Loudspeakers Global Market Report 2024

The loudspeakers market size has grown strongly in recent years. It will grow from $7.51 billion in 2023 to $7.94 billion in 2024 at a compound annual growth rate (CAGR) of 5.8%. The growth observed in the historical period can be attributed to several factors, including robust economic growth in emerging markets, an increasing adoption of in-wall loudspeakers, a growing population, a rise in disposable income across developing countries, and the expansion of e-commerce for consumer electronics.

The loudspeakers market size is expected to see strong growth in the next few years. It will grow to $9.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.9%. The anticipated growth in the forecast period can be attributed to increasing consumer spending on entertainment, a rising penetration of Wi-Fi-enabled loudspeakers, and the development of smart cities. Notable trends expected during this period include the introduction of wireless loudspeakers into both mature and emerging markets to meet the growing demand for these devices. Companies are also adopting new technological innovations such as sound beaming to remain competitive in the market. There is a trend towards manufacturing speakers compatible with vinyl record players on a small scale to capitalize on the increasing popularity of vinyl records. Additionally, there is a focus on minimizing waste and producing more eco-friendly loudspeakers for sustainable growth. Manufacturers are also concentrating on producing loudspeakers with 360-degree audio capabilities to provide the best experience to customers. Another trend involves considering the use of carbon fiber in speakers to enhance the quality of hardware and sound.

The loudspeakers market is poised for growth in the forecast period, propelled by increased consumer spending on entertainment products worldwide. Consumers are increasingly favoring external sound systems for home entertainment, exhibiting a heightened awareness of sound quality and a willingness to invest more in sound systems. For example, in February 2022, the Digital Entertainment Group (DEG) reported an unprecedented growth in consumer expenditure on home entertainment, reaching a record $32.3 billion, representing a 7.8% increase. This surge in consumer spending on entertainment, coupled with a focus on sound quality, is driving the demand for various types of loudspeakers, thereby contributing to the growth of the loudspeakers market.

The anticipated growth of the loudspeakers market is further fueled by the rise in live music concerts and events. These gatherings, where musicians perform in front of audiences, create a unique, in-person musical experience, with loudspeakers playing a pivotal role in delivering amplified sound to large crowds. For instance, Live Nation Entertainment Inc. reported a 20% increase in the number of tickets sold for Live Nation shows in the second quarter of 2023 compared to 2022. Additionally, Ticketmaster reported a 22% growth in sales of fee-bearing tickets, projecting a total of 600 million tickets managed in the year. The growing popularity of live music concerts and events is fostering the demand for loudspeakers in providing an immersive audio experience.

The loudspeakers market is experiencing rapid growth due to the increasing demand for wireless audio equipment. This surge is attributed to the growing popularity of mobile devices and shifting consumer behavior in media consumption. Consumers are increasingly using mobile devices, tablets, and laptops to wirelessly play audio on speakers, leading to a rise in Wi-Fi and Bluetooth-connected speakers. Key players such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are capitalizing on this trend by launching wireless audio products or platforms. Notable Wi-Fi audio equipment includes Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.

Major companies in the loudspeakers market are strategically developing intelligent active loudspeakers, exemplified by products such as the L Class intelligent active loudspeakers. These next-generation speakers incorporate advanced DSP (Digital Signal Processing) capabilities, allowing precise control and optimization of audio output. QSC LLC introduced the L Class intelligent active loudspeakers in April 2023, designed to cater to a wide range of applications in both mobile and fixed live sound entertainment. These self-powered speakers eliminate the need for external amplifiers, streamlining the setup process.

In April 2022, Sonos, Inc. strengthened its position in the loudspeakers market by acquiring Mayht Holding BV, a Netherlands-based speaker company, for a deal worth $100 million. This strategic acquisition aims to enhance Sonos, Inc.'s product portfolio in wireless home sound systems, reinforcing its competitive advantage.

Major companies operating in the loudspeakers market report are Bose Corporation, Harman International Industries, Altec Lansing, Bowers & Wilkins, Voxx International, Focal, Dynaudio, KEF, QSC, Sony Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, Jinyoung G&T, Pantos Logistics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., Enping Macadn Electronic Technology Co. Ltd., Sanway Audio Equipment, ZHIYA Audio Equipment Co., Ltd., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Sansui, Denon, Sharp, TOA Corporation, Zound Industries, Sennheiser, ELAC, Tannoy, ATC, Mission, Wharfedale, PMC, Fyne Audio, Q Acoustics, Aris Audio, Reezoldini, Xavian, Sonos, Inc., Apple , Inc., LG Electronics, DEI Holdings, Inc., JBL, Quested, Grado Labs, Klipsch, Mark Levinson Audio Systems, Master & Dynamic, Mcintosh, Rockford Fosgate, Samsung, Vizio Inc., L.G., Sound United, Panasonic, Philips, JVC, Logitech, ILive, Edifier, Martin Logan, Taligare, Numark, Eurolive, Pioneer, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Morel HiFi, Temple’s Counsel, Eminence Speaker, KCS Speakers, Al Watania.

Asia-Pacific was the largest region in the loudspeakers market share in 2022. The regions covered in the loudspeakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the loudspeakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.

The main product categories of loudspeakers include soundbars, subwoofers, in-wall speakers, and outdoor speakers. Subwoofers are a specialized type of speaker designed to amplify the lowest frequencies in audio, such as those produced by bass guitars, pipe organs, deep voices, kick drums, and cinematic sound effects. Subwoofers are particularly popular for home theater and automotive sound systems due to their ability to enhance low-frequency performance. They are also known for their ease of installation. Various types of enclosures, including single-mounted, multiple-mounted, and not mounted, cater to different preferences and needs. Loudspeakers find application in households, commercial settings, and other end-user environments.

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

The loudspeakers market consists of sales of subwoofers, soundbars, wall-mounted speakers, outdoor speakers, and other loudspeakers. 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.