Audio Equipment Market Size, Share, Trends, Growth

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The Audio And Video Equipment Global Market Report 2023 by The Business Research Company, provides audio and video equipment market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/audio-and-video-equipment-global-market-report

According to The Business Research Company’s Audio And Video Equipment Global Market Report 2023, the market size grew from $152.79 billion in 2022 to $157.13 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The audio and video equipment market is expected to grow to $175.17 billion in 2027 at a CAGR of 2.8%.

During the forecast period, internet penetration will increase rapidly due to increased public and private investments to increase internet connectivity. Many audio and video equipment uses the internet to enhance the customer’s experience. The growth in internet users will be also driven by greater access to affordable smartphones.

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The audio and video equipment market is segmented:

1) By Type: Audio Equipment, Video Equipment

2) By End-User: B2B, B2C

3) By Sales Channel: OEM, Aftermarket

4) By Mode: Online, Offline

Subsegments Covered: Loudspeakers And Sound Bars, Microphones, Amplifiers And Mixers, Music Players And Other Audio Devices, Televisions, Video Players, Video Cameras

The growing demand for curved TVs is being driven by consumer preference for better viewing. A curved screen allows for a more immersive experience, as the curve makes the viewer fill more of the field of view and also provides a wider viewing angle. For example, in January 2020, LG Electronics, a South Korea-based electronics company, launched as many as 14 new OLED TVs along with three new GX Gallery series 4K Ultra HD TVs, 88- and 77-inch class Real 8K models, and an all-new OLED screen – 48-inch at CES 2020. The company claims that the new LG TVs are designed to offer better picture quality, upgraded performance, and artificial intelligence-enabled features that improve the overall viewing experience.

The audio and video equipment market report table of contents includes: