Loudspeaker Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 7.27 Billion |
| Market Size (2029) | USD 9.94 Billion |
| CAGR (2024 - 2029) | 6.47 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Loudspeaker Market Analysis
The Loudspeaker Market size is estimated at USD 7.27 billion in 2024, and is expected to reach USD 9.94 billion by 2029, growing at a CAGR of 6.47% during the forecast period (2024-2029).
The increasing use of loudspeakers for communication purposes and the increasing use of multimedia equipment and digital modes of presentation in the corporate environment (ranging from investor presentations to gamification of employee metrics) stand to be two significant factors expected to boost the market growth for loudspeakers in the future.
- Increasing the use of loudspeakers for aural communication is driving the market. Acoustic communication systems, such as conferences, seminars, and attending events with large audiences, have increased the use of loudspeakers to a considerable extent. The compact size of in-wall loudspeakers is driving the market. These speakers are economical, have a level-headed sound range, and gradually replace the tower and individual speakers. They are also generally used in cafes and restaurants as they occupy less space.
- The demand for wireless audio technology is quickly expanding as a result of the growing prevalence of portable gadgets and shifting customer media consumption habits. Consumers are rapidly employing smartphones, tablets, and computers to broadcast audio on loudspeakers wirelessly. Such user behavior is propelling the proliferation of Wi-Fi and Bluetooth-enabled speakers.
- The global demand for voice-assisted speakers is expected to gain momentum over the forecasted period, which is expected to impact the demand for non-smart speakers over the coming years. This demand is pushing vendors to offer voice-assisted solutions. For instance, recently, Bose introduced the Smart Soundbar 900 with Dolby Atmos, which comes with support for Google Assistant and Alexa voice control. The speaker also features Wi-Fi and Bluetooth, a simple app for touch control, and is compatible with Spotify Connect and AirPlay 2.
- The COVID-19 pandemic had a notable impact on the growth of loudspeakers such as soundbars and subwoofers. As people were forced to spend most of their time within their houses due to travel restrictions, audio systems slowly became essential in every household. The enhanced audio experience offered by these devices enabled people to enjoy different types of content, from movies and free e-books to gaming. Furthermore, the rising trends of OTT platforms during the pandemic have contributed to market growth and are expected to increase over the forecast period.
However, harmful health consequences for children and other user groups and controlling frequency rules and regulations by the government are the major factors that may hinder the loudspeaker market's growth.
Loudspeaker Market Trends
This section covers the major market trends shaping the Loudspeaker Market according to our research experts:
Soundbars demand is expected to grow during the forecast period
- Soundbars are one of the most sought-after pieces of equipment for a quick upgrade of home audio entertainment systems for TVs, and 3D soundbars are one of the latest offerings in this category. To simulate the 3D sound effect, soundbars use a combination of angled drivers to bounce sound beams off the walls and ceiling and clever processing.
- In August 2022, JBL launched a 3D soundbar that includes the JBL 1000. The 7.1.4-channel JBL Bar 1000 is a genuine home theater experience without cables, with four up-firing speakers that offer Dolby Atmos and DTS:X 3D stereo sound.
- Demand for soundbars increased with the widespread shutdown, and travel restrictions caused individuals to spend more time at home, considerably fueling demand for digital material. Streaming platforms, including video and audio, became popular, with significant growth in subscriber numbers. For example, according to Spotify, Spotify's paying member base went from 130 million in Q1 2020 to 155 million in Q4 2020 and 188 million at the end of Q2 2022.
- In recent years, there has been a change in media consumption, i.e., from offline to online, especially since the arrival of OTT platforms. The increasing penetration of subscription-based platforms, such as Amazon Prime, Netflix, Spotify, etc., is complementing the growth of soundbars as they provide viewers with enhanced sound quality. According to the Recording Industry Association of America (RIAA), in the first half of 2021, the streaming service revenue of the US music industry reached USD 5.9 billion. Such tendencies are projected to produce a favorable market setting for the industry's growth.
- The increasing penetration of home entertainment systems and the need for enhanced sound quality are rising as disposable income increases in developing regions of Asia Pacific and MENA, driving the demand for soundbars. This trend is expected to be continued globally through the forecast period.
