Consumer Audio Market Overviews
Consumer Audio Market size was valued at US$ 128.94 Bn. in 2023 and the total Consumer Audio revenue is expected to grow at 17.2% through 2024 to 2030, reaching nearly US$ 391.64 Bn.
Any electronic device used to transmit, recreate, or capture audio, such as turntables, mixers, MP3 players, radio, mics, and speakers, is referred to as audio and sound equipment. The consumer audio market is part of the consumer electronics sector, although it can also contain other product categories like hi-fi. Hi-fi stands for higher fidelity, a phrase that refers to high-resolution audio and sound systems that try to duplicate the original piece as accurately as possible.
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Consumer Audio Market Scope and Methodology:
A major driver of the consumer audio market is the rapid surge in demand for entertainment devices. The need for mobile accessories has expanded significantly as a result of the introduction of portable entertainment devices such as computers, cell phones, and i-pads. For data transmission and music streaming, smartphones employ wireless audio technologies e.g. Bluetooth and Wi-Fi. These wireless technologies allow smartphones to broadcast music to wireless speakers or headphones simply and conveniently. As a result, the growth of the consumer audio market is driven by the rising usage of smartphones.
Consumer Audio Market Regional Insights
Due to rising technical innovation, the existence of some of the largest audio equipment suppliers, e.g. Yamaha Corporation, and fast industrialization, Asia-Pacific is likely to grab a significant portion of the consumer audio market in the forecast period. Furthermore, owing to the area’s numerous potential prospects, various global market players are swiftly developing and increasing their market position in the region. This region’s market is likewise growing as a result of new technologies. An example of this would be in August 2019, Denon, a Japanese sound brand purchased by Sound United, a corporation with a portfolio of sound brands which include Definitive Technology, Boston Acoustics, etc. launched this intriguing pairing of an amplifier and CD player that provides excellent audio performance at a reasonable rate.
Consumer AudioMarket Segmentation
By Product, the Microphone segment of the consumer audio market is expected to grow at the fastest CAGR of 10.3% in the forecast period. This can be attributed to increased microphone applications in day-to-day life. Shure released the MV5C Home Office Microphone in October 2020, which is geared for professionals and executives who work from home. In introducing the new mic, the business asserted that it will meet the demands of experts of all sorts in the new era of virtual collaboration with a device that prioritizes the user’s voice above the surroundings, resulting in excellent audio quality. The MV5C is a directional mic with Shure’s Speech Enhancement Mode, which enhances the user’s speech during audio or video chats. It works with Mac and Windows systems with USB-A and USB-C ports.
Consumer Audio Market Key Players
Panasonic Corporation
JVCKENWOOD Corporation
Trüsound Audio
Skullcandy, Inc
Samsung
Apple Inc
Sennheiser electronic GmbH
Plantronics, Inc
Koninklijke Philips N.V
Onkyo & Pioneer Corporation
Devialet, Jaybird
Shure Incorporated
VOXX International Corp
SONY India
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Key questions answered in the Consumer Audio Market are:
- What is Consumer Audio ?
- What was the Consumer Audio market size in 2023?
- What is the growth rate of the Consumer Audio Market?
- Which are the factors expected to drive the Consumer Audio market growth?
- What are the different segments of the Consumer Audio Market?
- What growth strategies are the players considering to increase their presence in Consumer Audio ?
- What are the upcoming industry applications and trends for the Consumer Audio Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Consumer Audio Market?
- Who are the leading companies and what are their portfolios in Consumer Audio Market?
- What segments are covered in the Consumer Audio Market?
- Who are the key players in the Consumer Audio market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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