The Audio Equipment Market is gaining momentum as businesses are launching technologically advanced home audio equipment with different advanced technologies

The Audio Equipment Market size was valued at USD 36.01 Bn. in 2023 and the total revenue is expected to grow by 6.73% from 2024 to 2030, reaching nearly 56.81 Bn. Audio equipment industry comprises enterprises that operate by manufacturing, producing and providing audio devices and related materials that are meant for various audio uses in various industries. Any device used to record, recreate, or process sound is considered audio equipment. Speaker systems, instrument amplifiers, microphones, stereos, tape recorders, mixing consoles, radios, and AV receivers are examples of audio equipment. The manufacturing, distribution, and retailing of various audio equipment for use in automobiles, home entertainment systems, or special events make up the audio equipment industry. Audio equipment is designed by audio product engineers, whom the manufacturing companies rely on for continual product innovation. In order to take advantage of high-speed data streaming, internet-only entertainment, and cutting-edge music storage technology, more people are calling for faster web connectivity. Technologies for speech recognition are becoming more crucial as various sectors try to include voice recognition to draw clients. According to MMR Analysts, technological advancements, product innovation, and consumer desire for high-quality content are driving market growth across the world. Thanx to extensive urbanisation and rising disposable income, South America, the Middle East, and Asia-Pacific are all experiencing tremendous growth.Audio Equipment MarketTo know about the Research Methodology :- Request Free Sample Report

Research Methodology:

The report is the outcome of a complex research methodology that involved extensive secondary research, demanding primary interviews with industry stakeholders, validation and triangulation utilizing Maximize Market Research's own database, and statistical techniques. Analysts have performed thorough primary and secondary research to gain swiveling insights into the audio equipment market. As a result, report were better able to comprehend current market dynamics, the supply-demand imbalance, pricing trends, product preferences, customer behaviors and other factors. Primary research was used to further validate the findings with industry professionals and opinion leaders from other nations. Through a variety of market estimation and data validation procedures, the data is further collated and validated. In addition, we have a model for internally generated data that forecasts market growth until 2030.

Audio Equipment Market Dynamics:

Growing Adoption of Audio Equipment across the World Audio equipment retailers buy audio products from manufacturers and distributors and then sell them to customers inside their physical stores. The home entertainment market's PCs and game consoles, which are increasingly able to produce audio without the need for extra audio equipment accessories, as well as the many audio equipment producers are always in rivalry with one another. The demand for audio equipment is influenced by consumer personal income and how rapidly new developments in audio equipment are identified. Modern studios, complexes, bedroom studios, specialized home studios, semi-pro studios, and pro studios all make considerable use of audio equipment including DAW, audio interface, audio monitors, and others for improved sound quality. For instance, Sony's 360-reality audio provides a superior audio experience to the user in the creation of motion pictures, graphics & animations, and video games. Therefore, the market benefits from the newest features and improvements in professional audio equipment. Growing Demand For Audio Equipment One of the most popular types of audio and sound equipment worldwide is headphones and earbuds. Vendors have sent more and more headphones over the world over time. In 2020, 549 million headphones were supplied, a significant increase from the numbers recorded in 2013. Shipments of wearable bands and true wireless stereo (TWS) headsets are expected to rise even more in the upcoming years, in part due to the widespread use of Apple's AirPods. There are now more affordable solutions available from businesses like Xiaomi and Jabra in addition to new TWS offerings from rival manufacturers like Sony and Bose. The market for audio equipment is growing thanks to factors such the increase in demand for HD and ultra HD sound quality, the increased adoption of Wi-Fi and Bluetooth­ based devices, and the simplicity of network connectivity. Remote access to these devices is made possible by improvements in audio equipment communication via a smart network or other local area network. As a result, the development in wireless communication has increased the demand for devices that house professional audio equipment. In addition, the market for professional audio equipment is presented with attractive potential by the increase in investment in the development of voice-enabled smart interactive gadgets. Rising Expenditure on Audio Equipment The need for professional audio equipment is expected to rise as a result of the rising trend of increased expenditures on international festivals and music events. It is expected that the growing number of trade exhibits, motion picture and television productions, exhibitions, music performances, and sporting events would increase demand for a variety of cutting-edge audio amplifiers. For instance, 32 million people attend at least one music festival each year in the US. The market is being driven by the increase in automotive audio equipment. Without sacrificing any of the features or functionality of the car, a premium system can replace the factory amp with a small group of amplifiers and a sound processor. The demand for cars is expected to rise effectively with an increase in manufacturing. However, the market's growth is constrained by costly setup and maintenance costs.

