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The Loudspeakers Market Saw An Increase In Use Of Smart Speakers Due To COVID-19 Needs For New Forms Of Entertainment And Communication

·5-min read

Segments covered: By Type Of Enclosure – Single Mounted, Multiple Mounted, Not Mounted; By End User – Household, Commercial, Others

LONDON, Aug. 26, 2021 (GLOBE NEWSWIRE) -- According to The Business Research Company’s loudspeakers industry analysis report, the onset of COVID-19 has forced people to look for different forms of communication, entertainment, and ways to continue on with normal human interactions. This has led to people adopting new mediums such as smart speakers during the pandemic for entertainment and information.

For instance, according to a 2020 survey by NPR and Edison Research, 35% of U.S. smart speakers owners said that they were listening to more news and information through their device, and 36% said that they increased their consumption of music and entertainment. Also, the total time spent listening to news content through smart speakers increased since the same time last year by 32% (3+ hours.), 43% (1 to <3 hours.), and 25% (<1 hour), respectively. The percentage of smart speaker owners considering buying another device to entertain their kids increased from 47% in 2019 to 71% in 2020.

The global loudspeakers market is concentrated, with a small number of large players in the speaker industry. The top ten competitors in the market made up to 49.51% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies.

Bose Corporation was the largest competitor with 21.12% of the market, Harman International Industries with 20.36%, followed by Altec Lansing with 2.36%, Bowers & Wilkins with 1.76%, Voxx International with 1.30%, Focal with 0.80%, Dynaudio with 0.78%, KEF with 0.70%, QSC with 0.57% and Sony Corporation with 0.54%.

The loudspeakers market reached a value of nearly $4,602.7 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $4,602.7 million in 2020 to $6,168.1 million in 2025 at a rate of 6.0%. The market is then expected to grow at a CAGR of 6.7% from 2025 and reach $8,544.1 million in 2030.

Asia Pacific was the largest region in the loudspeakers market, accounting for 32.7% of the total in 2020. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the loudspeakers market will be Africa and South America where growth will be at CAGRs of 14.4% and 12.7% respectively. These will be followed by Eastern Europe, and Middle East, where the markets are expected to grow at CAGRs of 12.5% and 8.4% respectively.

The Business Research Company’s report titled Loudspeakers Global Market Report 2021: COVID-19 Impact And Recovery To 2030 covers major loudspeakers companies, loudspeakers market share by company, loudspeakers manufacturers, loudspeakers market size, and loudspeakers market forecasts. The report also covers the global loudspeakers market and its segments.

Request For A Sample Of The Global Loudspeakers Market Report:

Loudspeakers market trends show in the professional speaker market, Bluetooth speaker market, wireless speaker market, among others. The demand for the wireless loudspeakers is increasing rapidly due to the increasing popularity of mobile devices and changing media consumption behavior of consumers. Consumers are increasingly using mobile devices, tablets and laptops to wirelessly play audio on speakers. Such consumer behavior is driving the growth of Wi-Fi and Bluetooth connected speakers. To capitalize on the growing popularity of wireless audio equipment, manufacturers such as Samsung, LG, Sony, Bose, Denon, DTS and Qualcomm are also launching wireless audio products or platforms. Popular Wi-Fi audio equipment include Sonos Wi-Fi speakers and Bose’s SoundTouch system.

Market-trend-based strategies for the loudspeakers market thus include launching wireless loudspeakers into mature and emerging markets to cater to the growing demand of these devices. Other strategies include adopting new technological innovations such as sound beaming in order to stay competitive in the market, manufacturing speakers to vinyl record players on a small scale to capitalize on the rising popularity of vinyl records, minimizing waste and producing more loudspeakers that are eco-friendly for sustainable growth, focus on producing 360 degree audio into loudspeakers to provide the best experience to customers, consider using carbon fiber in speakers to improve quality of hardware and sound.

Loudspeakers Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market.

The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Here Is A List Of Similar Reports By The Business Research Company:

Loudspeakers And Sound Bars Global Market Report 2021: COVID-19 Impact And Recovery To 2030

Audio Equipment Global Market Report 2021 - By Type (Loudspeakers, Microphones, Amplifiers, Turntables), By End User (B2B, B2C), By Technology (Wired, Wireless), By Price Range ( Low, Medium, High), COVID-19 Impact And Recovery

Speaker Drivers Global Market Report 2021: COVID-19 Growth And Change

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