Growing Demand in Automotive Industry to Provide Growth Opportunities for Sub-Woofer Market

NEW YORK, UNITED STATES, February 1, 2022 /EINPresswire.com/ -- According to the latest research report titled "Sub-Woofer Market Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to grow from US$ 834.77 million in 2021to reach US$ 1,132.62 million by 2028; it is estimated to grow at a CAGR of 4.5% from 2021 to 2028.

Strategic Insights

Report Coverage Details

Market Size Value in US$ 834.77 million in 2021
Market Size Value by US$ 1,132.62 million by 2028
Growth rate CAGR of 4.5% from 2021 to 2028.
Forecast Period 2021-2028
Base Year 2021
No. of Pages 136
No. Tables 57
No. of Charts & Figures 71
Historical data available Yes
Segments covered Application and End-user.
Regional scope North America; Europe; Asia Pacific; Latin America; MEA
Country scope US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Across Europe, Germany, France, Italy, and the UK are among the hardest-hit countries by the COVID-19 outbreak. The imbalance in the demand and supply side and the lockdown phase in several European countries had a negative impact on the sub-woofer market in 2020. Owing to the shutdown of production plants and scarcity of laborers, the growth of the sub-woofer market was hampered to a large extent. Moreover, the immediate effects of the crisis have affected almost all branches of the audiovisual sector such as interruption in production and shutdown of cinemas. Cinemas across the European Union saw a 69.0% drop in box-office numbers in 2020, accounting for a decrease in revenues by €4 billion compared to 2019. However, with the launch of vaccines, the market is expected to witness significant growth during the forecast period.

The audio industry has witnessed a rise in demand for wireless audio devices such as Bluetooth speakers and soundbars. The increasing adoption of Bluetooth speakers among customers is creating new revenue streams for market players. Wireless audio devices are expected to drive the subwoofer market. Additionally, market players are focusing on selling smart speakers and sub-woofers, which is likely to fuel the growth of the market in the future.  For instance, in March 2021, Sonos introduced the Sonos Roam—its first fully portable Bluetooth speaker, which doubles as a full-fledged member of the Sonos system when in reach of a Wi-Fi network. Thus, the growing consumer interest in technologically advanced audio devices is expected to create lucrative opportunities for the global sub-woofer market during the forecast period.

Impact of COVID-19 Pandemic on Sub-Woofer Market

The temporary shutdown of the manufacturing units has negatively impacted the growth of the sub-woofer market across the globe and has led to challenges such as disturbance in the supply chain and falling business confidence. Due to the COVID-19 outbreak, the production, supply chain process, and research and development (R&D) activities have slowed across the globe. Sales of sub-woofer decreased significantly during the COVID-19 pandemic due to operational constraints in sales channels such as specialty stores and e-commerce platforms. However, various manufacturing firms have restarted the production of sub-woofers and are expected to boost the growth of the sub-woofer market.  

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Growing Demand for Automobiles to Drive Market

The development of artificial intelligence (AI) technologies coupled with smartphone connectivity in automotive sub-woofer is expected to drive the market during the forecast period. Additionally, sales of cars are expected to increase in the future due to the rising adoption of private vehicles to avoid social contact and exposure to SARS-CoV-2. Thus, the surge in the adoption of in-vehicle infotainment systems in cars is bolstering the demand for sub-woofers. Additionally, luxury cars and autonomous vehicles integrated with high-end infotainment systems and technologies are driving car sales in North America and Europe. As per the Center for Automotive Research (CAR), in 2018, automakers announced substantial investment projects of US$ 4.8 billion in North America and Europe. Major automakers invested US$ 3.7 billion in their US operations, with a focus on modernizing the manufacturing process. Such initiatives by car manufacturers are expected to boost the global sub-woofer market.

Sub-Woofer Market: Competitive Landscape and Key Developments

Dynaudio A/S, K-Array, Harman International, Sony Corporation, SV Sound, Pioneer India Electronics Pvt. Ltd., Paradigm Electronics Inc., LW Speakers professional sound systems, Klipsch Group Inc., and JVC Kenwood Holdings Inc. are among the key players in the global Sub-Woofer market. The leading companies focus on the expansion and diversification of their market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.

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In 2021, K-array unveiled a new line of audio solutions with the aim of introducing new technologies into speaker products while targeting budget-sensitive yet highly demanding applications.

In 2021, Panasonic and Klipsch announced an exclusive collaboration to deliver the revered “Klipsch Sound” and audiophile-quality performances to in-vehicle experience at the CES trade show in Las Vegas.

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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