SAN FRANCISCO, May 25, 2021 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled “Loudspeakers – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: May 2021
Executive Engagements: 6599
Companies: 301 – Players covered include Altec Lansing, LLC; Amaoto Industrial Co., Ltd.; B&W Group Ltd.; Bang & Olufsen; Bose Corporation; Boston Acoustics, Inc.; Cambridge SoundWorks; Creative Technology Ltd.; DEI Holdings Inc.; DEI Holdings Inc.; Focus Audio, Inc.; German Physiks; Harbeth Audio Ltd.; Harman International Industries, Inc.; Jean-Marie Reynaud; Klipsch Group, Inc.; Nortek Inc.; Polk Audio; QLN AB; Sammi Sound Tech Co Ltd.; Sonance, Inc.; Sonos. Inc.; SpeakerCraft, Inc.; Velodyne Acoustics, Inc.; VOXX International Corporation; Yamaha Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Soundbars, Satellite/Subwoofer Speakers, Subwoofer Speakers, Outdoor Speakers, In-Wall Speakers, Other Product Segments)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Loudspeakers Market to Reach $8.8 Billion by 2026
Market prospects for loudspeakers closely follow consumer sentiments and confidence, disposable personal income levels, household debt levels, personal spending patterns especially on durable goods including entertainment products and penetration home audio equipment such as DVD/Blu-Ray players, MP3 players, Home Theater Systems, and PC media centers. Future growth in the market is poised to benefit from the growing use of mobile phones for playing digital music and the ensuing rise in popularity of portable, smartphone and tablet speakers, and docking speakers with wireless/Bluetooth capabilities. Portable speakers and soundbars will magnetize growth, given their primary advantage of high quality sound in a small form factor. Continuous investments in product R&D efforts by manufacturers will also help sustain growth by acting as a catalyst for value added innovation in feature and performance improvement.
Amid the COVID-19 crisis, the global market for Loudspeakers estimated at US$6.2 Billion in the year 2020, is projected to reach a revised size of US$8.8 Billion by 2026, growing at a CAGR of 5.9% over the analysis period. Soundbars, one of the segments analyzed in the report, is projected to grow at a 6.9% CAGR to reach US$3.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Satellite/Subwoofer Speakers segment is readjusted to a revised 5.6% CAGR for the next 7-year period. This segment currently accounts for a 30.8% share of the global Loudspeakers market.
The U.S. Market is Estimated at $1.7 Billion in 2021, While China is Forecast to Reach $1.8 Billion by 2026
The Loudspeakers market in the U.S. is estimated at US$1.7 Billion in the year 2021. The country currently accounts for a 27% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$1.8 Billion in the year 2026 trailing a CAGR of 9.1% through the analysis period. Among the other noteworthy geographic markets are Japan
The need to wirelessly beam streamed music into every room in a home is driving demand for wireless speakers. Wireless speakers are the fallout of the massive rise of digital music and the resulting collection of music on hand-held devices which brought portability into the spotlight as a vital need. Portable speakers, smart speakers, and soundbars are poised to benefit from the growing use of mobile phones for playing digital music. The ensuing rise in popularity of portable, smartphone and tablet speakers, and docking speakers with wireless/Bluetooth capabilities is also expected to boost further growth prospects.
Subwoofer Speakers Segment to Reach $1.2 Billion by 2026
In the global Subwoofer Speakers segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$654.8 Million in the year 2020 will reach a projected size of US$957.4 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$169.4 Million by the year 2026, while Latin America will expand at a 7.3% CAGR through the analysis period. More
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