LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global loudspeaker market to grow at a CAGR of almost 8% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global loudspeaker market for 2017-2021. The market is segmented on location (in-wall speaker and outdoor speaker), type (midrange speakers, high-frequency horns, and subwoofer speaker), and geography (APAC, the Americas, and EMEA).
Technological advancements, change in lifestyle, and preference of consumer will boost the demand for the global loudspeaker market. The market is expected to generate a revenue of USD 2.89 billion by 2021. The growing number of smart homes globally will experience high growth in the demand for loudspeakers.
Ujjwal Doshi, a lead consumer electronics research analyst at Technavio, says “The spending capability of individuals on leisure activity has increased in developed and developing countries like the US, the UK, France, Germany, China, and India because of the high disposable income. Therefore, the availability of advanced surround sound technology has increased the demand for speaker worldwide.”
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Technavio media and entertainment research analysts highlight the following four factors that are contributing to the growth of the global loudspeaker market:
Wireless streaming of audio contents
The ability to easily stream audio contents wirelessly is the major factor driving the sales of wireless outdoor loudspeakers globally. Wireless streaming also requires lesser space than home theaters and do not require wiring. Most of the portable devices such as laptops, smartphones, and tablets are equipped with Wi-Fi and Bluetooth connectivity, which help them stream contents without a wire.
Increasing use of loudspeakers for aural communication
The aural communication systems such as conferences, seminars, and attending to large audiences, has increased the use of loudspeakers to a huge extend.
“Manufactures are designing their products with a view of having clear and audible sound quality reciprocated through loudspeakers. The range of the loudspeaker should also be loud enough to deliver the speech without any sound distortion. Such added features in a loudspeaker will augment its sales in the coming years,” says Ujjwal.
High-quality sound production
These days, loudspeakers are capable of recording, deciphering, and improving the sound quality of various musical instruments such as guitars, keyboards, and drums. This feature is increasing the demand for loudspeakers in musical concerts and live shows. The demand for loudspeakers in the music industry, movie theaters, and announcement systems installed at the metro stations and airports is rapidly increasing. Loudspeakers are designed to be used repetitively, thus making them economical for customers in the long run as the lifespan of loudspeakers is high.
Compact size of in-wall loudspeakers
Features like small and compact size, affordable prices, and the high-quality sound of in-wall speakers are driving the demand for the global loudspeaker market. These speakers are economical, have reasonable sound range, and are gradually replacing the tower and individual speakers. They are also widely used in cafes and restaurants as they occupy less space.
Top vendors:
- Bose
- DEI Holdings
- HARMAN International
- VOXX International
- Yamaha
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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