Market Size of Audio Equipment Industry
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*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.