The professional portable audio system market size was valued at $2.2 billion in 2021, and is projected to reach $5.1 billion by 2031, registering a CAGR of 8.51% from 2022 to 2031. Professional portable audio systems are primarily used in the music industry, industry gatherings, commercial complexes, and for professional purposes such as public functions and gatherings. Professional portable audio systems are premium-quality, studio-grade systems that produce clear & high-quality sound. They are made-of several parts such as mixers, power amplifiers, speakers, and microphones.
The scope of the report discusses the potential opportunities for the key players to enter the digital multimeter market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The professional portable audio system market is segmented on the basis of equipment, usage, distribution channel, application, and region. By equipment, it is classified into microphones, speaker system, power amplifier, mixing console, and others. By usage, it is bifurcated into purchased and rental. By distribution channel, it is divided into offline and online. By application, it is categorized into corporate bodies, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key factors driving the growth of the professional portable audio system market include the surging growth in film and music industry, increasing use in corporate and industrial sector, and access to professional portable audio system on-rent. Meanwhile, difficulty in maintenance and repairing of equipment is expected to restrict the market.
The key players operating in the professional portable audio system market are Yamaha Corporation, QSC, LLC, RCF S.p.A, Bose Corporation, Harman International, KORG Inc., Roland Corporation, Sennheiser Electronic GmbH & Co. KG, Georg Neumann GmbH, and Sonodyne. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global professional portable audio system market during the forecast period.
The scope of the report discusses the potential opportunities for the key players to enter the digital multimeter market. Furthermore, it provides an in-depth analysis of the market, outlining current trends, key driving factors, and key areas of investment. The report includes Porter’s five forces analysis to understand the competitive scenario of the industry and role of each stakeholder in the value chain. Moreover, it features the strategies adopted by key market players to maintain their foothold in the market.
The professional portable audio system market is segmented on the basis of equipment, usage, distribution channel, application, and region. By equipment, it is classified into microphones, speaker system, power amplifier, mixing console, and others. By usage, it is bifurcated into purchased and rental. By distribution channel, it is divided into offline and online. By application, it is categorized into corporate bodies, government, hospitality, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key factors driving the growth of the professional portable audio system market include the surging growth in film and music industry, increasing use in corporate and industrial sector, and access to professional portable audio system on-rent. Meanwhile, difficulty in maintenance and repairing of equipment is expected to restrict the market.
The key players operating in the professional portable audio system market are Yamaha Corporation, QSC, LLC, RCF S.p.A, Bose Corporation, Harman International, KORG Inc., Roland Corporation, Sennheiser Electronic GmbH & Co. KG, Georg Neumann GmbH, and Sonodyne. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global professional portable audio system market during the forecast period.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the professional portable audio system market analysis from 2021 to 2031 to identify the prevailing professional portable audio system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the professional portable audio system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global professional portable audio system market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Usage
- Purchased
- Rental
By Distribution Channel
- Offline
- Online
By Application
- Corporate Bodies
- Government
- Hospitality
- Others
By Equipment
- Microphone
- Speaker System
- Power Amplifier
- Mixing Console
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Bose Corporation
- Georg Neumann GmbH
- HARMAN International.
- KORG Inc.
- QSC, LLC
- RCF S.P.A.
- Roland Corporation
- Sennheiser Electronic GmbH & Co. KG
- Sonodyne
- Yamaha Corporation
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: PROFESSIONAL PORTABLE AUDIO SYSTEM MARKET, BY EQUIPMENT
CHAPTER 5: PROFESSIONAL PORTABLE AUDIO SYSTEM MARKET, BY USAGE
CHAPTER 6: PROFESSIONAL PORTABLE AUDIO SYSTEM MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: PROFESSIONAL PORTABLE AUDIO SYSTEM MARKET, BY APPLICATION
CHAPTER 8: PROFESSIONAL PORTABLE AUDIO SYSTEM MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to this report, the professional portable audio system market was valued at $2.3 billion in 2021, and is estimated to reach $5.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.Professional portable audio systems are high-performance, professional-grade set of music system equipment, most commonly used in live and staged events that take place in different locations. Their defining characteristic is that the audio system setup is modular and can be easily transported from one location to another. The setup consists of different parts such as mixing console, speaker system, and microphones, which can be connected and disconnected as per requirement, making the setup portable in nature.
