Surge In Luxury Car Demand: A Key Driver Transforming the Audio Equipment Market 2024
Audio Equipment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The size of the audio equipment market has seen steady growth recently and it is expected to continue to expand from $35.4 billion in 2023 to $36.77 billion in 2024, growing at a compound annual growth rate CAGR of 3.9%. The key drivers of this major growth during the historic period include cultural and lifestyle influences, an aging population with peculiar audio preferences, changing customer preferences and trends, strong competition, and significant innovation in the field. Additionally, the influence of the music industry cannot be underestimated.
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What Is the Projected Market Size of the Global Audio Equipment Market and Its Growth Rate?
Looking ahead, the size of the audio equipment market shows promising growth prospects. By 2028, the market is predicted to swell to $41.8 billion, growing at a CAGR of 3.3%. The forecast period's growth can be attributed to numerous factors such as innovation in audio formats, changes in regulation and standards, demographic shifts and preferences, evolution in media consumption, continued market competition, and ongoing product development.
Moreover, current trends point towards a projection of an integrated approach merging fashion and design, the adoption of 3d audio technology, increased use of gaming audio equipment, pushed for environmental sustainability, and an emphasis on customization and personalization.
What are the Key Drivers Fueling Growth in the Audio Equipment Market?
The market also benefits from the growing demand for luxury cars. These vehicles, designed by recognized luxury automakers, are fitted with high-end audio systems that enhance the overall driving experience by providing an immersive and high-quality audio experience that makes long journeys more enjoyable. A clear example of this trend is Bayerische Motoren Werke AG, a Germany-based luxury vehicle company, whose data as of January 2022 revealed an 8.4% year-on-year sales increase in 2021, with over 2.5 million BMW, MINI, and Rolls-Royce vehicles delivered to consumers worldwide, thus driving the growth of the audio equipment market.
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Who Are The Major Players in The Audio Equipment Market?
Key industry players in the audio equipment market include Sony Corporation, Panasonic Corporation, LG Electronics Inc., Pioneer Corporation, Sharp Corporation, Koninklijke Philips NV, Yamaha Corporation, Harman International Industries Inc., Bose Corporation, JVC Kenwood Holdings Inc., Jabra, Dolby Laboratories Inc., DTS Inc., Sennheiser electronic GmbH & Co. KG, Shure Incorporated, Bang & Olufsen A/S, Bowers and Wilkins Group Ltd., Samsung Electronics Co. Ltd., Onkyo Corporation, Sanyo Electric Co. Ltd., Danish Audiophile Loudspeaker Industries A/S, Beats Electronics LLC, Audio-Technica Corporation, Focal-JMLab SA, Blaupunkt GmbH, Beyerdynamic GmbH & Co. KG, Nakamichi Corporation, Akai Electric Co. Ltd., James Bullough Lansing, Akustische und Kino-Geräte Gesellschaft m.b.H.
What Are The Emerging Trends Shaping The Growth Of The Audio Equipment Market?
These companies play a pivotal role in shaping the trajectory of the audio equipment market. They achieve this through partnerships with car manufacturers, thus diversifying revenue streams and leveraging a premium audio brand to influence consumer buying decisions. As an example, in March 2023, Sonos Inc., a U.S.-based audio product manufacturer, formed a partnership with Audi, a German automotive manufacturer, to bring Sonos audio technology into their cars, specifically the Q4 E-Tron.
The audio equipment market can be segmented by type, which includes Loudspeakers, Microphones, Amplifiers, Turntables, and Other Types, by technology comprising of Wired and Wireless systems, and by end-user as B2B and B2C. The report also delves into the sub-segments of price range: Low, Medium, High.
North America: The Leading Region in the Audio Equipment Market
From a regional perspective, Asia-Pacific was the largest region in the audio equipment market in 2023, with North America following as the second-largest region in the global audio equipment market. The regions covered in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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