, Yamaha upgraded the DXR range of active PA speakers for touring and live music applications. The MkII range comes in the same sizes as the original DXR family. It features a new 1.75-inch neodymium compression driver for improved HF response and output. The maximum output extends up from 130dB SPL for the DXR8 MkII to 134dB for the new DXR15.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support