Audio Equipment Market Size

Report on Industry Size & Market Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Audio Equipment Market is Segmented by Product Type (Mixers, Amplifiers, Microphones, Audio Monitors), End User (Commercial, Home Entertainment, Automotive), and Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Audio Equipment Market Size

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Audio Equipment Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 15.23 Billion
Market Size (2029) USD 21.42 Billion
CAGR (2024 - 2029) 7.06 %
Fastest Growing Market North America
Largest Market Asia Pacific

Major Players

Audio Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Audio Equipment Market Analysis

The Audio Equipment Market size is estimated at USD 15.23 billion in 2024, and is expected to reach USD 21.42 billion by 2029, growing at a CAGR of 7.06% during the forecast period (2024-2029).

  • Technological development in the music industry has unleashed the application of digital audio workstations (DAW) among artists for composing, recording, mixing, and mastering music.
  • The rising tendency of increasing expenditures on global festivals and music concerts is expected to propel the requirement for professional audio equipment. With an increasing number of trade shows, motion production and films, exhibitions, music concerts, and sports events, it is expected to increase demand for various innovative audio amplifiers. For instance, according to Billboard magazine, 32 million people go to at least one music festival in the United States every year.
  • The rise of audio equipment in automobiles is driving the market. A small collection of amplifiers and sound processors replaces the factory amp in a premium system without losing any of the vehicle's features or functionality. With an increase in the production of automobiles, the demand will increase effectively.
  • Moreover, the increasing demand for video games will support the growth of audio equipmnet during the projected timeline. According to Entertainment Retailers Association, In 2022, British consumers spent approximately GBP 4.66 billion on video games. This represents a 2.3 percent increase from the previous year. With most other entertainment avenues in the country shut down due to the COVID-19 pandemic, video games experienced a boom in 2020, reaching GBP 4.43 billion in 2020 from GBP 3.76 billion in 2019
  • Design and complexity provide challenges for developing high-efficiency audio equipment as there are high interface integration issues with high complexity in designing mixing circuits, especially for audio mixers and amplifiers, which restrain the market growth.

Audio Equipment Market Trends

Microphones Segment is Expected to Register the Fastest Growth

  • With nearly everything operating from home - TV productions, education, health and wellness, and everyday work, vendors are gauging the need for improved audio in these settings and, thus, are getting involved in introducing new products to the market.
  • The growing digital transformation in the education sector will increase the demand for microphones over the forecast period. Digitization in education sector benefits teachers, students, and other participants in the learning process. With these changes, accessibility and engagement will be improved through interesting and adaptable learning. As a result, online education becomes more accessible, comprehensive, and inclusive.
  • A few of the opportunities created by higher education's digital transformation include microlessons, interactive videos or tests, games, and AI-based learning strategies. Each of these choices enables a student to engage with the relevant components or tasks more actively.
  • The advent of virtual and augmented reality headsets, and introduction of True Wireless Sound (TWS) with capabilities such as voice calling active noise cancellation, spatial audio playback, transparency mode, etc have increased the consumer expectations around audio quality and microphone technology, further supporting the market growth.
  • The market is witnessing various expansion activities by vendors to enhance its geographical reach and cater to a broader customer base. For instance, in May 2022, Turtle Beach Corporation launched its Neat Microphones brand in Europe. The new line-up is headlined by King Bee II, the brand's high-performance XLR microphone.
  • Moreover, audio accessories also cater to the growing market demand. Miniature microphones and accessories are the products outlined for professional sound reproduction in installation, broadcast, film, and field applications. Players are investing in broadening their technology as it covers higher demand. For instance, in October 2022, Sony Electronics introduced a C-80 condenser microphone for studio recording. The uni-directional condenser microphone is ideal for vocal/voice recording, instrumental recording, vlogging, webcasting, and podcasting.
  • The market is witnessing the entrance of various new players, which will further drive its growth. For instance, in January 2022, Tesla applied for a new trademark to sell its audio equipment, such as microphones and headphones. The company has applied for its "TESLA" and "T" logo trademarks in the new audio equipment category.
Audio Equipment Market - Retail Sales Value of Wireless Microphones, In USD Millions, United States, 2016 - 2021

