Audio Equipment Market Size
|Study Period:||2018 - 2028|
|Fastest Growing Market:||North America|
|Largest Market:||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Audio Equipment Market Analysis
The audio equipment market is expected to register a CAGR of 6.1% during the forecast period. Increased adoption of cloud-based audio workstations and growing digitization of instruments are likely to drive market growth. Further, the increasing demand for HD and Ultra HD sound quality is driving the market growth.
- 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 faster adoption of cloud-based audio workstations and the growing digitization of instruments will likely enhance new trends over the forecast period.
- 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.
- 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 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.
The market sizes and forecasts are provided in terms of value (USD million) for all the above segments.
|By Product Type|
|Other Product Types|
|By End User|
|Other End Users|
|Middle East and Africa|
Audio Equipment Market Trends
This section covers the major market trends shaping the Audio Equipment Market according to our research experts:
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 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.
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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. Truke aims to manufacture over 1 million units this year and boost its production next year by producing over 2 million units.
- Moreover, in January 2022, Dixon Technologies, an electronics manufacturing firm, partnered with Imagine Marketing, the parent company of Boat, to form a 50-50 joint venture to manufacture Bluetooth-enabled audio devices. The proposed joint venture company will design and manufacture Wireless Audio Solutions in India.
- 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.
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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.
- January 2022: JBL introduced the first microphone and true wireless gaming headset to the JBL Quantum range. The dual-condenser microphone is ideal for coordinating with teammates, bringing crystal-clear communication to the center of the action as a standalone solution.
- January 2022: Tesla launched a microphone called TeslaMic designed for its in-car karaoke system, which is currently available in China. The microphone is developed to work with Leishi KTV, a karaoke system that is being included as part of the update.
Audio Equipment Market Leaders
Allen & Heath
*Disclaimer: Major Players sorted in no particular order
Audio Equipment Market News
- September 2022: Tietoevry announced a strategic collaboration with Bose, a global audio company, to establish a new center of excellence in Warsaw, Poland. This operation will bring new software engineering resources and expertise to the development of various Bose sound systems and products.
- January 2022: Vitec Imaging Solutions announced the acquisition of Audix, the premier microphone brand for studio and live performance audio. As part of the Vitec family, the Audix team and facility in Oregon will become Vitec Imaging Solutions’ Audio R&D Centre of Excellence, enabling the acceleration of in-house microphone product design, development, and manufacturing across all Vitec audio brands.
Audio Equipment Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
4.4 Assessment of Impact of COVID-19 on the market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Tendency of Increased Expenditures on Global Festivals and Music Concerts
5.1.2 Rise of Audio Equipment in Automobiles
5.1.3 Increasing Demand for HD and Ultra HD Sound Quality
5.2 Market Restraints
5.2.1 Design and Complexity Challenges for the Development of High-Efficiency Audio Equipment
6. MARKET SEGMENTATION
6.1 By Product Type
6.1.4 Audio Monitors
6.1.5 Other Product Types
6.2 By End User
6.2.3 Home Entertainment
6.2.4 Other End Users
6.3 By Geography
6.3.1 North America
6.3.4 Latin America
6.3.5 Middle East and Africa
7. COMPETITIVE LANDSCAPE
*List Not Exhaustive
7.1 Company Profiles
7.1.1 Yamaha Corporation
7.1.2 Alpine Electronics
7.1.3 Allen & Heath
7.1.4 Kenwood Corporation
7.1.6 AKG Acoustics (Harman International)
7.1.7 Peavey Electronics
7.1.8 Krell Industries
7.1.9 NXP Semiconductors
7.1.10 Bryston Ltd
8. INVESTMENT ANALYSIS
9. FUTURE OF THE MARKET
Audio Equipment Market Research FAQs
What is the study period of this market?
The Audio Equipment Market is studied from 2018 - 2028.
What is the growth rate of Audio Equipment Market?
The Audio Equipment Market is growing at a CAGR of 6.1% over the next 5 years.
Which region has highest growth rate in Audio Equipment Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Audio Equipment Market?
Asia Pacific holds highest share in 2021.
Who are the key players in Audio Equipment Market?
Yamaha Corporation, Alpine Electronics, Allen & Heath, Kenwood Corporation, Behringer are the major companies operating in Audio Equipment Market.
Audio Equipment Industry Report
Statistics for the 2023 Audio Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Audio Equipment analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.