The global loudspeaker market is estimated to reach USD 8.48 billion by 2025, according to a new report by Grand View Research, Inc. Increasing middle class population and rising disposable income is expected to propel industry growth. Rising in-home entertainment, decreasing sound quality of the television owing to reduction in size and growing entertainment spending is anticipated to boost industry over the forecast period.
Technological advancements in design, sound quality, size and power, and new product introduction are anticipated to drive demand over the next seven years. The increasing popularity of wireless streaming of audio content among consumer is also expected to boost demand over the forecast period.
Further key findings from the study suggest:
- Type of loudspeakers available in market includes satellite/subwoofer, soundbar, in-wall speaker, multimedia speaker, outdoor speaker, and subwoofers.The soundbar segment is anticipated to grow at a CAGR over 8% from 2016 to 2025. Growing number of the smart home is anticipated to offer growth opportunities for soundbar market over the next seven years.
- Consumers use computers and laptops for watching movies and playing gaming and it has become an accepted pastime for people. The consumers are anticipated to upgrade their systems for better sound quality or sound experience. With an increase in availability of downloadable music or growing penetration of online buffering sites such as YouTube and Dailymotion, consumers are expected to upgrade their multimedia speakers.
- North America and Europe is anticipated to be key region over the forecast period owing to growing popularity of in-home entertainment. Asia Pacific loudspeaker market is expected to witness tremendous growth owing to increasing disposable income and rising population. India and China are expected to the major region over the next seven years owing to high consumer base and growing popularity of soundbar in the region.
- Key industry players include Bose Corporation,Harman International Industries Inc., B&W Group Ltd.,Audiovox Corporation, Boston Acoustics Inc., Creative Labs Inc, and Directed Electronics Inc. Other vendors include Altec Lansing, , KLH Audio Systems, Klipsch Group Inc., Yamaha Corporation of America, Cambridge Sound Works Inc.,Sonance, SpeakerCraft Inc., and Velodyne Acoustics Inc.
- In February 2015, Bose announced the introduction of SoundLink Bluetooth Speaker III, integrating Bose proprietary technologies to reproduce music with depth and clarity. In May 2014, Dynaudio announced the release of its latest generation of wireless high-end loudspeaker series at Europe’s largest HiFi exhibition. In January 2016, Harman International announced the release of next generation of Infinity Kappa series subwoofers to deliver high performance and low distortion.
- In January 2016, Klipsch announced the launch of its Reference Premiere HD Wireless Speaker. In September 2012, Polk Audio announced a collaboration with Microsoft’s Interactive Entertainment Business to position Polk as a strategic premium audio solution partner for Xbox 360
- In August 2015, the LG launched curved soundbar, Music Flow HS8; this loudspeaker is currently only available in Europe, but is anticipated to be released in the U.S. in the coming years. As television manufacturers such as Sony and Samsung begin to innovate and develop more curved TV, it is likely that these players will also launch curved soundbars over the forecast period.