Asia-Pacific Accounts for Significant Market Share

  • Asia-Pacific is expected to capture a significant share of the audio equipment market due to increasing technological innovation, the presence of some leading audio equipment providers, such as Yamaha Corporation and Alpine Electronics, and rapid industrialization, which have led to a steady stream of new audio equipment.
  • Several global market players are rapidly expanding and strengthening their market presence in the region with strategic partnerships, owing to the region's several opportunities for growth. For instance, in July 2022, Truke, a German wearable and hearable devices firm, partnered with Optiemus Electronics to make audio devices in India. The company aims to manufacture over 1 million units this year and boost its production next year by producing over 2 million units.
  • Moreover, in March 2023, IKODOO announced its range of audio products to launch in India. The company focuses on providing an immersive audio experience. It focuses on catering to the rising demand for high-quality audio equipment in India, largely promoted by the rise of music streaming services and surging usage of audio devices for leisure and work at affordable prices.
  • The rising smart classrooms in the countries and growing focus on improving the education system drive the market growth in the region. The Government of India is shifting from a traditional education system to smart classrooms. In August 2022, in the government schools of Telangana, around 3,000 classrooms were planned to shift into digital classrooms integrated with laptops, screens, and integrators. Similarly, smart-class projects have been launched in various cities in India, including Ajmer, Uttarakhand, and others.
  • The audio equipment market will witness high growth in the region. The growth is attributed to the unprecedented growth of consumer electronics manufacturing in China, which has made the country the leading smartphone manufacturer globally. According to the National Burau of Statistics of China, the production of cell phones in China had increased from 174.61 million units in December 2021 to 212.71 million units in January 2022. The production has grown steadily since then, with cell phone production in November 2022 accounting for about 141.7 million units.
  • Furthermore, in October 2022, Rode, an Australia-based audio equipment company, announced the launch of a new division focused entirely on streaming and gaming. Rode X, the company's first sub-brand, will have its specialized research and development department. The line will introduce three products: Unify, a virtual mixing solution custom-designed for streaming; the XDM-100 dynamic USB microphone; and the XCM-50 condenser USB microphone.
Audio Equipment Market - Growth Rate by Region

Audio Equipment Industry Overview

The audio equipment market is highly fragmented as changing consumer demands are driving companies to innovate in the space to attract more consumers. The rivalry in this market has intensified over the years, with companies launching many products to attract consumers. Key players are Yamaha Corporation, Alpine Electronics, and Allen & Heath.

  • March 2023:Rode has announced introducing of a new Rode Wireless ME System, a compact wireless microphone system designed to give professional audio for video with minimal effort. This microphone is compatible with cameras, computers, and smartphones.
  • January 2023: Harman International announced its new partnership with Metra Electronics to enable the pairing of Infinity Kappa perfect Powersports speakers and amplifiers with Meta Electronic's saddle tramp DSP processor system integration and installation equipment for the Harley Davidson motorcycle market. The new Infinity Kappa Perfect PowerSportsamplifier is a high-performance multi-environment amplifier designed to meet the needs of installations with limited space requirements and withstand harsh environments. It features Molex connectors for mounting to the Saddle Tramp DSP and a small footprint that fits easily into tight fairings.

Audio Equipment Market Leaders

  1. Yamaha Corporation

  2. Alpine Electronics

  3. Allen & Heath

  4. Kenwood Corporation

  5. Behringer

*Disclaimer: Major Players sorted in no particular order

Audio Equipment Market Concentration
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Audio Equipment Market News

  • February 2023: Pioneer DJ announced introducing a new 4-channel mixer, the DJM-A9. The new unit has many features, including the Center Lock feature for Sound Color FX and a new layout with more space around the EQ controls. The Beat FX section and mic have also been improved and have Bluetooth input that can be routed to any channel. Compatible with both Rekordboxand Serato.
  • February 2023: Cherry Americas announced to launch of a new product line of computer microphones and accessories for everyone from home and office users to streaming studio pros. The company is expanding its audio portfolio with three stylish new microphones for entertainment and work.

