Audio Equipment Market Opportunities and Strategies to 2034

This report describes and explains the audio equipment market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global audio equipment market reached a value of nearly $64.42 billion in 2024, having grown at a compound annual growth rate (CAGR) of 5.27% since 2019. The market is expected to grow from $64.42 billion in 2024 to $77.81 billion in 2029 at a rate of 3.85%. The market is then expected to grow at a CAGR of 3.11% from 2029 and reach $90.71 billion in 2034.

Growth in the historic period resulted from the growing demand from automotive industry, increasing popularity of music streaming services, growth of gaming industry and growth of the film and media industry. Factors that negatively affected growth in the historic period were high import tariffs and rising labor costs.

Going forward, increasing popularity of smartphones, expansion of smart homes, rising social media influence and increase e-commerce penetration. Factor that could hinder the growth of the audio equipment market in the future include regulatory compliance and energy consumption concerns.

Asia-Pacific was the largest region in the audio equipment market, accounting for 30.82% or $19.85 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the audio equipment market will be Middle East and Africa where growth will be at CAGRs of 10.70% and 9.03% respectively. These will be followed by South America and Eastern Europe where the markets are expected to grow at CAGRs of 7.74% and 3.82% respectively.

The global audio equipment market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.52% of the total market in 2023. Apple Inc. was the largest competitor with a 6.45% share of the market, followed by Sony Corp. with 4.64%, Samsung Electronics Co., Ltd. (Harman International). with 2.68%, Sonos, Inc. with 2.55%, Xiaomi Corporation. with 2.06%, Panasonic Corporation. with 1.52%, Bose Corporation with 0.79%, Koninklijke Philips N.V. with 0.71%, Huawei Technologies Co., Ltd. with 0.61% and Pioneer Corporation. with 0.51%.

The audio equipment market is segmented by type into loudspeakers, microphones, amplifiers, turntables and other types. The loudspeakers market was the largest segment of the audio equipment market segmented by type, accounting for 45.52% or $29.32 billion of the total in 2024. Going forward, the loudspeakers segment is expected to be the fastest growing segment in the audio equipment market segmented by type, at a CAGR of 3.93% during 2024-2029.

The audio equipment market is segmented by technology into wired and wireless. The wireless market was the largest segment of the audio equipment market segmented by technology, accounting for 63.19% or $40.7 billion of the total in 2024. Going forward, the wireless segment is expected to be the fastest growing segment in the audio equipment market segmented by technology, at a CAGR of 4.20% during 2024-2029.

The audio equipment market is segmented by end-user into B2B and B2C. The B2B market was the largest segment of the audio equipment market segmented by end-user, accounting for 54.61% or $35.18 billion of the total in 2024. Going forward, the B2C segment is expected to be the fastest growing segment in the audio equipment market segmented by end-user, at a CAGR of 4.28% during 2024-2029.

The top opportunities in the audio equipment market segmented by type will arise in the loudspeakers segment, which will gain $6.24 billion of global annual sales by 2029. The top opportunities in the audio equipment market segmented by technology will arise in the wireless segment, which will gain $9.3 billion of global annual sales by 2029. The top opportunities in the audio equipment market segmented by end-user will arise in the B2C segment, which will gain $6.82 billion of global annual sales by 2029. The audio equipment market size will gain the most in the USA at $1.37 billion.

Market-trend-based strategies for the audio equipment market include developing advanced audio/video (AV) receivers and speakers, adopting strategic partnerships approach to develop advanced audio solutions, developing next generation smart amplifiers, developing innovative home audio systems, developing innovative studio headphones and strategic investments to enhance the sound quality, AI-driven audio processing and smart connectivity.

Player-adopted strategies in the audio equipment market include focus on strengthening its business operations through strategic partnerships and new solutions.

To take advantage of the opportunities, the analyst recommends the audio equipment to focus on smart home AV receivers and speakers, focus on smart amplifiers for mobile devices, focus on high-fidelity studio headphones for professionals and audiophiles, focus on loudspeakers for sustained market growth, focus on wired audio equipment for strong growth, expand in emerging markets, continue to focus on developed markets, focus on strategic partnerships to drive innovation, provide competitively priced offerings, focus on targeted digital marketing, continue to use B2B promotions and focus on B2B market growth.

Major Market Trends

• Next-Generation Loudspeakers Delivering Crystal-Clear Sound
• Strategic Partnerships Driving Innovation in Audio Technology
• Advancements in Smart Amplifiers for Superior Audio Quality
• Advancements in Home Audio for Enhanced Sound Quality and Connectivity
• Next-Generation Studio Headphones for Audiophiles and Professionals