North America to Account for Significant Market Growth
- The North American market is a huge market for loudspeakers and is expected to grow at a considerable pace throughout the forecast period. High technology adoption in countries such as the U.S. and Canada, along with the presence of significant players in the region, such as Bose Corporation and Avalon Acoustics, among others.
- Smart speakers and stereo speaker systems will also expand dramatically, with a multimillion-dollar market expected by 2024. Smart speakers have emerged as the fastest-growing product in the smart home technology arena in recent years. Established companies like Amazon.com, Apple, and Google are investing in intelligent speaker wireless technology or entirely in the development of smart speaker wireless multi-room audio streaming systems.
- Increased accessibility to entertainment products has come from the emergence of digitalization trends in the electronics sector. Consumers are buying more home theater equipment, like loudspeakers, because current products are getting better and because new, better connected loudspeakers are coming out.
- Ownership of voice-enabled speakers is growing faster than any other household electronic device. Consumers are replacing conventional home loudspeakers with AI-enabled speakers due to their multifunctional capabilities and ability to communicate with other devices, which in turn is expected to boost market growth over the forecast period.
According to a Consumer Technology Association survey, 41% of households in the United States already have a smart speaker, and 23% expect to get one within the next year. Home theater solutions are becoming increasingly popular. TVs (91%), internet streaming equipment, and DVD/Blu-ray machines (both at 55%) are the most popular goods on the market; soundbars (36%, up six points) are likewise popular. For the first time, more than half of all U.S. homes (52%) had a 4K Ultra HD TV, a 16-point gain from 2020 and the highest growth rate of any product assessed. Thus, these growth developments across the nation are expected to boost the demand for loudspeakers over the coming years.
Loudspeaker Industry Overview
The loudspeaker market is fragmented as changing consumer demands push companies to innovate to attract more consumers. The competition in this market has intensified over the years, with companies launching a multitude of products to attract consumers. Some of the key players in the market are KEF, Bose Corporation, Sonance, Cerwin Vega, and Wharfedale.
In October 2022, Alta Audio revealed the availability of their newest product, the Reference Titanium Hestia II. The Titanium Hestia II retails for USD 37,500 in a high-gloss black onyx appearance and is a three-way floorstander featuring open-back D'Appolito drives and a 10-inch bottom woofer.
In October 2022, Electro-Voice unveiled the worldwide release of the EVERSE 8, revolutionary weatherproof battery-powered loudspeakers with Bluetooth sound and control suited for applications such as live performance, speaker reinforcement, audio streaming, DJs, musicians, production and rental firms, and more.
Loudspeaker Market Leaders
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KEF
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Bose Corporation
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Sonance
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Cerwin Vega
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Wharfedale
*Disclaimer: Major Players sorted in no particular order
Loudspeaker Market News
- September 2022: Polaroid, an American photography business, launched a new development of its brand, Polaroid Music, which includes numerous new items and an associated app. The firm introduced four new speakers: P1, P2, P3, and P4.
- August 2022: Ultimate Ears, a trademark of Logitech, expanded its popular collection of portable Bluetooth speakers. The expansion includes the much-anticipated release of WONDERBOOM 3 and a new color for the popular HYPERBOOM.
- July 2022: PSB, a Canadian audio firm, introduced the Passif 50 loudspeaker. The speaker's performance is stated as being superior to previous versions; the titanium dome tweeter employs strong neodymium magnet and ferrofluid absorption for better output, improved power management, and decreased distortion.
- May 2022: The Moon launched voice 22 loudspeakers. Simaudio's Voice 22 is a stand-mounted loudspeaker representing 40 years of sound design. The Voice 22 may be used on any surface since it features a Hover Base design that provides stability and reduces vibration.
- March 2022 : Steinway Lyngdorf announced the release of the innovative free-standing Steinway & Sons Model A loudspeakers. The innovative Model A is a full-range loudspeaker that delivers the famed Steinway & Sons audio quality from a loudspeaker that is particularly built for installation against a wall.