Audio Equipment Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Industry Value Chain Analysis

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

    4. 4.4 Assessment of Impact of COVID-19 on the market

  5. 5. MARKET DYNAMICS

    1. 5.1 Market Drivers

      1. 5.1.1 Rising Tendency of Increased Expenditures on Global Festivals and Music Concerts

      2. 5.1.2 Rise of Audio Equipment in Automobiles

      3. 5.1.3 Increasing Demand for HD and Ultra HD Sound Quality

    2. 5.2 Market Restraints

      1. 5.2.1 Design and Complexity Challenges for the Development of High-Efficiency Audio Equipment

  6. 6. MARKET SEGMENTATION

    1. 6.1 By Product Type

      1. 6.1.1 Mixers

      2. 6.1.2 Amplifiers

      3. 6.1.3 Microphones

      4. 6.1.4 Audio Monitors

      5. 6.1.5 Other Product Types

    2. 6.2 By End User

      1. 6.2.1 Commercial

      2. 6.2.2 Automotive

      3. 6.2.3 Home Entertainment

      4. 6.2.4 Other End Users

    3. 6.3 By Geography

      1. 6.3.1 North America

      2. 6.3.2 Europe

      3. 6.3.3 Asia-Pacific

      4. 6.3.4 Latin America

      5. 6.3.5 Middle East and Africa

  7. 7. COMPETITIVE LANDSCAPE

    1. 7.1 Company Profiles*

      1. 7.1.1 Yamaha Corporation

      2. 7.1.2 Alpine Electronics

      3. 7.1.3 Allen & Heath

      4. 7.1.4 Kenwood Corporation

      5. 7.1.5 Behringer

      6. 7.1.6 AKG Acoustics (Harman International)

      7. 7.1.7 Peavey Electronics

      8. 7.1.8 Krell Industries

      9. 7.1.9 NXP Semiconductors

      10. 7.1.10 Bryston Ltd

  8. 8. INVESTMENT ANALYSIS

  9. 9. FUTURE OF THE MARKET

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Audio Equipment Industry Segmentation

The audio equipment market refers to devices that reproduce, record, or process sound, which include establishments producing electronic audio for home entertainment, musical instrument amplification, automobiles, etc. The study of the report includes the different types of audio equipment, such as amplifiers, mixers, and microphones, among others, and their applications in end-user industries. The report also includes a geographical segmentation of the market, the major vendors, and strategies adopted by them. Further, the scope of the study includes the assessment of the impact of COVID-19 on the market.

The audio equipment market is segmented by product type (mixers, amplifiers, microphones, audio monitors), end user (commercial, home entertainment, automotive), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By Product Type
Mixers
Amplifiers
Microphones
Audio Monitors
Other Product Types
By End User
Commercial
Automotive
Home Entertainment
Other End Users
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East and Africa
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Audio Equipment Market Research FAQs

The Audio Equipment Market size is expected to reach USD 15.23 billion in 2024 and grow at a CAGR of 7.06% to reach USD 21.42 billion by 2029.

In 2024, the Audio Equipment Market size is expected to reach USD 15.23 billion.

Yamaha Corporation, Alpine Electronics, Allen & Heath, Kenwood Corporation and Behringer are the major companies operating in the Audio Equipment Market.

North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).

In 2024, the Asia Pacific accounts for the largest market share in Audio Equipment Market.

In 2023, the Audio Equipment Market size was estimated at USD 14.15 billion. The report covers the Audio Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Audio Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Key trends in the Audio Equipment Market include: a) Growing popularity of wireless earbuds b) Integration of Artificial Intelligence and voice control features c) Increasing demand for high-resolution audio products

Major challenges in the Audio Equipment Market include: a) Intense competition b) Rapid technological changes c) Need for continuous innovation to meet consumer expectations

Audio Equipment Industry Report

The Audio Equipment Industry is booming, fueled by consumer demand for high-performance home theater systems and advanced technological features. Innovations such as hi-fi wireless sound bars and home theaters with surround sound are driving growth, alongside the integration of Artificial Intelligence (AI) and Internet of Things (IoT) in smart devices. The market, detailed in Mordor Intelligence™ Industry Reports, is expanding due to increased disposable incomes, a trend towards portable products, and government support for domestic manufacturing. Wireless technology and online sales channels are popular, with the Asia Pacific region leading in market share. Despite challenges like global supply chain disruptions and inflation, continuous innovation in energy-efficient and high-quality audio products promises a bright future for the industry. Get insights into the audio equipment market's share, size, and revenue growth rate, including a forecast and historical overview, with a free report PDF download from Mordor Intelligence™.

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Audio Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)