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Consumer Audio Market to Hit USD 138 Billion by 2026 at 14.2% CAGR - Report by Market Research Future (MRFR)

/EIN News/ -- New York, US, June 21, 2021 (GLOBE NEWSWIRE) --

Market Overview:
Market Research Future (MRFR) projects the “Global Consumer Audio Market Information by Product, Connectivity and Region - Forecast till 2027”, market to reach USD 138 billion by 2026, registering a CAGR of 14.2%.

Market Scope:
Consumer demand for new features, higher quality, and lower prices are constantly growing, putting pressure on audio and electronics manufacturers to differentiate through cost efficiency, shorter time to market, and outstanding performance. Increasing demand for infotainment products increased acceptance of advanced wireless audio devices, and the proliferation of connected homes are some of the factors fueling the growth of the global consumer audio industry. Furthermore, the demand for home theatres and LCDs is expected to open new doors in the global market.

Dominant Key Players on Consumer Audio market covered are:

  • 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
  •  Dali A/S

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Market USP Exclusively Encompassed:
Market Drivers
Consumer audio refers to audio electronics designed for use in the home, such as shelf stereos, music centers, and surround sound receivers. These pieces of equipment are intended to be visually appealing as well as audibly pleasing. However, these consumable goods are rarely able to meet the needs of a professional music producer, audiophile, or someone more concerned with sound quality than appearance. Consumer demand for new features, higher quality, and lower prices are constantly growing, putting pressure on audio and electronics manufacturers to differentiate on cost efficiency, shorter time to market, and outstanding results. Increasing demand for infotainment products increased adoption of advanced wireless audio devices, and the proliferation of connected homes are some of the factors driving the growth of the global consumer audio industry. Furthermore, the demand for home theatres and LCDs is expected to open up new opportunities in the global market. However, bandwidth constraints and audio system health issues could stymie market growth over the forecast period.

Moreover, the increasing adoption of wireless audio devices in commercial sectors is expected to fuel demand for consumer audio. Furthermore, increasing IoT demand and a transition toward smart homes in developing countries are expected to drive market growth.

Market Restraints
Health issues caused by prolonged use of audio devices could impede market growth during the forecast period.

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Segmentation of Market covered in the research:
The global consumer audio market has been segmented based on product and connectivity.

By product, the global consumer audio market has been segmented into headphones, headsets, speaker systems, soundbars, microphones, and others. Soundbars are intended for apartments or venues where discrete speakers in the room are not needed. Soundbars that are self-powered also include a wireless subwoofer for maximum bass response, which can be conveniently placed anywhere in the room. A home theatre speaker system is a collection of electronic components that are designed to replicate the experience of watching a movie in a theatre. A home theatre system allows you to recreate the sound and video experience of a professional movie theatre in the comfort of your living room. A television, a DVD or Blu-ray player, an A/V receiver with surround sound, and five speakers comprise a basic home theatre system.

By connectivity, the global consumer audio market has been segmented into wired and wireless. The incorporation of wireless technology into an IC results in the advancement of low-cost, compact wireless audio devices. Consumers like such technologies because their smartphones provide continuous access to a variety of devices. Bluetooth, GPS, and Wi-Fi, among other innovations, improve the utility of smartphones by providing them with high-speed connectivity.

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Regional Analysis
By region, the global consumer audio market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America led the global market in 2019 and is projected to continue to do so during the forecast period. The Asia Pacific area, on the other hand, is expected to rise the fastest during the forecast period. Increasing residential home theatre system adoption and smart home deployments in the area are expected to drive market growth in this region.

COVID-19 Impact on the Global Consumer Audio Market
The global outbreak of a new coronavirus is likely to trigger a small market slowdown. As a result of labor shortages, manufacturing work has come to a halt. As a result, demand from end-use industries has dropped precipitously.

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Industry News
In March 2021, HiSense has collaborated with DTS to create devices that will use DTS Play-Fi wireless multi-room audio and surround sound technologies. Hisense will develop and produce goods that will be sold internationally in the second half of 2021.

In February 2021, Sennheiser intends to sell its consumer audio business, which includes headphones and soundbars. Sennheiser intends to devote its full attention to professional audio, including its Neumann microphone division and what it refers to as business communications.

In June 2020, Infinity Systems, a daughter company of tech firm Harman, launches Infinity’s new soundbar- Infinity Sonic B200 and headphone Infinity Glide 510. The Infinity Sonic B200 has 160W peak power and a dedicated wireless subwoofer, which should provide a cinematic, bass-rich experience right in the living room.

In May 2020, Samsung Electronics Co. unveiled an ambitious new range of soundbars, all of which are designed to offer immersive, captivating sound quality that will improve the home theatre experience. The new Q, T, and S Soundbar Series integrate seamlessly with Samsung's extensive TV lineup, with premium design to meet the needs of any consumer's home environment.

Related Reports:
Global Audio IC Market Research Report: By Type (Audio Amplifiers [Volume Control IC, Audio Line Drivers and Receivers, Speaker Amplifier and others], Audio DSPs, Audio Converters [Audio ADC, Audio DAC, Others], Audio Processors, Microphone Preamplifiers and others]), Application (Automotive Audio, Professional Audio, Smart Home, Smart and Portable Devices, Others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) - Forecast till 2027

Global Audio Amplifiers Market Research Report: By Channel Type (Mono Channel, Two Channel, Four-Channel, Six Channel and Others), Application (Smartphones, Television Sets, Home Audio Systems, Desktops & Laptops, Tablets, Automotive Infotainment Systems, Professional Audio Systems and Others), Class (A, A/B, D and Others), End Users (Consumer Electronics, Automotive, Military & Defense, Entertainment and Others) - Forecast till 2027

Global Wireless Audio Device Market, By Technology (Bluetooth, Airplay, Wi-Fi), By Application (Electronics, Automotive, Institute), By Product (Soundbar, Wireless microphone, Wireless headset) - Forecast 2027

Global Audio Interface Market, By Component (Hardware, Software, Solution), Type (Universal Serial Bus, Firewire, Musical Instrument Digital Interface, Thunderbolt), Application (Professional, Amateurs) – Forecast to 2027

About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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