PUBLISHER: The Business Research Company | PRODUCT CODE: 1742127
PUBLISHER: The Business Research Company | PRODUCT CODE: 1742127
Audio equipment refers to devices designed for capturing, processing, amplifying and reproducing sound for various applications, ranging from personal entertainment to professional and commercial use. These products are essential in multiple settings, including homes, recording studios, concert venues, broadcasting stations and corporate environments.
The audio equipment market consists of sales, by entities (organizations, sole traders, or partnerships), of audio equipment that are involved in manufacturing and selling various audio devices. These products are used in multiple settings, including home entertainment systems, professional sound installations and commercial sound applications.
The global audio equipment market was valued at $49,829.54 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 5.00%.
Growing Demand From Automotive Industry
The growing demand from automotive industry boosted the growth of the audio equipment market during this historic period. Modern consumers demand high-quality in-vehicle infotainment, including premium speakers, amplifiers and subwoofers. Automakers are partnering with leading audio brands to elevate the driving experience. With electric vehicles (EVs) and premium vehicles featuring quieter cabins, the need for high-fidelity sound systems has intensified. Manufacturers are prioritizing customized audio solutions, integrating technologies such as dolby atmos, immersive 3D sound and personalized audio zones to enhance user engagement. For instance, in November 2022, according to Mark Lines Data Center, a Japan-based advertising agency that provides forecast reports of the automotive market and the industry, sales of new cars in the United States for October 2022 were 1,185,280 units, up 6% from September 2022 and 11.5% from 1,062,687 in October 2021. Car sales in October rose 22.5% to 248,121 units, giving them a 20.9% market share. Additionally, in December 2021, according to Edmunds.com Inc., a US-based online resource for automotive inventory and information, 15.2 million new automobiles were estimated to be sold in 2022, a 1.2% rise from its prediction for 2021 vehicle sales. New car sales were estimated to increase globally by 7.5% in 2022, surpassing levels seen in 2019. Therefore, the growing demand from automotive industry contributed to the growth of the audio equipment market.
Strategic Partnerships Driving Innovation In Audio Technology
Major companies operating in the audio equipment market are adopting strategic partnerships approach to develop advanced audio solutions. Strategic partnerships help audio equipment companies by combining resources and expertise, enhancing research and development capabilities, expanding market reach and accelerating commercialization, ultimately driving innovation and growth in the audio equipment industry. For instance, in May 2024, Vizio, a US-based consumer electronics company partnered with Dolby Laboratories, a US-based company specializing in audio, visual and voice enhancement technologies. This partnership is to make Dolby Atmos immersive sound technology more accessible to consumers, integrating it across VIZIO's entire 2024 soundbar lineup. This collaboration makes VIZIO one of the first manufacturers to support Dolby Atmos across all its soundbars, by integrating Dolby Atmos with VIZIO's stylish designs and customizable sound features, the partnership aims to make high-quality home entertainment more accessible while reinforcing VIZIO's leadership in immersive audio solutions.
The global audio equipment market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 22.52% of the total market in 2023.
Audio Equipment Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global audio equipment market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for audio equipment? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The audio equipment market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider audio equipment market; and compares it with other markets.