The growing popularity of music streaming services, and
technological advancements in the consumer audio equipment market
drive the growth of the market. However, intense competition and
market saturation impedes market growth. Moreover, the rise in
popularity of wireless and portable devices is expected to create
lucrative opportunities for the key players operating in the market
during the forecast period.
WILMINGTON, Del., Sept. 18, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Consumer Audio
Equipment Market by Product (Microphones, Headphones,
Soundbars, Headsets, Speaker Systems, and Others), Technology
(Wired and Wireless), End User (Education, Government, Retail,
Hospitality, and Others), and Type (Stationary Consumer Audio
Equipment and Portable Consumer Audio Equipment): Global
Opportunity Analysis and Industry Forecast, 2024-2033".
According to the report, the "consumer audio equipment market" was
valued at $55.8 billion in 2023, and
is estimated to reach $93 billion by
2033, growing at a CAGR of 5.3% from 2024 to 2033.
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- 152-Tables
- 81-Charts
- 312-Pages
Prime determinants of growth
The consumer audio equipment market growth is driven primarily
by technological advancements, increase in demand for wireless
audio devices, and the popularity of streaming services.
Innovations in Bluetooth and Wi-Fi technologies have led to the
development of high-quality, wireless audio products such as
headphones, earbuds, and smart speakers. These devices offer
enhanced convenience, mobility, and compatibility with various
smart devices, attracting a broad consumer base.
Rise in adoption of smart home systems is another key factor.
Smart speakers integrated with voice assistants such as Amazon
Alexa and Google Assistant are becoming central to home automation,
boosting the demand for connected audio devices. In addition, the
surge in music and video streaming services has heightened consumer
expectations for high-fidelity audio, pushing manufacturers to
innovate in sound quality and user experience.
Furthermore, the surge in trend of home entertainment systems,
fueled by the need for immersive experiences, particularly in
gaming and home theaters, supports market growth. Price sensitivity
and the availability of diverse product ranges, from budget to
premium segments, also shape consumer preferences.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$55.8
billion
|
Market Size in
2033
|
$93 billion
|
CAGR
|
5.3 %
|
No. of Pages in
Report
|
312
|
Segments
Covered
|
Product, Technology,
End User, Type, and Region
|
Drivers
|
Surge in demand for
entertainment devices
Expanding home audio
Networking
Increasing gaming and
virtual reality (VR) usage
|
Opportunities
|
Popularity of wireless
and portable device
|
Restraint
|
High equipment
cost
|
The headphones segment dominated the market in
2023.
By product, the headphones segment held the highest market share
in 2023. The rise of wireless and true wireless (TWS) headphones
has revolutionized the consumer audio equipment market. These
headphones offer the convenience of cable-free listening, driven by
improvements in Bluetooth technology that ensure stable
connectivity and high-quality sound. The shift away from devices
with headphone jacks has increased the demand for TWS headphones,
appealing to users seeking portable and hassle-free audio
solutions. Moreover, noise-cancellation technology is a major trend
in the headphone market, addressing consumer desire for an
immersive listening experience amidst noise. Active
noise-cancelling (ANC) headphones are particularly sought after for
commuting, travel, and open-office environments. The increasing
demand for effective noise-cancellation is driving innovation,
enabling manufacturers to offer advanced ANC features at various
price points.
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The wireless segment dominated the market in
2023.
By technology segment, the wireless segment held the highest
market share in 2023. The popularity of true wireless earbuds
demonstrates a trend toward tiny, cable-free audio solutions. These
earphones eliminate cords, giving users freedom of movement and
ease. Manufacturers are improving features like battery life, audio
quality, and ergonomic design to appeal to mobile customers who
value portability. Furthermore, integration of technologies like
active noise cancellation (ANC) and touch controls enhances the
listening experience, making true wireless earbuds a preferred
choice for everyday activities such as commuting, workouts, and
casual listening. Moreover, continuous advancements in Bluetooth
and Wi-Fi technologies propel significant progress in wireless
audio equipment. These enhancements include faster data transfer
rates, greater connectivity range, and improved audio fidelity,
resulting in more seamless connections and enhanced user
experiences
Education segment dominated the market in 2023.
