Global Loudspeaker Market Report and Forecast 2024-2032

Global Loudspeaker Market Outlook

The global loudspeaker market stood at a value of around USD 7.78 billion in 2023. The market is further expected to grow at a CAGR of 4.6% in the forecast period of 2024-2032 to attain a value of around USD 11.65 billion by 2032.

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Growing Demand for Soundbars, owing to the Convenience Offered by the Product, to Bolster the Growth of the Loudspeaker Industry

Based on product type, the soundbar segment accounts for a significant share in the market. The increase in sales of soundbars can be attributed to the enhanced convenience offered by the product as soundbars are free from wires and can be easily connected to television sets. The sound produced by soundbars are much better than that produced by television systems. The product is relatively small and can be positioned under a display and can be set up anywhere in the house. Over the forecast period, the growing awareness about the cost-effectiveness of a soundbar is likely to be a significant factor driving the market. The soundbar speakers are usually less expensive than other stereo sound systems. Meanwhile, the subwoofers segment is anticipated to attain a considerable growth in the forecast period. The better bass response and greater sound clarity of subwoofers and their growing adoption in soundbars for a better music experience in house parties and gaming are some of the factors that are likely to augment the growth of the subwoofers segment.

The Asia Pacific Accounts for a Significant Share in the Loudspeaker Industry Globally

Geographically, the Asia Pacific holds a significant share in the global loudspeaker industry. The growing popularity of smart speakers, along with the development of digital assistants, is aiding the industry growth in the region. The emerging countries like India and China are likely to witness a significant increase in loudspeaker sales due to the rising consumer disposable incomes and increased acceptance of technology in the region. In addition, the growing penetration of the e-commerce industry is likely to further propel the market forward.

Loudspeaker: Market Segmentation

A loudspeaker is defined as a device that reproduces sound by converting electrical energy into acoustical signals, which are further radiated in a room or open space. The range of frequency generated by loudspeakers is roughly 20 to 20,000 hertz.

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Based on product type, the market is divided into:

• Satellite
• Subwoofers
• In-wall
• Outdoor
• Soundbar
• Multimedia

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increased Consumer Spending on Improving Listening and Cinematic Experience at Home by Adopting Smart Technology to Boost the Loudspeaker Industry Growth

The global loudspeaker industry is driven by the increasing popularity of the product among consumers to enhance their listening and cinematic experience at home. Loudspeakers such as soundbars not only improve the overall listening experience of users but also enhance home aesthetics due to their sleek and elegant design. Various manufacturers are working on enhancing the quality and design of the product, which, in turn, is expected to augment the market growth. Apart from this, the development of smart soundbars with improved acoustic performance, real-time tuning, built-in voice assistants, and rich bass for movies, music, and games, among others, is anticipated to propel the sales of the product in the forecast period, thus, aiding the market.

Key Industry Players in the Global Loudspeaker Market

The report gives a detailed analysis of the following key players in the global loudspeaker market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Altec Lansing LLC
• Bose Corporation
• Sound United, LLC
• Dynaudio A/S
• Harman International Industries, Inc.
• Logitech International S.A.
• Klipsch Group, Inc.
• Sony Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report