Loudspeaker Market 2022 Key Players, End User, Demand and Consumption by 2028

The loudspeaker market revenue totaled ~US$ 3,461.0 Mn in 2021, according to Future Market Insights (FMI). The overall loudspeaker market is projected to reach ~US$ 5,639.1 Mn by 2028, growing at a CAGR of 7.1% for 2022 – 28.

The Loudspeaker market growth will continue to accelerate due to the continuous development of speaker technologies. The growth of this market is driven by factors such as growing music industry, increasing demand for soundbars, adoption of wireless speakers, increasing consumer spending on multimedia systems, growing popularity of Wi-Fi and Bluetooth speakers and rising demand of digital audio devices. Loudspeaker market is nearly 35% of global speaker market.

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FMI delivers key insights about the global loudspeaker market in its report titled “Loudspeaker Market: Global Industry Analysis 2017 – 2021 and Opportunity Assessment 2022 – 2028.” Among the types of loudspeakers, the stereo speakers segment is estimated to register the highest growth in the global loudspeaker market. Under the loudspeaker speaker design segment, the with diaphragm loudspeaker segment is expected to dominate the global loudspeaker market throughout the forecast period. On the basis of deployment, the indoor deployment loudspeakers segment is expected to register the highest market share in the global loudspeaker market by the end of the forecast period.

The global loudspeaker market is expected to register an annual revenue of US$ 3,214.6 Mn by the end of 2020. The predominant regions, i.e., North America, Western Europe, Latin America and SEA & others of APAC, are expected to jointly account for a majority share of the global loudspeaker market. The loudspeaker markets in Southeast Asia & other Asia Pacific and North America are expected to dominate the global loudspeaker market during the forecast period.

These days, people are reluctant to use the old methods of playing music through loudspeakers, which include the usage of compact discs, cassettes and the like, however, the introduction of music streaming platforms globally has made it easy for users to play their choice of music on-demand. This has supported the growth of the loudspeaker market by driving the customer base for loudspeakers. Another factor driving the loudspeakers market is the popularity of these loudspeakers at public places such as cinemas, restaurants, concerts, etc., which has significantly boosted the loudspeaker market. Moreover, individual entertainers prefer to use loudspeakers during their outdoor shows, which indicates that the price standards of loudspeakers are decreasing day by day.

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The interaction of a loudspeaker systems with the environment around them determines whether their usage in a particular environment is appropriate. Indoor deployment loudspeakers are generally used for a room and not for open places or places that host public events, whereas outdoor deployment loudspeakers are mostly used in venues that host public events such as concerts, theaters, restaurants, etc., and a network of loudspeakers is placed at different places in these venues.

The speakers with a diaphragm assembly for the generation of sound waves are termed as diaphragm speakers. The speakers with diaphragm include moving-iron loudspeakers, piezoelectric speakers, magnetostatic loudspeakers, magnetostrictive speakers, electrostatic loudspeakers, ribbon & planar magnetic loudspeakers, bending wave loudspeakers, flat panel loudspeakers, Heil air motion transducers, transparent ionic conduction speakers and others. On the other hand, the speakers that do not work on the diaphragm-based loudspeaker model are termed as speakers without diaphragm. Plasma arc speakers, thermo acoustic speakers, rotary woofers and others are included in this category.

The market of the Southeast Asia and others of Asia Pacific region is expected to dominate the loudspeaker market in terms of growth rate, followed by the Latin America market. The loudspeaker market of North America is estimated to expand significantly over the forecast period. The Eastern Europe loudspeaker market is expected to register moderate growth with a total incremental dollar opportunity of 214.9 Mn. However, by the end of 2028, the North America loudspeaker market is expected to be followed by the Western Europe loudspeaker market in terms of value due to the good distribution channels of major loudspeaker market players in these regions in addition to their large presence.

According to FMI analysis, the introduction of loudspeakers with advanced features by loudspeaker providers as well as strategic collaborations, acquisitions and mergers will help increase the overall corporate revenue in the global loudspeaker market. Examples of some of the participants included in the global loudspeaker market report are Yamaha Corporation; LG Electronics Inc.; Klipsch Group, Inc. (A VOXX International Company); Harman International Industries; Bose Corporation; Creative Technology Ltd.; Logitech International S.A; Sony Corporation; Panasonic Corporation; Bowers & Wilkins and Sound United LLC.

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