By end user, the education segment held the highest market share
in 2023. The trend toward integrating audio-visual learning tools
in education involves increasing adoption of technologies such as
classroom amplification systems and interactive displays. These
tools enhance multimedia learning experiences by providing clear
audio and visual aids that support modern teaching methods.
Manufacturers are focusing on developing audio equipment that
seamlessly integrates with educational technologies to improve
engagement and learning outcomes in diverse classroom
settings.
Furthermore, educational audio equipment is becoming integrated
with online learning platforms and virtual classrooms. This trend
promotes seamless communication and collaboration in digital
learning environments, allowing educators to deliver interactive
classes remotely. Features such as cloud-based recording and
real-time interaction tools improve accessibility and engagement,
making hybrid and distance learning programs more
effective.
Portable Consumer Audio Equipment segment dominated the
market in 2023.
By equipment type segment, the portable consumer audio equipment
segment held the highest market share in 2023. The shift toward
wireless technology, including Bluetooth and Wi-Fi, continues to
dominate the market. Consumers prefer devices that offer freedom
from cables, enhancing portability and convenience. Moreover,
Portable audio devices are increasingly integrated with smart
assistants such as Amazon Alexa, Google Assistant, and Apple's
Siri. This integration offers voice control and smart home
connectivity, attracting tech-savvy consumers. Moreover, rapid
urbanization and rise in disposable incomes in emerging markets
present significant opportunities for growth in the consumer audio
equipment sector.
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Asia-Pacific region held the
highest market share in 2023.
By region, Asia-Pacific
dominated the consumer audio equipment market in 2023. The
Asia-Pacific region is
experiencing rapid urbanization, coupled with increasing disposable
incomes among its population. This demographic shift is driving
higher consumer spending on entertainment and technology products,
including consumer audio equipment. There is an increased demand
for sophisticated audio solutions that cater to diverse consumer
preferences and lifestyle needs as urban centers grow and incomes
rise. Moreover, the widespread adoption of smartphones across
Asia-Pacific is fueling demand for
compatible audio devices. Headphones, earbuds, and wireless
speakers are increasingly popular for streaming music and
multimedia content on mobile platforms, reflecting a growing
consumer preference for portable and versatile audio
solutions.
Key Players: -
- Bose Corporation
- HARMAN International
- Koninklijke Philips N.V.
- Sennheiser Electronic GmbH And Co. KG
- Skullcandy, Sonos, Inc.
- Sony Corporation,
- VIZIO, Inc.
- Yamaha Corporation.
The report provides a detailed analysis of these key players in
the global consumer audio equipment market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, and agreements to
increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to showcase the competitive
scenario.
Recent Development
- In May 2024, Sonos, Inc. launched
headphones, Sonos Ace. The premium over-the-ear Bluetooth
headphones feature breathtaking lossless and spatial audio, Active
Noise Cancellation (ANC), and Aware Mode. Furthermore, it is
equipped with Sonos' new TrueCinema technology that offers precise
and immersive home theater experience.
- In December 2022, Sony
Corporation launched A Series Home Theatre Systems with HT-A5000
and HT-A3000 soundbars. The soundbar works well with Google
Assistant or Amazon Alexa-enabled devices. The HT-A5000 5.1.2
channel soundbar comes with a built-in dual subwoofer for deep bass
and two up-firing speakers that reflect sound off the ceiling for
immersive overhead audio. The HT-A3000 features 3.1 channels, three
front speakers including a dedicated center speaker for clear
dialogue, and a built-in dual subwoofer for deep bass.
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Consumer Audio Equipment Market Key Segments:
By Product
- Headsets
- Speaker Systems
- Microphones
- Headphones
- Soundbars
- Others
By Technology
By End User
- Education
- Government
- Retail
- Hospitality
- Others
By Type
- Stationary Consumer Audio Equipment
- Portable Consumer Audio Equipment
By Region
- North America: U.S.,
Canada, Mexico
- Europe: Germany, France, Italy, UK, Rest of Europe
- Asia-Pacific:
China, Japan, India,
South Korea, Rest of Asia-Pacific
- LAMEA: Latin America,
Middle East, Africa
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