Audio Equipment Market Segment Analysis:

By Product, the Audio Equipment Market is segmented into Mixers, Amplifiers, Microphones, Audio Monitors, and Others. Microphone segment held the largest market share in 2023. Manufacturers are evaluating the need for better audio in these settings as a result of the fact that practically everything is now done from home, including TV productions, education, health and wellness, and regular employment. As a result, new products are being introduced to the market. For instance, Shure announced the release of its new MV5C Home Office Microphone in October 2020, which is intended for professionals and executives who work from home. The company said in introducing the new mic that it would meet the demands of professionals of all levels in the new era of virtual collaboration with a product that offers the best audio quality by putting the user's voice and not the surroundings first. Audio accessories are meeting the market's growing demand. The products listed for professional sound reproduction in installation, broadcast, film, and field applications are miniature microphones and accessories. Players are making investments to expand their technology as demand increases.Audio Equipment Market

Audio Equipment Market Regional Insights:

In 2023, North America dominated the market with the largest market share, followed by the Asia Pacific. The increased use of e-commerce platforms to buy entertainment devices is expected to propel the North American audio equipment market to grow at a significant rate through the forecast period. The Department of Commerce's Census Bureau estimates that the U.S. retail e-commerce industry generated USD 250.0 billion in sales in May 2023, an increase of 2.4% from Q4 2022. The estimated e-commerce market for Q1 2023 grew 6.6% from Q1 2022. Manufacturers of audio equipment are distributing a wide range of products online in order to increase their global customer base. Thanks to the presence of a strong IT infrastructure, internet channels are gaining market share overall. Due to the substantial presence of major e-commerce businesses like eBay Inc. and Etsy, the region is expected to increase during the forecast period. As more online merchants offer various discounts and package offers that provide a practical benefit to save money on audio equipment, the market statistics for that equipment is expected to improve. Asia Pacific is expected to grow at a rapid rate through the forecast period. The high acceptance of smart homes, particularly in India, Japan, and Australia, are the primary driver of the region’s growth. Governments are also encouraging the construction of smart cities in the area, which is facilitating business growth. As more customers pick integrated media devices that can be controlled remotely and are always connected to other devices, the business is expected to grow through the forecast period.

Competitive Landscape

To diversify their product lines and provide highly optimised gadgets, the companies are involved in product development and innovation operations. For instance, Sonos, Inc. purchased Mayht Holding BV (Mayht) in April 2022; Mayht develops cutting-edge audio transducer solutions. These gadgets are essential parts of speakers that produce sound. Without sacrificing quality, Mayht reengineered them for lighter and smaller form factors. Mayht wants to develop a speaker technology that will make it possible to squeeze more parts into a smaller space while using less electricity. Enhancing competitive advantage and speeding their future roadmap are the main concerns of market participants.Audio Equipment MarketThe sales of smart speakers, which are speakers with built-in voice assistants, have surged along with their popularity in recent years. In 2022, Google was the second-largest vendor in terms of units shipped, after Amazon. By the end of 2022, analysts expected that these two titans will have shipped a total of 74.5 million units, surpassing Apple's five million sales, their closest competitor. To generate a sizable profit, practically all independent companies in the audio equipment market around the world rely on efficient manufacturing procedures and successful marketing and distribution plans. Small businesses stay competitive by concentrating their efforts on offering specialised parts and products for various systems in order to appeal to a certain clientele. Large companies with a strong foothold in the market have benefits in their production, distribution, and advertising procedures that offer them a competitive edge in the audio equipment market.

Audio Equipment Market Scope: Inquire before buying

Audio Equipment Market
Report Coverage Details
Base Year: 2023 Forecast Period: 2024-2030
Historical Data: 2018 to 2023 Market Size in 2023: US $ 36.01 Bn.
Forecast Period 2024 to 2030 CAGR: 6.73% Market Size in 2030: US $ 56.81 Bn.
Segments Covered: by Product Mixers Amplifiers Microphones Audio Monitors Others
by Type Wired Wireless
by Distribution Channel Hypermarkets/Supermarkets Online Retail Others
by End User Commercial Automotive Home Entertainment Other

Audio Equipment Market, by Region

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (Brazil, Argentina, Columbia and Rest of South America)

Audio Equipment Market Key Players are:

