Consumer Audio Market is estimated to register a CAGR of over 16.3% to reach USD 234.2 Billion by the end of 2030.
The Consumer Audio Market Size is projected to grow by 16.3%. Consumer audio is a type of electronic that is used for entertainment purposes. These electronic devices can produce pleasant music and look attractive. They are primarily used in homes as sound receivers, music centres and shelf stereos. Consumer audio does not come with the features such as professional audio systems. Professional sound systems and audiophiles have high sound quality.
However, the appearance of such devices is not pleasing. Consumer audios are best in quality, cost-efficient and suitable for the home setting. In recent years, the demand for infotainment products is constantly rising. Connected homes have a high demand for this consumer audio. They are more compatible with the entrainment system of the connected homes.
The consumer audio market consists of earbuds and Bluetooth market segments. These two segments of the market have higher demand among end-users. In the upcoming years, the need for consumer audio is high among residential areas. The awareness about consumer electronics is higher in many regions. It is leading to more exposure to consumer audio. Further, the growth of online streaming services is creating more demand for this market. Consumer Audio Market Forecast shows increase in market value by 234.2 Billion by 2030.
Covid 19 has caused many disruptions in the global markets. North America is a crucial player in the Consumer Audio Industry. The demand for the consumer audio market is facing several challenges in this region. The shortage of semiconductor chips is affecting production in this region. Further, the supply chain disruption in the market is more due to lockdowns.
From the first half of the pandemic, the demand trend is declining. From the year 2021, the shipment of the market is gradually rising. The opening of the consumer audio markets is leading to higher demand for the market. Even though, there are losses in consumer audio the recovery process of the market is rapid. The other developing regions in the market witnessed a rise in demand. Emerging economies such as Europe and the Asia Pacific will have a high demand for consumer audio.
The surging need for infotainment products is a Consumer Audio Market Demand driver. Today, the production of laptops, PC, mobiles and mobiles accessories are growing. Smartphones have a high demand for audio Bluetooth technology. For music streaming and other audio services the Bluetooth audio services.
Through wifi and Bluetooth audio streaming, any music is effortless. The top tech giants such as apple allow multimedia content. Apple devices are the early adopter of consumer audio technology. The booming infotainment devices market raises the overall adoption rate. Further, the rising adoption of audio devices is another crucial driver of the market.
Today, almost every infotainment device comes with consumer audio. The use of advanced wireless devices is leading to an exceptional user experience. Especially, commercial sector is adopting wireless audio technologies rapidly. Gaining popularity of consumer audio is another driver of the market. The awareness about consumer audio technology is higher.
Utilizing audio technology for entertainment, movie streaming and music streaming purposes are higher. Due to this, the adoption rate of the market is growing. Especially, developed nations have a high adoption rate for the product. These factors will increase Consumer Audio Market Revenue.
New developments will lead to higher Consumer Audio Market Opportunities. Today, the manufacturers of consumer audio are improving quality. The consumer audio market will move beyond audio and provide an exceptional user experience. Further, this audio technology is not limited to infotainment. Many smart wearables are utilizing this technology. They are used in health tracking wearable as well. The improvements in product quality and its applications will lead to more scope. Overall the market is widening due to these developments.
In the upcoming years, the smart and connected homes rate is increasing. These smart homes have a high demand for consumer audio. This development will lead to higher supply rates for the market. Further, the R&D expenditure for the market is increasing. The key players of the market are raising research about consumer audio. Through research, new product launches are possible in the market. All these factors will positively impact the consumer audio market.
The use of radiofrequency and restrictions is a restraining factor of the market. The consumer audio uses bandwidth for frequency. The bandwidth for mobile voice and data applications is massive. It restricts the bandwidth for the consumer audio. Due to restrictions in the bandwidth requirement, the audio quality can be poor.
The bandwidth restriction in the market can decline the overall adoption rate in the forecast period. Stringent governmental restrictions are other factors affecting the bandwidth. This resistance of the market can be prevalent in the forecast period. It can impede the overall market growth.
