Market Definition:
According to a report by Altus Market Research titled, “Global Loudspeakers Market 2022 Opportunities And Strategies To 2030: COVID-19 Impact and Recovery Including: By Type Of Enclosure: (Single Mounted; Multiple Mounted; Not Mounted); By End User: (Household; Commercial)”, the global loudspeakers market reached a value of nearly $4,602.7 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $4,602.7 million in 2020 to $6,168.1 million in 2025 at a rate of 6.0%. The market is then expected to grow at a CAGR of 6.7% from 2025 and reach $8,544.1 million in 2030.
Growth Drivers:
The global loudspeakers market growth in the historic period resulted from strong economic growth in emerging markets, increasing use of in-wall loudspeakers, growing population, rise in disposable income across developing countries and growth in e-commerce for consumer electronics.
Going forward, increasing consumer spending on entertainment, increasing penetration of Wi-Fi enabled loudspeakers and development of smart cities will drive the growth. Factors that could hinder the growth of the loudspeakers market in the future include negative effect on health.
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Market Growth by Segments:
The loudspeakers market is segmented by type of enclosure into single mounted, multiple mounted, and not mounted. The multiple mounted market was the largest segment of the loudspeakers market segmented by type of enclosure, accounting for 38.5% of the total in 2020. Going forward, the single mounted is expected to be the fastest growing segment in the loudspeakers market segmented by type of enclosure, at a CAGR of 7.1% during 2020-2025.
Market Growth by End Users:
The loudspeakers market is also segmented by end-user into household, commercial and others. The commercial market was the largest segment of the loudspeakers market segmented by end-user, accounting for 59.7% of the total in 2020. Going forward, the household segment is expected to be the fastest growing segment in the loudspeakers market segmented by end-user, at a CAGR of 6.34% during 2020-2025.
Market Growth by Region:
Asia Pacific was the largest region in the loudspeakers market, accounting for 32.7% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the loudspeakers market will be Africa, and, South America where growth will be at CAGRs of 14.4% and 12.7% respectively. These will be followed by Eastern Europe, and Middle East, where the markets are expected to grow at CAGRs of 12.5% and 8.4% respectively.
Market Growth by Key Players:
The global loudspeakers market is concentrated, with a small number of large players in the market. The top ten competitors in the market made up to 49.51% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies. Bose Corporation was the largest competitor with 21.12% of the market, Harman International Industries with 20.36%, followed by Altec Lansing with 2.36%, Bowers & Wilkins with 1.76%, Voxx International with 1.30%, Focal with 0.80%, Dynaudio with 0.78%, KEF with 0.70%, QSC with 0.57% and Sony Corporation with 0.54%.
Market Growth by Investment Opportunities:
The top opportunities in the loudspeakers market segmented by type of enclosure will arise in the multiple mounted segment, which will gain $592.0 million of global annual sales by 2025. The top opportunities in segment by end-user will arise in the commercial segment, which will gain $898.6 million of global annual sales by 2025. The loudspeakers market size will gain the most in the USA at $239.7 million.
Market: Trend-based Strategies
Market-trend-based strategies for the loudspeakers market include launching wireless loudspeakers into mature and emerging markets to cater to the growing demand of these devices, adopting new technological innovations such as sound beaming in order to stay competitive in the market, manufacturing speakers to vinyl record players on a small scale to capitalize on the rising popularity of vinyl records, minimizing waste and producing more loudspeakers that are eco-friendly for sustainable growth, focus on producing 360 degree audio into loudspeakers to provide the best experience to customers, consider using carbon fiber in speakers to improve quality of hardware and sound.
Competitive Landscape –
Major Players covered in the report include, Focal, Dynaudio, KEF, QSC, Sony Corporation, Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Pioneer Technical Audio Devices, Sansui, Denon, Sharp, TOA Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, LG Electronics Inc., Jinyoung G&T, Pantos Logistics Co., Ltd., Samsung Electronics Co., Ltd., Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., ZHIYA Audio Equipment Co.,Ltd, Sanway Audio Equipment, Enping Macadn Electronic Technology Co,. Ltd, Tannoy, ATC, Mission, Wharfedale, KEF, PMC, Fyne Audio, Q Acoustics, Zound Industries, Sennheiser, ELAC, Focal, Dynaudio, Aris Audio, Reezoldini, KV2 Audio, Xavian, Pylon Audio, Megalith Audio, Altec Lansing, Sonos, Inc., Harman International Industries, Inc., Apple , Inc., DEI Holdings, Inc., JBL, Klipsch, KEF, Definitive Technology, Quested, QSC, Vizio Inc., Yamaha, Sound United, Sharp, Panasonic, Philips, JVC, Logitech, ILive, ZVOX Audio, Edifier, Martin Logan, Taligare, Polk Audio, Numark, Eurolive, Pioneer, Acoustic Audio, Behringer, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, Audioholics, SPL Audio, PQ Sound, Wharfedale, Morel HiFi, McRael Sound Technology, Temple’s Counsel, Jay Sounds, Eminence Speaker, KCS Speakers, Al Watania
Growth Strategies for Key Players by Altus Market Research:
To take advantage of the opportunities, the Altus Market Research recommends the loudspeakers companies should focus on offering a domestic range, adoption of wireless speaker equipment, eco-friendly loudspeakers, on 360 degree loudspeakers, expand in emerging markets, set up authorized distributors and sales representatives, provide competitively priced offerings, participate in trade shows and events, increase visibility through a high-performance website, focus on post purchase services and fast-growing end-use industries.
