As per newly released data by Future Market Insights (FMI), the loudspeaker market is estimated at USD 3,726.9 Million in 2022 and is projected to reach USD 5,639.1 Million by 2032, at a CAGR of 7.1 % from 2022 to 2032.
Sales of loudspeakers are on the rise due to:
Constant innovation in speaker technology promises to propel the loudspeaker market forward. The expanding music business, rising interest in soundbars, the rising popularity of wireless speakers like Wi-Fi and Bluetooth, increased demand for digital home audio devices, and rising consumer expenditure on multimedia systems are all factors fueling the loudspeaker market's expansion. The demand for loudspeakers accounts for about 35% of the total market for speakers worldwide.
Innovative Solutions are on the Rise as Paper Thin Loudspeakers Take Over the Market
Scientists at the Massachusetts Institute of Technology (MIT) in the USA have created a speaker as thin as paper. Incredibly lightweight. Researchers say that this adaptable loudspeaker can generate professional-grade audio (High-Quality Sound). Additionally, it folds flat for convenient storage. Different from conventional loudspeakers, this new development has won widespread acclaim.
Provides excellent sound quality
MIT Experts say the new speaker only needs a fraction of the power of conventional models to produce sound. Its high-quality home audio output is the result of the employment of specialized fabrication technologies. The sound coming from it is less distorted.
Power consumption will decrease.
Weighing in little less than a sheet of paper, the new outdoor speaker system is incredibly portable. It has been reported by the research community that this new speaker requires less electricity to operate. The head of the Massachusetts Institute of Technology claims that this speaker, which is disguised as a piece of paper, has two clips. This jack fits into the audio jack on your computer. This allows you to listen to your music of great quality while still enjoying it.
The technology utilized in this speaker is unlike any other.
Scientists say it behaves differently than conventional speakers. Both aesthetically and technologically. This novel loudspeaker uses piezoelectric material in the form of a very thin sheet. When this film is given electricity, it begins to move. That motion causes an audible sound to emanate from the system. This lightweight and portable outdoor speaker system may be hooked up to a phone or computer via a thin layer.
The scientists claim that soon, it will be possible to prepare it in the form of a roll. It's versatile enough to be used in the home, office, or car as wallpaper. You won't need to find a dedicated spot to store the speaker anymore. Your new outdoor speaker system can be mounted on the wall in any room you like.
The increasing popularity of seminars, conferences, and other major public events is driving the demand for loudspeakers.
In comparison to the 6.9% CAGR seen for loudspeakers between 2013 and 2021, a 7.1% CAGR is predicted for the period between 2022 and 2028. From a projected USD 3,726.9 Million in 2022, the global loudspeaker market is expected to reach USD 5,639.1 Million in sales by 2028.
| Attribute | Details |
|---|---|
| Loudspeaker Market Estimated Size (2022) | USD 3,726.9 Million |
| Loudspeaker Market Projected Size (2032) | USD 5,639.1 Million |
| Loudspeaker Value-based CAGR (2022 to 2032) | 7.1% |
| Loudspeaker Market Top 5 players' market share | 40% |
Don't pay for what you don't need
Customize your report by selecting specific countries or regions and save 30%!
Over the projection period, the loudspeaker market is expected to benefit from the increasing prevalence of e-commerce and m-commerce. Demand for loudspeakers is likely to rise throughout the projection period as a result of factors including rising internet penetration, rising urban population, and the presence of a robust distribution network.
Demand for wireless speakers is predicted to increase in response to the widespread adoption of Wi-Fi-enabled mobile devices such as smartphones, laptops, and tablets. Products with wireless connectivity features like Wi-Fi and Bluetooth are expected to rise in demand during the projected period. Industry participants might anticipate a technological advantage through developments in design, power usage, sound quality, and size.
Power consumption for loudspeaker systems typically ranges from 20 to 100 W, with wide variations due to factors such as audio volume, speaker sensitivity, and amplifier volume. Large-scale use of Wi-Fi networks, quick technological advancements, and the following development of novel systems, such as smart outdoor speaker systems, will all contribute to the loudspeaker market's expansion in the coming years.
One of the most important trends fueling the development of the loudspeaker industry is the increasing manufacturing of Bluetooth and Wi-Fi-equipped home audio systems, as well as the expanding use of the internet.
For instance, in 2020, JBL released the Clip 4 and Go 3 tiny Bluetooth speakers, which had upgraded designs and features compared to their predecessors, such as IP67 water and dust-proofing capabilities, to satisfy the growing demand for technologically advanced gadgets.
With the introduction of wireless speakers, the business has increased dramatically. Kohler, a manufacturer of bathroom fittings, has introduced a new showerhead equipped with a Bluetooth speaker. Various colours, such as brushed nickel and oil-rubbed bronze, are available for the new Moxie 2.0 and Moxie 2.5 versions of the speaker that will be released in 2020.
Demand for Wi-Fi and Bluetooth-enabled devices is skyrocketing as the concept of smart living gains popularity. Investing in a wirelessly linked speaker can vastly improve the quality of the sound you hear. They can send sound to multiple rooms at once and be managed with a single app on a mobile device. Several well-known companies are making excellent use of these technologies, dispersing them throughout their many successful goods.
