Market Research Future (MRFR) has published on the “Global Audio Equipment Market”
that contains information from 2018 to 2032. The Audio Equipment market is estimated to register a CAGR of 3.20% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global audio equipment market— PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc., Mastercard, and CloudWalk Technology Co. Ltd.
The global audio equipment market is accounted to register a CAGR of 3.20% during the forecast period and is estimated to reach USD 44.5 Billion by 2032.
The market for audio equipment is expected to increase greatly as a result of the incorporation of cutting-edge technological features in devices and the rising popularity of audio technologies. Some of the technologies used during the changeover includes HTiB (Home Theatre in a Box), Blu-ray players, speaker bars, A/V receivers, and wireless speakers. The emergence of realistic audio equipment is predicted to have a substantial impact on the audio equipment market. The demand for audio equipment is expected to increase over the next six years as customers' demand for high-quality home theatre experiences increases in response to increased disposable income.
The global audio equipment market has been segmented based product type and end user.
On the basis of product type, the market is segmented into mixers, amplifiers, microphones, audio monitors, and other product types. In 2022, the microphone segment's revenue share was the highest. Vendors are taking part in the launch of new products onto the market as a result of evaluating the demand for better audio in these situations.
Based on end user, the global audio equipment market has been segmented into commercial, automotive, home entertainment, and other end users. In 2022, the worldwide audio equipment market was dominated by the automotive segment. This may be brought on by rising disposable income, urbanization and industrialization rates, technological improvements, and the introduction of new products by producers, all of which support market expansion.
Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Audio Equipment Market Research Report
The global audio equipment market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Audio Equipment market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Audio Equipment market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Audio Equipment market comprises of Middle East, Africa, and Latin America.
The largest market share for audio equipment was maintained by the North American regional sector. The North American audio equipment market is anticipated to expand quickly over the course of the forecast period as a result of consumers increasingly preferring e-commerce platforms to purchase entertainment gadgets. According to the Census Bureau of the Department of Commerce, U.S. retail e-commerce earned USD 250.0 billion in sales in May 2023, up 2.4% from Q4 2022. The anticipated growth of the e-commerce market from Q1 2022 to Q1 2023 was 6.6%. Manufacturers of audio equipment are expanding their consumer base to people all over the world by offering a wide variety of products online.
Moreover, the Europe market has been persistently growing over the forecast period. This may be connected to trends towards increasing urbanisation and people's openness to embracing new technological developments. Additionally, the U.K. audio equipment industry was expanding at the highest rate in the European region, while the German audio equipment market had the largest market share.
Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period. The growing acceptance of smart homes, particularly in India, Japan, and Australia, is the primary driver of the region's growth. Additionally, governments are encouraging the growth of smart cities in the area, which is fostering economic development.
Furthermore, the rest of the world's audio equipment market is divided into the Middle East, Africa, and Latin America. This development can be ascribed to a number of variables, including rising consumer disposable incomes, increased use of smartphones and other portable devices, and greater interest in high-quality audio experiences.
Key Findings of the Study
- The global audio equipment market is expected to reach USD 44.5 Billion by 2032, at a CAGR of 3.20% during the forecast period.
- The Asia-Pacific region accounted for the fastest-growing global market due to the the increasing acceptance of smart homes, particularly in India, Japan, and Australia.
- Based on product type, the microphone segment was attributed to holding the largest market in 2022.
- PopID, Inc., FacePay, PayByFace B.V., VisionLabs, Telepower Communication Co, Ltd. (Telpo), PAX Global Technology Limited, Alipay, NEC Corporation, SnapPay Inc., Mastercard, and CloudWalk Technology Co. Ltd.