The audio equipment market proficiently entails of sales of audio equipment and linked services that are optimized for entertainment, musical instrument amplification, motor vehicles, and public address. The Audio equipment is a device that is utilized for recording, reproducing, and processing the sound. The Audio equipment involve speaker systems, stereo equipment, and amplifiers for the musical instruments and public address systems.
According to the report analysis, ‘Audio Equipment Global Market Report 2020’ states that in the audio equipment global market there are several corporates which recently performing more actively for leading the highest market growth and dominating the handsome value of market share around the globe during the upcoming years while spreading the awareness related to the applications of such, delivering the better consumer satisfaction, decreasing the linked prices, employing the young work force, establishing the several research and development programs, implementing the profitable strategies, analyzing and studying the strategies and policies of competitors and government and enhancing the specifications of the production technologies includes Sennheiser, Yamaha, Audio-Tehcnica, Shure, AKG, Blue, Lewitt Audio, Sony, Takstar, and MIPRO.
The worldwide audio equipment market was worth USD 33.37 billion during 2019. It is projected to increase at a compound annual growth rate (CAGR) of -1.65% and reach USD 31.23 billion by 2023.
The audio equipment market is projected to be propelled by growing requirement for wireless audio devices. The ultimatum for wireless audio devices is increasing rapidly owing to changing consumers’ behavior in media consumption and developing popularity of mobile devices. The Consumers are increasingly optimizing their mobile devices, laptops and tablets to play audio on speakers wirelessly, which is influencing the growth of Wi-Fi and Bluetooth connected speakers. Businesses such as Samsung, Sony, LG and Bose are beginning wireless audio products.
The audio equipment market has been geographically classified into North America, Western Europe, Asia-Pacific, Eastern Europe, South America and Middle East & Africa. The North America was the greatest region in the audio equipment market during 2019.
The requirement for wireless audio equipment market is developing rapidly owing to the augmenting the popularity of mobile devices and changing media consumption behavior of customers. Consumers are progressively using mobile devices, tablets and laptops to wirelessly play audio on the speakers. Such purchaser behavior is effectively influencing the growth of Wi-Fi and Bluetooth connected speakers. To capitalize on the developing popularity of wireless audio equipment, constructers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also introducing the wireless audio products or platforms. Prevalent Wi-Fi audio equipment involve Sonos Wi-Fi speakers, Bose’s Sound Touch system, and Amazon’s Echo speakers.
During September 2019, the US based entity, Sonance announced that it has entered into an agreement with James Loudspeaker to procure James for an undisclosed amount. The objective of the deal is to combine engineering technology to reinforce their focus of providing higher acoustic performance in products by giving innovative approaches. James Loudspeaker is a US based entity and a trendsetter in both high performance residential and commercial audio explanations. It introduces products for exclusive homes, forward-thinking businesses, and expensive marine applications. Therefore, in the near years, it is predicted that the market of audio equipment will increase around the globe more effectively over the inflowing years.
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Ankur Gupta, Head Marketing & Communications