The first Alexa-enabled hands-free voice-activated speaker from Altec Lansing includes far-field speech technology called Versa, which can hear commands even in extremely noisy environments or from a considerable distance away. It's IP67 rated for resistance to water, snow, and dirt, and it has Wi-Fi and Bluetooth connectivity to boot.
Principal Consultant
The USA loudspeaker market is a massive one for loudspeakers, accounting for roughly 26.1% of sales, and is predicted to grow in the coming years. Consumer Technology Association estimates the wireless speaker industry to be worth USD 5,975 million by 2020, while the home theatre market is expected to be worth USD 87 million.
Key loudspeaker manufacturers should expect new revenue streams from the USA, driven in large part by the country's high preference for smart speakers. USA Apple AirPods and Samsung Galaxy Buds helped the market recover in 2020, leading to the sale of 67 million units and revenue of USD 8.2 billion, increases of 35% and 31%, respectively, above the previous year's sales totals.
Companies like Acoustic Research are highly visible in the American market. Among the many wireless speakers currently available from the company are the Mainstreet Rechargeable Wireless Speaker (featuring customizable color-changing lighting), the Sedona Rechargeable Wireless Speaker (featuring an LED flickering flame light), and the Santa Cruz Portable Wireless Speaker (featuring an LED flickering flame light).
Germany is poised to take the regional loudspeaker market by storm and bring in a high share of the income. As the popularity of rock music continues to rise, this industry is expected to become the most lucrative revenue ecosystem for major loudspeaker manufacturers. The German loudspeaker market is expected to make up for around 30% of the total.
By the beginning of 2021, about 25% of all German adults will have their own smart outdoor speaker system. Several of the world's most renowned musicians, singers, performers, and producers hail from this kingdom. Additionally, it is the site of the world-famous Rock Park festivals.
These tendencies have resulted in a large increase in sales of loudspeakers used to augment the success of commercial gigs. However, the government's attempts to boost internet streaming services have generally helped maintain demand for cutting-edge sound equipment despite the COVID-19 pandemic's end to outdoor musical activity. One example is the June 2020 announcement by the German government of a €130 billion (USD150 billion) economic stimulus package for the country's suffering commercial sectors, which included a €1 billion payout to the cultural industry.
Companies in the loudspeaker industry are constantly coming up with new designs and features to try and gain a larger share of the market. Competition in this sector has heated up as more and more items have been introduced by various companies. KEF, Bose Corporation, Sonance, etc. are just a few of the market leaders. Some key developments in the loudspeaker market are-
The Bose Smart Soundbar 900 debuted in the USA in September 2021. The Bose Smart Soundbar 900 has AirPlay 2 and the ability to play music wirelessly to several rooms. Marketed as a successor to the Bose Smart Soundbar 700, the new Bose Smart Soundbar 900 is compatible with both Amazon's Alexa and Google's Assistant.
With McLaren's announcement in March 2021 that it would launch four new models in India the following June-the GT, the 720S Coupe, and Spider, and the Artura-Bowers & Wilkins can anticipate their cooperation to strengthen. McLaren vehicles will include a 12-speaker Bowers & Wilkins sound system, thanks to the partnership between the two companies.
The key companies operating in the loudspeakers market are:
Get the data you need at a Fraction of the cost
Personalize your report by choosing insights you need
and save 40%!
The global loudspeaker market reached a valuation of USD 3,726.9 Million in 2022
The key trends driving the global loudspeaker market is the increase of knowledge of global warming taking place and hence the need for environmentally friendly products
The leading countries in the global loudspeaker market are the UK, USA and China.
1. Executive Summary 2. Market Introduction 3. Market Background 4. Global Market Analysis & Forecast 5. Pricing Analysis 6. Global Market Analysis by Deployment 6.1 Indoor 6.2 Outdoor 7. Global Market Analysis by Speaker Design 7.1 With Diaphragm 7.2 Without Diaphragm 8. Global Market Analysis by Type 8.1 Portable Loudspeakers 8.2 Soundbars 8.3 Home Theatre Arrays 8.4 Multimedia Systems 8.5 Stereo Systems 8.6 Others 9. Global Market Analysis by Region 9.1 North America 9.2 Latin America 9.3 Western Europe 9.4 Eastern Europe 9.5 South East Asia and Others of APAC 9.6 China 9.7 Japan 9.8 Middle East & Africa (MEA) 10. North America Market Analysis 11. Latin America Market Analysis 12. Western Europe Market Analysis 13. Eastern Europe Market Analysis 14. South East Asia and Others of Asia Pacific Market Analysis 15. China Market Analysis 16. Japan Market Analysis 17. Middle East and Africa Market Analysis 18. Market Structure Analysis 19. Competition Analysis 19.1 Bose Corporation 19.2 Harman International Industries 19.3 Yamaha Corporation 19.4 Klipsch Group, Inc. (A VOXX International Company) 19.5 LG Electronics Inc. 19.6 Sony Corporation 19.7 Logitech International S.A 19.8 Panasonic Corporation 19.9 Sound United LLC 19.10 Bowers & Wilkins 20. Research Methodology
Explore Technology Insights
View Reports
Loudspeaker Market