Key factors driving the growth of the professional portable audio system market include high demand in the corporate and industrial sectors for the purpose of corporate events. The corporate event market is expected to witness consistent growth in the forthcoming years, driven by factors such as government initiatives for encouraging foreign direct investment (FDI) and private investment, and liberalized government regulations. The market is also highly influenced by the film and music industry. These industries are performing well in the market and growing consistently due to popular demand and new developments such as video-on-demand (VOD). The market is also helped by the fact that many of the professional portable audio system companies such as QSC, LLC consider the rental market to be an important part of their business strategy. Meanwhile, the difficulty in maintaining and repairing an audio system equipment has hampered the market growth, while also boosting the rental sector of the professional portable audio system market. Separately, the technological prowess of market players is expected to come into play during the forecast period of this study, as digitalization of music industry and associated penetration of technology are anticipated to provide significant opportunities to market players.
The professional portable audio system market is segmented into equipment, usage, distribution channel, application, and region. In terms of equipment, the market is classified into microphones, speaker system, power amplifier, mixing console, and others. An important requirement of live performances is for the sound to reach all parts of the location, and be clearly heard, and hence, be of high quality. This requires investment in good quality speaker systems and is its primary driver. By usage, it is bifurcated into purchased and rental. The professional portable audio system market witnesses many trends one after another, and hence, staying up-to-date with the most recent developments is important, leading to the investment in latest audio and music equipment. By distribution channel, it is divided into offline and online. Increased internet access and penetration are anticipated to drive the market for online segment during the forecast period. By application, it is categorized into corporate bodies, government, hospitality, and others. Hospitality is a vast industry, consisting of many types of businesses, which use live performances and stage shows to attract and retain their patrons. By region, it is analyzed across North America (the U. S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). A major advantage which can be attributed to Asia-Pacific is that there are many developing countries in the region, and hence, many fast-growing companies are picking-up the culture of corporate events.
The professional portable audio system market players profiled in the report include Yamaha Corporation, QSC, LLC, RCF S. p.A, Bose Corporation, Harman International, KORG Inc., Roland Corporation, Sennheiser Electronic GmbH & Co. KG, Georg Neumann GmbH, and Sonodyne. Market players have adopted various strategies, such as product launches, collaborations & partnerships, joint ventures, and acquisitions to expand their foothold in the professional portable audio system market.
Key Market Insights
In 2021, the speaker system segment in the equipment segmentation accounted for highest revenue and is expected to reach $2.01 billion by 2031 at a CAGR of 9.06%, while the mixing console segment is projected to expand at the fastest CAGR of 9.67% during the forecast period.In 2021, the purchased segment in the usage segmentation accounted for maximum revenue and is likely to touch $4.00 billion at 9.14% CAGR by 2031, and is also estimated to grow at the fastest CAGR during the forecast period.
In 2021, the offline segment in the distribution channel segmentation garnered the largest market share and is estimated to be at $1.94 billion by 2031 at 7.53% CAGR, while the online segment is likely to witness the highest expansion rate of 13.41% during the forecast period.
In 2021, the hospitality segment in the application segmentation garnered the largest market share and is estimated to be at $2.43 billion by 2031 at 9.52% CAGR, and is likely to witness the highest expansion rate during the forecast period.
In 2021, North America contributed for a significant share of the professional portable audio system market and is expected to touch $1.64 billion at 7.59% CAGR, while Asia-Pacific is expected to expand at the fastest rate of 10.2% CAGR during the forecast years.
Companies Mentioned
- Bose Corporation
- Georg Neumann GmbH
- HARMAN International.
- KORG Inc.
- QSC, LLC
- RCF S.P.A.
- Roland Corporation
- Sennheiser Electronic GmbH & Co. KG
- Sonodyne
- Yamaha Corporation
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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