Loudspeakers And Sound Bars Global Market Report 2024

The loudspeakers and sound bars market size has grown steadily in recent years. It will grow from $16.04 billion in 2023 to $16.67 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to several key factors, including the entertainment industry's expansion, the demand for home audio systems, the development of automotive audio solutions, the growth of consumer electronics, and advancements in wireless and Bluetooth technology.

The loudspeakers and sound bars market size is expected to see steady growth in the next few years. It will grow to $18.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. Anticipated growth in the forecast period can be attributed to a range of factors, including the proliferation of smart home ecosystems, the rising demand for high-resolution audio, the influence of gaming and esports, the widespread adoption of 5G technology, and the continued prevalence of home office and remote work setups. Significant trends expected in the forecast period encompass the integration of voice control and AI, the development of soundbars with immersive audio capabilities, the popularity of wireless multi-room audio systems, the demand for compact and portable speakers, and the emphasis on sustainability and the use of eco-friendly materials within the industry.

Increased global consumer spending on entertainment products has significantly contributed to the upward trajectory of the loudspeakers market in the projected period. Consumers are increasingly opting for external sound systems as a key element of their home entertainment, showing a growing preference for high-quality sound experiences, leading to a willingness to invest more in sound systems. In February 2022, the Digital Entertainment Group (DEG) reported a significant surge in consumer spending on home entertainment, reaching a record $32.3 billion in total physical and digital home entertainment spending, reflecting a 7.8% increase. The integration of smart devices equipped with voice assistants and loudspeakers amplifies the home entertainment experience. This heightened consumer spending, coupled with an amplified emphasis on sound quality, is stimulating the demand for various forms of loudspeakers, thereby propelling the growth of the loudspeakers market.

Loudspeakers and sound bars come in primary enclosure types such as single-mounted, multiple-mounted, and not mounted. A single-mounted loudspeaker comprises a single speaker, which is responsible for reproducing the audio within an audio file. These sound solutions cater to a wide range of uses, including communication, automotive, film and television, and entertainment venues such as clubs and bars. They are utilized by both residential and commercial consumers, as well as other end users.

The loudspeakers and sound bars market research report is one of a series of new reports that provides loudspeakers and sound bars market statistics, including loudspeakers and sound bars industry global market size, regional shares, competitors with a loudspeakers and sound bars market share, detailed loudspeakers and sound bars market segments, loudspeakers and sound bars market trends and opportunities, and any further data you may need to thrive in the loudspeakers and sound bars industry. This loudspeaker and sound bars market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The anticipated growth in the loudspeakers and sound bars market is closely linked to the increasing prevalence of live music events and concerts. Such events have become instrumental for enthusiasts and artists alike, offering a unique and personal musical encounter. Loudspeakers and sound bars hold significant importance in these live events, delivering compelling and clear audio to the audience. For example, in 2023, Live Nation Entertainment Inc. observed a substantial surge in ticket sales for live shows, surpassing 117 million in the second quarter, indicating a 20% growth from the preceding year. Concurrently, Ticketmaster reported a 22% sales increase, projecting management of approximately 600 million tickets, with 300 million being fee-bearing tickets this year. Consequently, the upsurge in live music events and concerts is fostering the demand for the loudspeakers and sound bars market.

Regulatory measures implemented by governments pose a consistent challenge to the loudspeakers market, primarily due to concerns about noise pollution, which adversely affects both physical and mental well-being. Noise pollution has been linked to various health complications, including hypertension, anxiety, increased stress, and even coronary artery disease. For instance, India's Supreme Court imposed regulations restricting the usage of public address systems during specific hours and occasions, limiting them to 15 days a year. These stringent regulations on loudspeakers are expected to impede the growth of the loudspeakers and sound bars market.

The demand for wireless audio equipment is rapidly surging, driven by the increasing popularity of mobile devices and evolving consumer media consumption habits. Users increasingly opt to wirelessly stream audio from their mobile devices, tablets, and laptops to speakers. This behavioral shift fuels the growth of Wi-Fi and Bluetooth-connected speakers, compelling manufacturers like Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm to introduce their own line of wireless audio products or platforms. Prominent Wi-Fi audio equipment includes Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.

Key players in the loudspeakers and sound bars market are strategically focusing on the development of soundbars equipped with advanced channels to gain a competitive advantage. The utilization of soundbars incorporating advanced channel technology enhances the audio experience, delivering immersive sound for an enhanced entertainment setup. For instance, Sennheiser Electronic GmbH & Co. KG unveiled the AMBEO Soundbar Plus and AMBEO Sub in September 2022. These devices aim to offer consumers a broader range of choices for an immersive sound experience within home environments. Marketed as the world's first 7.1 soundbar, it is compatible with Dolby Atmos and DTS X, boasting a variety of wireless audio add-ons including AirPlay 2, Chromecast, Spotify Connect, and standard Bluetooth playback.

In April 2022, Sonos, Inc., a company specializing in wireless home sound systems, acquired Mayht Holding BV for a deal worth $100 million. This strategic move by Sonos, Inc. is geared towards strengthening its product portfolio in the home sound systems sector to fortify its competitive edge. Mayht Holding BV is a Netherlands-based speaker company.

Major companies operating in the loudspeakers and sound bars market include Bose Corporation, Harman International Industries Incorporated, Bowers & Wilkins (B&W), Klipsch Audio Technologies, Kent Engineering and Foundry (KEF), Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., Wharfedale, Cerwin-Vega Inc., Behringer, Peavey Electronics, Jamo, Dynaudio A/S, Sound United LLC, LG Electronics Inc. (Lucky Goldstar Electronics Inc.), Logitech International S.A., Panasonic Corporation, Audiovox Corporation, Boston Acoustics Inc., Bang & Olufsen A/S, James Bullough Lansing Professional, Definitive Technology, Sennheiser Electronic GmbH & Co. KG, Samsung Electronics Co. Ltd., Vizio Inc., Sonos Inc., Polk Audio, Philips Electronics N.V., Sharp Corporation, Pioneer Corporation, Onkyo Corporation, Denon Electronics (USA) LLC, Marantz America LLC, MartinLogan, GoldenEar Technology, SVS LLC, Focal-JMlab, ELAC Electroacustic GmbH, DALI A/S, Canton Elektronik GmbH, Q Acoustics, Monitor Audio Ltd.

Asia-Pacific was the largest region in the loudspeakers and sound bars market in 2023. North America is the second-largest region in the loudspeakers and sound bars market. The regions covered in the loudspeakers and sound bars market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the loudspeakers and sound bars market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The loudspeakers and sound bars market consists of sales of outdoor speakers, subwoofers, in-wall speakers, multimedia speakers, table-top sound bars, wall-mounted sound bars, and other loudspeakers and sound bars. 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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