The health concerns due to the audio technology are a significant challenge in the market. The consumer audio technology includes Bluetooth and earbuds. These devices can have a bad impact on health. The radiation of these devices can affect health. The awareness about radiation is high in recent years.
High radiation devices can damage cells and call even lead to cancers. Due to this awareness, the demand for the consumer audio market can decline. The adoption rate is affected due to the bad of using these technologies. In the upcoming years, the growth rate is affected due to these challenges.
The Consumer Audio Market Growth trend remains positive. The consumer audio market has plenty of segments. There are headphones, headsets, speaker systems and sound bars in the market. All these devices have high demand in the forecast period. Also, the crucial drivers of the market constantly boost demand. Surging demand for infotainment technologies is raising need for the consumer audio. Further, the growing adoption of consumer audio is another driver for the market.
Through these audio technologies streaming music and audio are possible. Especially, connected homes have higher adoption of such systems. However, the bandwidth restrictions are restraints of the market. Also, governmental restrictions can hamper the expansion rate. Health concerns due to consumer audio technology are another challenge. Still, overall growth opportunities sustain the demand.
North America leads the consumer audio market. These audio devices are high in both the residential and commercial sectors. The awareness about consumer audio is high in this region. Also, the penetration of such devices is immense. The infotainment industry has high scope in North America.
There are Canada and US that have high investments in the consumer audio market. The residential segment of the market records the highest adoption of consumer audio. It is an early adopter of all-new audio technologies. Further, in upcoming years, new product launches are expected in the market. Due to these factors, North America will hold the highest consumer audio market shares.
The competition in the consumer audio market is rising. There are plenty of developments in the market in the forecast period. Market acquisition, collaboration, expansion, partnerships are a crucial part of the competitive landscape. Also, innovations and product launches will make the overall market diverse.
The consumer audio market is fragmented into Asia Pacific, Europe and North America. The penetration of consumer audio is high in North America. The demand for infotainment devices is high in North America. Due to high investment, the developments are continuous in the market. There is a key player in the region with strong market strategies.
The Asia Pacific is another region with high consumer audio market growth. It is the second-largest region holding high shares of the market. The booming consumer electronic market is leading to high usage of consumer audio. The laptops, PC, mobiles and other appliances use consumer audio technologies. Further, Europe is another crucial region with high market potential. A high expansion rate is expected in this region.
The key players of the consumer audio market are
|Market Size||USD 234.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Connectivity and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Apple Inc., HARMAN International Industries, Inc., Bose Corporation, Sonos, Inc., Sony Corporation, DEI Holdings, Inc., Sennheiser Electronic GmbH & Co. Kg, VIZIO, Inc., VOXX International Corporation, Plantronics, Inc., Ossic Corporation, Phazon, Trüsound Audio, Jam, Earin, Human Inc., Bragi, Jaybird, Devialet, and Dali A/S.|
|Key Market Opportunities||Increasing demand for home theaters and LCDs|
|Key Market Drivers||
The consumer audio market value can touch USD 234.2 Billion by 2030.
The consumer audio market is expected to display a 16.3% CAGR from 2021 to 2030.
Huge demand for infotainment systems by consumers is the major driver of the consumer audio market.
Health concerns pertaining to audio systems and bandwidth restrictions can restrain the consumer audio market.
North America can lead in the consumer audio market till 2030.
Bragi, Dali A/S, Apple Inc., HARMAN International Industries, Inc., VIZIO, Inc., Trüsound Audio, Jam, VOXX International Corporation, Sonos, Inc., Jaybird, DEI Holdings, Inc., Bose Corporation, Sony Corporation, Plantronics, Inc., Devialet, Phazon, Human Inc., Ossic Corporation, Sennheiser Electronic GmbH & Co. Kg, and Earin are key players of the global consumer audio market.