The Loudspeakers And Sound Bars Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2011-2022) and extends its insights into a ten-year forecast period (2024-2033).
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According to The Business Research Company’s Loudspeakers And Sound Bars Global Market Report 2024, The loudspeakers and sound bars market size has grown steadily in recent years. It will grow from $16.04 billion in 2023 to $16.67 billion in 2024 at a compound annual growth rate (CAGR) of 3.9%. The growth in the historic period can be attributed to entertainment industry, home audio systems, automotive audio, consumer electronics, wireless and bluetooth technology.
The loudspeakers and sound bars market size is expected to see steady growth in the next few years. It will grow to $18.98 billion in 2028 at a compound annual growth rate (CAGR) of 3.3%. The growth in the forecast period can be attributed to smart home ecosystems, high-resolution audio, gaming and esports, 5g technology, home office and remote work. Major trends in the forecast period include voice control and ai integration, soundbars with immersive audio, wireless multi-room audio, compact and portable speakers, sustainability and eco-friendly materials.
Increased spending on entertainment products by consumers globally contributed to the growth of the loudspeakers market in the forecast period. Consumers are preferring external sound systems as a medium of home entertainment and there is an increasing consciousness about the quality of sound they are experiencing as a result of which they are willing to spend more on sound systems. For instance, in February 2022, according to the Digital Entertainment Group (DEG), a US-based industry association that advocates and promotes entertainment platforms, products, and distribution channels, consumer expenditure on home entertainment grew at an unprecedented rate in 2021, with total physical and digital home entertainment spending rising by 7.8% to a record $32.3 billion. There is plenty of growth potential in smart devices with embedded voice assistants and loudspeakers which enhance entertainment at home. Increased consumer expenditure on entertainment and consciousness of the quality of sound experienced increases the demand for different forms of loudspeakers which is driving the growth of the loudspeakers market.
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The loudspeakers and sound bars market covered in this report is segmented –
1) By Type Of Enclosure: Single Mounted; Multiple Mounted; Not Mounted
2) By Applications: Communication; Automotive; Film and Television; Club/Bar
3) By End User: Household; Commercial; Others End User
The loudspeakers and sound bars market report table of contents includes:
- Executive Summary
- Loudspeakers And Sound Bars Market Characteristics
- Loudspeakers And Sound Bars Market Trends And Strategies
- Loudspeakers And Sound Bars Market – Macro Economic Scenario
- Global Loudspeakers And Sound Bars Market Size and Growth
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- Global Loudspeakers And Sound Bars Market Competitive Benchmarking
- Global Loudspeakers And Sound Bars Market Competitive Dashboard
- Key Mergers And Acquisitions In The Loudspeakers And Sound Bars Market
- Loudspeakers And Sound Bars Market Future Outlook and Potential Analysis
- Appendix
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