Audio and Video Equipment Global Market Report 2024

The primary types of audio and video equipment are categorized into audio equipment and video equipment. Audio equipment encompasses devices responsible for reproducing, recording, or processing sound. Examples of audio equipment include microphones, radio receivers, AV receivers, CD players, tape recorders, amplifiers, mixing consoles, effects units, headphones, and speakers. These devices can be operated through online and offline modes, and various sales channels, including OEM and aftermarket, cater to both B2B and B2C end users.

The audio and video equipment market research report are one of a series of new reports that provides audio and video equipment market statistics, including audio and video equipment industry global market size, regional shares, competitors with audio and video equipment market share, detailed audio and video equipment market segments, market trends and opportunities, and any further data you may need to thrive in the audio and video equipment industry. This audio and video equipment 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 audio and video equipment market size has grown steadily in recent years. It will grow from $163.42 billion in 2023 to $169.86 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth observed in the historical period can be attributed to factors such as the expansion of the broadcasting industry, the globalization of media, the widespread adoption of color television, the emergence of home recording studios, and the integration of audio and video equipment into mobile devices. These trends have played a significant role in shaping the historical growth of the audio and video equipment industry.

The audio and video equipment market size is expected to see steady growth in the next few years. It will grow to $193.47 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 the increasing integration of audio and video equipment into smart homes, the growing demand for podcasting and audio content, rising popularity in video conferencing, the surge of short-form videos, and the expanding growth of the e-sports industry. Major trends expected in the forecast period include the widespread adoption of 5G connectivity, the proliferation of smart and connected devices, advancements in home entertainment systems, integration of AI and machine learning, the prevalence of wireless audio solutions, and the rise of compact and portable devices.

The audio and video equipment market is poised for growth during the forecast period, driven by a rapid increase in internet penetration facilitated by enhanced public and private investments. Both public and private sectors are investing to improve internet connectivity, contributing to the proliferation of internet usage. This growth is further fueled by the widespread integration of the internet into audio and video equipment, enhancing customer experiences. The surge in internet users is also attributed to the greater accessibility of affordable smartphones. For example, as of September 2023, an estimated 93.79% of the United States population, approximately 311.3 million individuals, is currently using the internet, according to Broadband Search. Thus, the escalating internet penetration acts as a key driver for the audio and video equipment market.

The audio and video equipment market is expected to experience significant growth due to the increasing demand for hardware devices, particularly Bluetooth devices. These devices, utilizing Bluetooth technology, facilitate wireless connections and communication over short distances. The seamless integration of Bluetooth devices with audio and video equipment offers various advantages, revolutionizing the consumer experience with multimedia content. Global projections from April 2023, as reported by Bluetooth SIG Inc., indicate that Bluetooth device shipments are expected to reach 7.6 billion units by 2027. This rising demand for hardware, especially Bluetooth devices, is a substantial driver for the audio and video equipment market.

Consumer lifestyles and preferences are undergoing substantial changes, significantly impacting the audio and video equipment market. With the widespread adoption of smartphones, increased internet penetration, and advancements in digital technologies, there has been a notable shift from traditional television to alternative entertainment forms, such as online audio and video streaming services on mobile devices. The pandemic has accelerated this transformation, leading to a decline in television viewership, especially among millennials. For instance, during the pandemic, the Video Advertising Bureau reported a decrease in the people meter in-tab from 36,957 in February 2020 to 29,456 in February 2021. These changes in consumer behavior have limited the demand for traditional audio and video equipment.

The audio and video equipment market is witnessing a growing demand for curved TVs driven by consumer preferences for an enhanced viewing experience. The curved screen design offers immersive viewing, allowing the viewer to fill a larger field of view and providing a wider viewing angle. LG, a South Korea-based electronics company, introduced the OLED Flex TV LX3 in September 2022, featuring a bendable display that can be used both as a flat and curved panel. The flexibility of the screen offers a maximum curvature of up to 900R, catering to various viewing preferences, whether for regular viewing or as a computer monitor.

Major companies in the audio and video equipment sector are introducing innovative systems. An example is the Apple Vision Pro, the first 3D camera launched by Apple in June 2023. This groundbreaking camera allows users to capture spatial photos and videos in 3D with immersive spatial audio, providing a unique and enhanced visual experience. The Apple Vision Pro features two ultra-high-resolution displays with 23 million pixels across two screens and custom Apple silicon in a dual-chip design, ensuring a real-time, immersive experience for users.

Major companies operating in the audio and video equipment market report are Kenwood Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, LG Electronics Inc., JBL Incorporated, Pioneer Corporation, TEAC Corporation, NXP Semiconductors N.V., Harman International Industries Inc., Yamaha Corporation, Bose Corporation, Sennheiser Electronic GmbH & Co. KG, Onkyo Corporation, Shure Incorporated, Bowers & Wilkins Ltd., AKG Acoustics GmbH, Peavey Electronics Corporation, Alpine Electronics Inc., Allen & Heath Limited, Klipsch Group Inc., McIntosh Laboratory Inc., Paradigm Electronics Inc., Naim Audio Ltd., Behringer GmbH & Co. KG, Audio-Technica Corporation, Krell Industries Inc., MartinLogan Ltd., Polk Audio Inc., Bryston Ltd.

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

The countries covered in the audio and video equipment market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.

The audio and video equipment market consists of sales of loudspeakers and sound bars, microphones, amplifiers and mixers, music players, televisions, video players, video cameras, and other audio and video 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.