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Global Loudspeaker Market to Grow at a CAGR of 4.6% During 2022-2027, Aided by the Increasing Demand for the Leisure Activities

According to a new report by EMR titled, ‘Loudspeaker Market Report and Forecast 2022-2027’, the global loudspeaker market stood at a value of around USD 6.8 billion in 2020. The market is further expected to grow at a CAGR of 4.6% in the forecast period of 2022-2027, driven by the rising demand for leisure activities.

The loudspeaker market is driven by the growing demand from various leisure activities, such as gaming, outdoor parties, indoor parties, and family gatherings, among others. The 3D surround sound produced by the loudspeakers can reach a vast number of audiences. Hence, a loudspeaker is also effective in the classrooms, corporate presentations, and drama theatres. Over the forecast period, the growing demand for loudspeakers among the blind people is likely to propel the sale of the product. Through loudspeakers, computer text can be converted into sound, which can help the blind students have better understanding of the subjects.

In terms of region, the Asia Pacific is likely to account for a significant share in the market, owing to the growing adoption of the speakers from the household sector. The loudspeakers have gained a significant popularity among the home-makers, owing to the capability of the product in lightening up the mood and calming the nerves by offering the music of the consumer’s choice. The rapid expansion of the electrical and electronics sector in countries like India and China is likely to provide an impetus to the market growth.

In May 2021, Sony Corporation (TYO: 6758) introduced the X-Series speakers, including SRS-XP700, SRS-XP500, and SRS-XG500. These products have been designed to help customers by bolstering their sound experience. The X-Series speakers offer a range of sound quality, portability, durability, and lighting options. The XP700, XP500, and XG500 are Sony’s balanced speaker units, which have the capability to fill any type of space with widespread sound. The XG500 features passive radiators that are optimised to reproduce clear bass sound for the ultimate listening experience.

Market Breakup by Product Types and Region:

  • The market is segmented on the basis of product type into satellite, subwoofers, in wall, outdoor, soundbar, and multimedia, among others.
  • Region-wise, the global market for loudspeaker can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for loudspeaker is driven by the increasing demand for the product for the leisure activities, owing to the durability and convenience the product offers.
  • The technological advancements in the loudspeaker systems, which include the Wi-Fi and Bluetooth connectivity, is likely to aid the market further.
  • The rising disposable income, along with the ability of the product towards calming down the nerves of the brain and relaxing the mood of a person, is likely to generate the demand for the product from the household segment.
  • The market will further be aided by the growing adoption of the product in the classrooms, corporate presentations, bus, airplane, and cars, among others.
  • The market will further be augmented by the rising demand for the product for the blind people as the loudspeakers can translate a computer text to sound.

Key Offerings of the Report:

  • The EMR report gives an overview of the global loudspeaker market for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the product types and major regions of loudspeaker.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global loudspeaker market include Altec Lansing LLC, Bose Corporation, Sound United, LLC, Dynaudio A/S, Harman International Industries, Inc., Logitech International S.A., Klipsch Group, Inc., and Sony Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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