Audio Equipment Global Market Report 2024

The audio equipment market size has grown steadily in recent years. It will grow from $35.4 billion in 2023 to $36.77 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to various factors, including cultural and lifestyle influences, the impact of an aging population and their audio preferences, evolving consumer preferences and trends, market competition, and innovations in audio technology. Additionally, influences from the music industry have played a significant role in shaping the historical growth of the audio equipment sector.

The audio equipment market size is expected to see steady growth in the next few years. It will grow to $41.8 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The anticipated growth in the forecast period can be attributed to factors such as innovation in audio formats, regulatory changes and standards, demographic shifts and preferences, evolution in media consumption patterns, market competition, and advancements in product development. Major trends expected in the forecast period include the integration of fashion and design, the adoption of 3D audio technology, the prominence of gaming audio equipment, a focus on environmental sustainability, and a trend towards customization and personalization in the audio equipment industry.

The audio equipment market is poised for growth due to the increasing demand for luxury cars, with recognized luxury automakers offering high-end comfort, features, and equipment. High-quality audio systems in luxury cars enhance the driving experience, making long journeys more enjoyable. For instance, in January 2022, BMW Group reported an 8.4% year-on-year sales increase, delivering 2,521,525 BMW, MINI, and Rolls-Royce automobiles worldwide, indicating a rising demand for luxury cars and driving the growth of the audio equipment market.

The audio equipment market is also being propelled by the surging demand for wireless audio devices, driven by changing consumer behavior in media consumption and the popularity of mobile devices. Consumers increasingly use mobile devices, laptops, and tablets to wirelessly play audio on speakers, leading to a growing market for Wi-Fi and Bluetooth-connected speakers. Key players such as Samsung, Sony, LG, and Bose are actively introducing wireless audio products to meet this demand.

The increasing popularity of mobile devices and evolving media consumption habits are driving the rapid growth of the wireless audio equipment market. Consumers prefer wirelessly playing audio on speakers using mobile devices, tablets, and laptops, fueling the demand for Wi-Fi and Bluetooth-connected speakers. Leading manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are responding to this trend by introducing wireless audio products and platforms, including popular choices such as Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.

Government regulations pose challenges to the audio equipment market, particularly concerning loudspeaker usage contributing to noise pollution. Noise pollution has adverse effects on physiological and psychological health, leading to complications such as hypertension, anxiety, and increased stress levels. In India, the Supreme Court implemented regulations restricting the use of public address systems at night and during cultural or festive occasions, impacting the market negatively.

Major companies in the audio equipment market are forming strategic partnerships to enhance the in-car audio experience for consumers. By collaborating with automotive manufacturers, audio companies aim to diversify revenue sources and expand into the automotive industry. For example, in March 2023, Sonos Inc., a US-based audio products manufacturer, partnered with Audi, a Germany-based automotive manufacturer, to integrate its audio technology into the Q4 E-Tron. This collaboration marks Sonos' entry into the automotive sector, providing an elevated in-car audio experience to customers, becoming a distinctive selling point for both companies.

In March 2022, Focusrite, a US-based software company, acquired Linea Research Holdings for a deal amount of $12.67 million. This acquisition enhances Focusrite's presence in the audio equipment market, as Linea Research Holdings, a UK-based manufacturer of audio equipment, becomes part of its growing portfolio.

Major companies operating in the audio equipment market report are Sony Corporation, Panasonic Corporation, LG Electronics Inc., Pioneer Corporation, Sharp Corporation, Koninklijke Philips NV, Yamaha Corporation, Harman International Industries Inc., Bose Corporation, JVC Kenwood Holdings Inc., Jabra, Dolby Laboratories Inc., DTS Inc., Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Bang & Olufsen A/S, Bowers and Wilkins Group Ltd., Samsung Electronics Co. Ltd., Onkyo Corporation, Sanyo Electric Co. Ltd., Danish Audiophile Loudspeaker Industries A/S, Beats Electronics LLC, Audio-Technica Corporation, Focal-JMLab SA, Blaupunkt GmbH, Beyerdynamic GmbH & Co. KG, Nakamichi Corporation, Akai Electric Co. Ltd., James Bullough Lansing, Akustische und Kino-Geräte Gesellschaft m.b.H. Asia-Pacific was the largest region in the audio equipment market in 2023. North America was the second-largest region in the global audio equipment market share. The regions covered in the audio equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The key types of audio equipment encompass loudspeakers, microphones, amplifiers, turntables, and others. Amplifiers, specifically, are electronic devices that elevate a signal's voltage, current, or power. Audio equipment comes in a range of prices, spanning from low to medium to high, and is available in various technologies, including both wired and wireless options. The end users involved in the audio equipment industry are both B2B (business-to-business) and B2C (business-to-consumer).

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

The countries covered in the audio equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The audio equipment market consists of sales of outdoor speakers, subwoofers, in-wall speakers, multimedia speakers, table-top sound bars, wall-mounted sound bars, wired microphones, wireless microphones, ultrasonic amplifiers, buffer amplifiers, transistor amplifiers, professional mixers, non-professional mixers, tape players and recorders, jukeboxes, car stereos, clock radios, and other audio equipment. 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.