Insights Into The Audio Equipment Market’s Growth Opportunities Through 2023-2032 – Includes Audio Equipment Market Overview
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
Growing demand for wireless audio devices are expected to drive innovation in audio equipment manufacturing, thus driving the market during the forecast period.
The global audio equipment market is expected to grow from $33.13 billion in 2022 to $34.05 billion in 2023 at a compound annual growth rate (CAGR) of 2.8%. The global audio equipment market size is expected to grow to $37.9 billion in 2027 at a CAGR of 2.7%.
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Global Audio Equipment Market Segments Include:
- By Type: Loudspeakers, Microphones, Amplifiers, Turntables, Other Types
- By End User: B2B, B2C
- By Technology: Wired, Wireless
- By Price Range: Low, Medium: High
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global audio equipment market in 2021.
Major Market Players in the audio equipment market include Sennheiser, Yamaha, Audio-Technica, Shure, AKG, Blue, Lewitt Audio, Sony, Takstar, and MIPRO.
The demand for wireless audio equipment market is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behaviour of consumers. Consumers are increasingly using mobile devices, tablets, and laptops to wirelessly play audio on speakers. Such consumer behaviour is driving the growth of Wi-Fi and Bluetooth-connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment includes Sonos Wi-Fi speakers, Bose’s SoundTouch system, and Amazon’s Echo speakers.
The Audio Equipment Global Market Report 2023 provides a audio equipment market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The audio equipment market forecast analyzes audio equipment market size, audio equipment market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Audio equipment is a device that is used for recording, reproducing, and processing sound. Audio equipment’s primary function is to reproduce, record, or process sound.
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