Market Overview:
The global consumer audio market is estimated to reach USD 138 billion by 2026, registering a CAGR of 14.2% during the forecast period of 2020–2026.
Consumer audio comprises audio electronics intended for home entertainment use, such as shelf stereos, music centers, and surround sound receivers. These equipment are designed to have pleasing looks, and they are meant to sound just pleasing. However, these consumer equipments can seldom fulfill the needs of a serious music producer, audiophile and anyone who is seriously interested in the sound quality rather than looks. The ever-increasing demand from consumers for new features, better quality and lower prices put a constant strain on audio and electronics manufacturers to differentiate on cost efficiency, shorter time to market and outstanding performance. Some of the factors fueling the growth of the global Consumer Audio Market include rising demand for infotainment devices, increasing adoption of advanced wireless audio devices, and proliferation of connected homes. Moreover, increasing demand for home theaters and LCDs is expected to create opportunities in the global market. However, bandwidth constraints and health concerns of audio systems might hamper the market growth over the forecast period.
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Consumer Audio Market – Segmentations
According to MRFR, the global consumer Audio Market has been segmented based on product, connectivity, and region.
The demand for consumer audio is expected to increase due to the rising adoption of wireless audio devices from commercial sectors. Furthermore, the growing demand for IoT and shift to wards smart homes in developing countries are also expected to propel market growth. However, health issues resulting from prolonged use of audio devices might hamper the market growth over the forecast period.
By product, the global consumer Audio Market has been segmented into headphones, headsets, speaker systems, sound bars, microphones, and others. Sound bars are designed for apartments or venues where discrete speakers are not desired throughout the room. Self-powered sound bars often support a wireless subwoofer for maximum bass response, which can be conveniently located anywhere in the room. Home theatre speaker system is a combination of electronic components designed to recreate the experience of watching a movie in a theater. A home theater system enables you to reproduce the sound and video quality of a commercial movie theater in one’s own living room. A basic home theater system consists of a television, a DVD or Blu-ray player, an A/V receiver that supports surround sound, and five speakers.
By connectivity, the global consumer Audio Market has been segmented into wired and wireless. The integration of wireless technologies in an IC leads to the development of cost-effective and compact wireless audio devices. Consumers are opting for such technologies due to uninterrupted connectivity to different devices from their smartphones. Bluetooth, GPS, and Wi-Fi, among other technologies, increase the utility of smartphones by offering them high-speed connectivity.
Key Players
Some of the prominent players operating in the consumer audio market are Apple Inc., HARMAN International Industries, Inc., Bose Corporation, Sonos, Inc., Sony Corporation, DEI Holdings, Inc., Sennheiser Electronic GmbH Co. Kg, VIZIO, Inc., VOXX International Corporation, Plantronics, Inc., Ossic Corporation, Phazon, Trüsound Audio, Jam, Earin, Human Inc., Bragi, Jaybird, Devialet, and Dali A/S.
Consumer Audio Market – Regional Analysis
By region, the consumer Audio Market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. North America dominated the consumer Audio Market in 2019 and is expected to maintain its dominance throughout the forecast period. The emergence of industrial IoT and digitization is expected to propel the demand for consumer audio systems in this region. On the flip side, Asia-Pacific is expected to witness the fastest growth over the forecast period. The increasing deployment of data centers in developing countries is one of the major factors fueling the regional market growth.
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