Loudspeaker Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Demand For Wireless Speakers In Home Entertainment
4.2.2 Compact Size of In-Wall Loudspeakers
4.3 Market Restraints
4.3.1 Harmful Health Effects on Children And Operating frequency rules and regulations by the Government
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porter's Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Impact of COVID-19 on the market
5. MARKET SEGMENTATION
5.1 Product
5.1.1 Soundbar
5.1.2 Subwoofer
5.1.3 In-wall
5.1.4 Outdoor
5.1.5 Other Product Types
5.2 Application
5.2.1 Communication
5.2.2 Home Entertainment
5.2.3 Automotive
5.2.4 Events and Outdoor Entertainment
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia Pacific
5.3.4 Latin America
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 KEF Audio UK Ltd
6.1.2 Sonance
6.1.3 Bose Corporation
6.1.4 Cerwin Vega
6.1.5 Wharfedale
6.1.6 Bowers & Wilkins (EVA Automation)
6.1.7 Behringer (Music Tribe Global Brands Ltd)
6.1.8 Peavey Electronics Corporation
6.1.9 Klipsch Audio Technologies
6.1.10 Jamo (Klipsch LLC)
6.1.11 Dynaudio AS
6.1.12 Vandersteen Audio Inc.
6.1.13 Koninklijke Philips NV
6.1.14 Amazon
6.1.15 Alphabet
6.1.16 Harman International
6.1.17 Sonos Inc.
6.1.18 Baidu
6.1.19 Lenovo
6.1.20 Sony Corporation
6.1.21 Alibaba Group Holding Ltd
6.1.22 Onkyo Corporation
6.1.23 Panasonic Corporation
- *List Not Exhaustive
7. INVESTMENT ANALYSIS
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
Loudspeaker Industry Segmentation
The loudspeaker is an electronic transducer that converts an electrical audio signal into a corresponding sound. The growing popularity and increasing applications of loudspeakers in different places are among the key drivers of the loudspeaker market. The market is growing as loudspeakers have become a top priority for outdoor and indoor entertainers.
The Loudspeaker Market is segmented by Product (Soundbar, Subwoofers, In-wall, Outdoor, Other products), by Application (Communication, Home Entertainment, Automotive, Events, and Outdoor Entertainment), and by Geography (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa). The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
| Product | |
| Soundbar | |
| Subwoofer | |
| In-wall | |
| Outdoor | |
| Other Product Types |
| Application | |
| Communication | |
| Home Entertainment | |
| Automotive | |
| Events and Outdoor Entertainment |
| Geography | |
| North America | |
| Europe | |
| Asia Pacific | |
| Latin America | |
| Middle East and Africa |
Loudspeaker Market Research FAQs
How big is the Loudspeaker Market?
The Loudspeaker Market size is expected to reach USD 7.27 billion in 2024 and grow at a CAGR of 6.47% to reach USD 9.94 billion by 2029.
What is the current Loudspeaker Market size?
In 2024, the Loudspeaker Market size is expected to reach USD 7.27 billion.
Who are the key players in Loudspeaker Market?
KEF, Bose Corporation, Sonance, Cerwin Vega and Wharfedale are the major companies operating in the Loudspeaker Market.
Which is the fastest growing region in Loudspeaker Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Loudspeaker Market?
In 2024, the North America accounts for the largest market share in Loudspeaker Market.
What years does this Loudspeaker Market cover, and what was the market size in 2023?
In 2023, the Loudspeaker Market size was estimated at USD 6.83 billion. The report covers the Loudspeaker Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Loudspeaker Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Loudspeaker Industry Report
The report covers the global speaker industry trends and is segmented by product, application, and geography. The market sizes and forecasts are provided in terms of value for all the segments. The report includes a market forecast outlook and historical overview. The industry report provides insights into the market outlook, market size, and market share. It highlights the industry trends and market reports, offering a comprehensive market overview.
The industry research delves into the market segmentation and market value, providing detailed industry analysis and industry information. The report also includes market data and market forecast, shedding light on the market growth and market predictions. The industry outlook and industry reports offer a thorough market review, covering market leaders and industry sales.
The report example and report PDF are available for a deeper understanding of the market statistics and industry trends. The research companies have compiled the industry profile, industry profiles, and industry analysis, making it a valuable resource for understanding the market dynamics. The market report and market reports provide an extensive look at the market overview and market segmentation, ensuring a well-rounded analysis of the market.
Overall, the report is a comprehensive guide to the global speaker industry, offering valuable insights into the market trends, market outlook, and market growth. The industry size and industry statistics are meticulously analyzed, providing a clear picture of the market landscape. The report is an essential tool for anyone looking to understand the market value and market predictions in the speaker industry.
