Loudspeaker Market Size, COVID-19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1217
Loudspeaker Market size is slated to proliferate at a rapid pace over 2021-2027, as a result of the rising popularity of advanced devices such as powered speakers, coupled with the ever-increasing electricity consumption worldwide. On average, the loudspeaker systems consume up to 100-W of power, depending on the audio’s loudness, speaker sensitivity, as well as the volume of the amplifier. In addition, extensive deployment of Wi-Fi networks, rapid advances in technology, and subsequent launch of innovative systems including smart speakers will further add impetus to the market growth in the coming years.
Mounting production of Bluetooth- and Wi-Fi-enabled audio systems, alongside the growing internet penetration, are among the key trends bolstering the overall loudspeaker market expansion. JBL, for instance, unveiled its Clip 4 & Go 3 miniature Bluetooth speakers in 2020, with enhanced improvements in terms of design and features from their predecessors, such as IP67 water and dust-proofing capabilities, to meet the escalating need for tech-enabled devices.
In terms of segmentation by product, the soundbar segment is expected to account for a remarkable share by 2027, considering its cost-effective nature as compared to the home cinema systems with numerous speakers. Myriad other benefits such as compact size and high access to streaming systems such as Wi-Fi and Bluetooth will also broaden the soundbar loudspeaker application scope over the forecast spell. However, its limited range of connections unlike the average amplifiers or receivers may hinder the segment growth to some extent.
On the regional front, the Asia Pacific loudspeaker market is set to depict a high growth rate through 2027, on account of the gradual recovery in the demand for smart speakers from the coronavirus pandemic and the accelerating number of music listeners in emerging countries like China and India. Indian music streaming service Gaana recorded a significant hike of 35 million listeners over a time span of 6 months in 2020.
The global loudspeaker market is bolstered by the presence of key companies such as Sonance, Harman International (Samsung Electronics), Klipsch Audio Technologies (Voxx International), Creative Labs, Inc., B&W (Denon, EVA Automation, and DEI Holdings), Boston Acoustics (Denon), Altec Lansing, Audiovox Corporation, Beats Electronics (Apple), Polk Audio, Definitive Technology, Cambridge SoundWorks, Yamaha Corporation of America, Bose Corporation, and Sony, among others.
These firms are incorporating various strategies like new product launches and M&A to expand their stance across the global market. For instance, in January 2021, Sony unveiled its new SRS-RA5000 & SRS-RA3000 wireless home speakers based on its Immersive Audio Enhancement & 360 Reality Audio technologies to deliver unique user experiences. In October 2020, Sound United LLC announced the acquisition of Bowers & Wilkins, with an objective to combine their expertise and expand the portfolio of the premium audio brands.
Impact of Rapid Digitalization During COVID-19 on Loudspeaker Market Trends:
The ongoing coronavirus pandemic has posed a major impact on the theatrical and home or mobile entertainment sectors, due to the temporary closure of movie theaters as well as production studios to curb the spread of the virus. The implementation of stay-at-home and other strict measures and its resultant impact on the entertainment industry has also affected the industry demand to a certain extent, mainly from commercial applications.
However, rapid digitalization and the introduction of audio & video streaming services, along with the significant loosening of COVID-19 restrictions across the globe, may lead to a steady rise in the adoption of different types of loudspeakers for home entertainment in years ahead. The digital entertainment sector witnessed a considerable surge in revenue to $61.8 billion in 2020, an increase of 31%, which could create a favorable outlook for the industry over the foreseeable future.
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