Global Consumer Audio Market to Garner USD 274.8 Billion with 16.30% CAGR by 2032
Research Reports
Sep 15, 2023
The global Consumer Audio Market enjoys enormous traction. The increasing market proliferation and popularity of audio devices, such as headphones, headsets, speaker systems, soundbars, microphones, and others, drive the market growth. Besides, rising advances in the internet & Bluetooth technologies and the emergence of popular voice assistants boost the market growth.
With the spurring increase in electronic devices, the market will likely witness significant growth in the next few years. According to Market Research Future (MRFR), the global consumer audio market is estimated to escalate from USD 70.6 BN in 2022 to USD 274.8 BN by 2032, growing at a16.30% CAGR throughout the forecast period (2023-2032). Also, the growing popularity of voice assistants defines the market growth prospects globally.
Usages of consumer audio are growing among youths and in outdoor activities such as trekking and camping. Additionally, the rising sales of smartphones and growing preference for music streaming while traveling escalate the market value to further heights. The market has been witnessing high growth in recent years, led by the increasing popularity of portable products.
The growing popularity of integrated music streaming platforms such as Spotify and iTunes influences the sales of consumer audio devices. These developments also presage the heydays the consumer audio market will soon perceive. Increasing competition among the consumer audio market players in terms of prices, functions, quality, and design leads to high investments in R&D.
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Global Consumer Audio Market – Segments
The report is segmented into products, connectivity, applications, and regions. The product segment is sub-segmented into headphones, headsets, speaker systems, soundbars, and microphones. The connectivity segment is sub-segmented into wired and wireless.
The application segment is sub-segmented into education, government, commercial, industrial, retail, and hospitality. By region, the consumer audio market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Consumer Audio Market – Regional Analysis
North America dominates the global consumer audio market due to the vast popularity of audio devices and high per capita disposable income in this region. Besides, the growing use of smart home solutions with gestures, voice-controlled appliances, and electronics boosts the region’s market demand. Also, large technological advances, alongside the large presence of technology providers in the region, drive the regional market growth.
Consumer Audio Market – Competitive Analysis
Highly competitive, the consumer audio market appears fragmented with the presence of many popular brands. Players initiate strategies, such as collaboration, mergers & acquisitions, expansion, and product/technology launches to gain a larger competitive share. Industry players make substantial investments locally and in developing regions to expand their production capacity and distribution network.
Major Players:
Players leading the global consumer audio market include HARMAN International Industries, Inc., Apple Inc., Bose Corporation, Sony Corporation, Sonos, Inc., DEI Holdings, Inc., VIZIO, Inc., Sennheiser Electronic GmbH & Co. Kg, VOXX International Corporation, Ossic Corporation, Plantronics, Inc., Phazon, Trüsound Audio, Bragi, Jam, Earin, Human Inc., Jaybird, Devialet, and Dali A/S, among others.
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Industry/ Innovation/ Related News:
May 12, 2023 — Videomax International Pvt. Ltd (VMI) announced its plan to invest Rs 100 crore in expanding a consumer electronics brand, Skyball, over the next three years. Skyball is a home audio, smart accessories, and consumer electronics brand. The company focuses on providing the best technology to its consumers and aims to achieve Rs 500 crore turnover in the same period.
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