1. Yamaha Corporation(Japan) 2. Onkyo (Pioneer)(Japan) 3. Alpine Electronics(Japan) 4. Sony(Japan) 5. Panasonic(Japan) 6. Kenwood Corporation(Japan) 7. Allen & Heath(US) 8. D+M Group (Sound United)(US) 9. VOXX International(US) 10.Bose(US) 11.Harman(US) 12.VIZIO(US) 13.Nortek(US) 14.Behringer (Germany) 15.LG (South Korea) 16.Samsung(South Korea) 17.Creative Technologies(Singapor) 18.EDIFIER (China) FAQs: 1. What is the study period of the market? Ans. The Global Audio Equipment Market is studied from 2023-2030. 2. What is the growth rate of the Audio Equipment Market? Ans. The Audio Equipment Market is growing at a CAGR of 6.73% over forecast the period. 3. What is the market size of the Audio Equipment Market by 2030? Ans. The market size of the Information Technology Market by 2030 is expected to reach at 56.81 Bn. 4. What is the forecast period for the Audio Equipment Market? Ans. The forecast period for the Audio Equipment Market is 2024-2030. 5. What was the market size of the Audio Equipment Market in 2023? Ans. The market size of the Audio Equipment Market in 2023 was valued at USD 36.01 Bn.
1. Global Audio Equipment Market: Research Methodology 2. Global Audio Equipment Market: Executive Summary 2.1 Market Overview and Definitions 2.1.1. Introduction to Global Audio Equipment Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Audio Equipment Market: Competitive Analysis 3.1 MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2 Consolidation in the Market 3.2.1 M&A by region 3.3 Key Developments by Companies 3.4 Market Drivers 3.5 Market Restraints 3.6 Market Opportunities 3.7 Market Challenges 3.8 Market Dynamics 3.9 PORTERS Five Forces Analysis 3.10 PESTLE 3.11 Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • South America 3.12 COVID-19 Impact 4. Global Audio Equipment Market Segmentation 4.1 Global Audio Equipment Market, by Product (2023-2030) • Mixers • Amplifiers • Microphones • Audio Monitors • Others 4.2 Global Audio Equipment Market, by Type (2023-2030) • Wired • Wireless 4.3 Global Audio Equipment Market, by Distribution Channel (2023-2030) • Hypermarkets/Supermarkets • Online Retail • Others 4.4 Global Audio Equipment Market, by End User (2023-2030) • Commercial • Automotive • Home Entertainment • Other 5. North America Audio Equipment Market(2023-2030) 5.1 North America Audio Equipment Market, by Product (2023-2030) • Mixers • Amplifiers • Microphones • Audio Monitors • Others 5.2 North America Audio Equipment Market, by Type (2023-2030) • Wired • Wireless 5.3 North America Audio Equipment Market, by Distribution Channel (2023-2030) • Hypermarkets/Supermarkets • Online Retail • Others 5.4 North America Audio Equipment Market, by End User (2023-2030) • Commercial • Automotive • Home Entertainment • Other 5.5 North America Audio Equipment Market, by Country (2023-2030) • United States • Canada • Mexico 6. Europe Audio Equipment Market (2023-2030) 6.1. European Audio Equipment Market, by Product (2023-2030) 6.2. European Audio Equipment Market, by Type (2023-2030) 6.3. European Audio Equipment Market, by Distribution Channel (2023-2030) 6.4. European Audio Equipment Market, by End User (2023-2030) 6.5. European Audio Equipment Market, by Country (2023-2030) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Audio Equipment Market (2023-2030) 7.1. Asia Pacific Audio Equipment Market, by Product (2023-2030) 7.2. Asia Pacific Audio Equipment Market, by Type (2023-2030) 7.3. Asia Pacific Audio Equipment Market, by Distribution Channel (2023-2030) 7.4. Asia Pacific Audio Equipment Market, by End User (2023-2030) 7.5. Asia Pacific Audio Equipment Market, by Country (2023-2030) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Audio Equipment Market (2023-2030) 8.1 Middle East and Africa Audio Equipment Market, by Product (2023-2030) 8.2. Middle East and Africa Audio Equipment Market, by Type (2023-2030) 8.3. Middle East and Africa Audio Equipment Market, by Distribution Channel (2023-2030) 8.4. Middle East and Africa Audio Equipment Market, by End User (2023-2030) 8.5. Middle East and Africa Audio Equipment Market, by Country (2023-2030) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. South America Audio Equipment Market (2023-2030) 9.1. South America Audio Equipment Market, by Product (2023-2030) 9.2. South America Audio Equipment Market, by Type (2023-2030) 9.3. South America Audio Equipment Market, by Distribution Channel (2023-2030) 9.4. South America Audio Equipment Market, by End User (2023-2030) 9.5. South America Audio Equipment Market, by Country (2023-2030) • Brazil • Argentina • Rest Of South America 10. Company Profile: Key players 10.1 Yamaha Corporation(Japan) 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2 Onkyo (Pioneer)(Japan) 10.3 Alpine Electronics(Japan) 10.4 Sony(Japan) 10.5 Panasonic(Japan) 10.6 Kenwood Corporation(Japan) 10.7 Allen & Heath(US) 10.8 D+M Group (Sound United)(US) 10.9 VOXX International(US) 10.10 Bose(US) 10.11 Harman(US) 10.12 VIZIO(US) 10.13 Nortek(US) 10.14 Behringer (Germany) 10.15 LG (South Korea) 10.16 Samsung(South Korea) 10.17 Creative Technologies(Singapor) 10.18 EDIFIER (China)