The global loudspeaker market value was around US$ 3.73 billion in 2022. It is expected to grow to approximately US$ 5.64 billion by 2032. This growth is at a steady annual rate of 7.1% from 2022 to 2032.
Loudspeakers are being increasingly used to facilitate aural communication; as the frequency of conferences, and seminars has increased manifold in the last few years. Also, these loudspeakers fall in the category of in-wall, compact-size loudspeakers. They are frugal and have a level-headed sound range. Restaurants and cafes are well-identified with these loudspeakers.
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Wireless speakers are in good demand due to the proliferation of Wi-Fi-enabled mobile devices like laptops, smartphones, and tablets. Power consumption regarding loudspeakers ranges between 210 and 100 W, including broad variations due to speaker sensitivity, audio volume, and amplifier volume. Future Market Insights has mentioned these facts with future prospects in its latest market study entitled ‘Loudspeaker Market’.
Key Takeaways from Loudspeaker Market Report:
Europe holds the largest market share due to additional spending on at-home entertainment. The scenario is expected to persist even going forward.
North America stands second with the growing popularity of at-home entertainment. Also, more end-consumers are found to be having an ear for music herein.
The Asia-Pacific is expected to witness a remarkable growth in the loudspeaker market in the near future with the middle-class population getting more inclined towards loud music.
Smart speakers like Google Nest and Amazon Echo ought to witness a great demand overall. However, they are likely to get countered by Chinese vendors like Alibaba, Baidu, and Xiaomi.
Competitive Loudspeakers:
September 2021 witnessed an influx of the Bose Smart Soundbar 900 in the US. It is equipped with AirPlay 2 with the ability to play music in wireless mode in numerous rooms. It’s actually marketed in the form of a successor to the Bose Smart Soundbar 700. The ‘900’ version is compatible with Google Assistant and Amazon’s Alexa.
Mclaren, in March 2021, announced that it would be launching 4 novel models in India in June 2021 – the 720S Coupe, the GT, the Artura, and the Spider. These vehicles are bound to encompass the 12-speaker Bowers & Wilkins sound system as an outcome of a partnership between McLaren and Bowers & Wilkins.
JBL, in January 2021, did release JBL Bar 5.0 MultiBeam, which, in turn, render a spacious 3D surround sound experience combined with Virtual Colby Atmos.
Sonos, in May 2020, launched Dolby Atmos and Voice Assistant-Equipped Arc Soundbar. This 5.0-channel surround sound has 3 angled tweeters and 8 woofers. With rising demand for smart homes, this soundbar is expected to go great guns in the forecast period.
Bowers & Wilkins, in August 2021, did announce the 4th generation of the flagship 800 series Diamond series, termed as ‘D4’. Every 800 Series Diamond speaker has a lab-grown diamond-dome tweeter. Diamond is known for its unique stiff-to-weight ratio. This renders it an optimum speaker material.
Cerwin-Vega Inc., in June 2020, acquired Gibson Corporation’s Home Audio and Cerwin-Vega Pro brand. The basic objective is to strengthen the foothold in the home audio and professional category.
JBL, in 2020, did release Clip 4 and Go 3 tiny Bluetooth speakers with upgrades in features and designs as compared to predecessors like IP67 water and dust-proofing capabilities, with the objective of addressing demand for technologically advanced gadgets.
Leading Key Players:
Major key players in the loudspeaker market include industry giants such as Bose Corporation, Harman International, Yamaha Corporation, Klipsch Group, LG Electronics Inc., Sony Corporation, Logitech International S.A, Panasonic Corporation, Sound United LLC, Creative Technology Ltd., and Bowers & Wilkins. These companies have established themselves as leaders in delivering high-quality audio solutions, leveraging advanced technologies and innovative designs to cater to diverse consumer preferences and professional requirements in the audio industry.
