Consumer Audio Market Size

Global Consumer Audio Market Overview:

Consumer Audio Market size was valued at USD 82.1 Billion in 2023. The Consumer Audio market industry is projected to grow from USD 93.89 Billion in 2024 to USD 274.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.37% during the forecast period (2024 - 2032). As audio technologies gain popularity and realistic consumer audio equipment starts to appear, gadgets are incorporating technologically advanced functions, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Consumer Audio Market Trends

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  Technologically advanced features incorporated in devices is driving the market growth

  
  

Consumer audio equipment is always evolving. In the early 1980s, laserdisc with two channels was the most advanced technology available to consumers. Since then, 4k Ultra HD content has taken its place, and the state of the art is always being advanced into new industries. The number of people who have instant access to streaming music is rising quickly. The other main trend is true wireless audio. Consumer audio systems are constantly evolving, thanks to manufacturers who create high-performance audio systems in svelte and fashionable designs. The most significant development is the democratisation of home theatre, which has been made possible by the advent of low-cost, large-screen, HDTV sets that display content and produce audio of the highest calibre. The market for consumer audio systems is expected to grow dramatically as audio technologies gain in popularity. This is because devices now have highly advanced functions. Some of the technology associated with the move includes HTiB (Home Theatre in a Box), Blu-ray players, speaker bars, A/V receivers, and wireless speakers.

The consumer audio system market is expected to be significantly influenced by realistic consumer audio equipment. Consumer demand for high-performance home theatre experiences is expected to expand over the next six years as a result of rising disposable income. It is anticipated that manufacturers will place less of an emphasis on television sets' built-in audio quality, which will lead to a rise in demand for external audio solutions and accelerate market growth. Rising flat-panel HD TV unit sales as a result of declining prices are anticipated to widen the consumer base over the course of the forecast year.

The emergence of networked speakers and specialised speaker docks is anticipated to lead to an increase in consumer spending on audio equipment. The suppliers and manufacturers of this equipment have been seeking to enhance their market share by developing more streamlined, less visually obtrusive systems. There is a rising need for portable audio devices with USB storage that can stream high-quality audio content from the internet. As a result, the development of the consumer audio equipment sector is probably going to be aided by developments in digital technology as well as a change in media possibilities from conventional to contemporary systems.

Consumers are switching to wireless audio devices as a result of the development of wireless technologies like Bluetooth and Wi-Fi. Demand for earbuds and headphones has surged as a result of this gradual change. Additionally, these gadgets' straightforward functionality, dependable audio quality, and compact design are some of the elements propelling the industry. Thus, driving the Consumer Audio market revenue.

Consumer Audio Market Segment Insights:

Consumer Audio Product Insights

The Consumer Audio Market segmentation, based on Product, includes Microphones, Headphones, Soundbars, Headsets, and Speaker Systems. Headphones segment dominated the global market in 2022. This can be ascribed to the fact that both amateur users and studio pros utilise these devices frequently. Shows, concerts, and sporting events all make extensive use of these wireless headsets. Due to the rising popularity of True Wireless Stereo (TWS) earbuds among consumers, the earphones category is predicted to increase at the greatest CAGR throughout the forecast period.

Consumer Audio Connectivity Insights

The Consumer Audio Market segmentation, based on Application, includes Wireless and Wired. Wireless segment dominated the global market in 2022. Strong demand for wireless systems is anticipated, driven by a rise in consumer preference for appealing designs, excellent sound, and unlimited mobility. Over the course of the projection period, the market for wireless speakers is anticipated to grow as more Bluetooth products come to market. Additionally, multi-room Consumer Audio and wireless Blu-ray home theatre systems with on-demand content are expected to increase rapidly over the projection period.

Figure 1: Consumer Audio Market, by Connectivity, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Consumer Audio Application Insights

The Consumer Audio Market segmentation, based on End user, includes Education, Government, Commercial, Industrial, Retail, Hospitality, and Commercial. Commercial segment dominated the Consumer Audio Market in 2022. This is explained by the fact that professional studios, conference rooms, and auditoriums employ smart speakers, microphones, and headphones frequently.

Consumer Audio Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Consumer Audio Market dominated this market in 2022 (45.80%). Consumers in this region are increasingly adopting wireless audio streaming devices including headphones, earbuds, and smart speakers, which is what is causing this. The world's largest music market and home to many musicians is North America. According to the International Federation of the Phonographic Industry (IFPI), the U.S. represents one-third of the global market for recorded music in terms of value. The market participants in the US are mostly concentrating on creating technologically sophisticated wireless microphones. For instance, Shure Incorporated introduced the KSM11 in April 2022, a wireless microphone capsule that offers greater vocal quality. This microphone is intended for usage during broadcast, live-streamed, and simultaneous performances. Further, the U.S. Consumer Audio market held the largest market share, and the Canada Consumer Audio market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Consumer Audio Market SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Consumer Audio market accounted for the healthy market share in 2022. This is because there is a substantial demand for smart speakers, TVs, and plug-ins due to the widespread deployment of smart home technology in local homes, which is accelerating the expansion of the market under study. Further, the German Consumer Audio market held the largest market share, and the U.K Consumer Audio market was the fastest growing market in the European region.

The Asia Pacific Consumer Audio market is expected to register significant growth from 2023 to 2032. This is a result of an ongoing supply of new audio equipment brought on by escalating technological innovation, the presence of some of the top manufacturers of audio equipment, including Sony Corporation, Samsung Electronics, Alpine Electronics, and fast industrialization. The Asia-Pacific Consumer Audio Market's two emerging trends are streaming and device networking. Moreover, China’s Consumer Audio market held the largest market share and the Indian Consumer Audio market was the fastest growing market in the Asia-Pacific region.

Consumer Audio Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Consumer Audio market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Consumer Audio industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Consumer Audio industry to benefit clients and increase the market sector. In recent years, the Consumer Audio industry has offered some of the most significant advantages to medicine. Major players in the Consumer Audio market, including 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, and Dali A/S, are attempting to increase market demand by investing in research and development Applications.

Manufacturer and distributor of wireless music systems for home audio applications is Sonos Inc. The company's product line includes components, wireless speakers, and speakers for home theatres. Additionally, it sells add-ons like Sonos Boost, wall mounts, speaker stands, turntables, boost, cable, and networking equipment. The business also provides a Sonos smartphone app for controlling sound systems. The business offers its goods through traditional brick-and-mortar retailers, wholesalers, and online merchants. The Americas, Europe, the Middle East, Africa, and Asia-Pacific are all where it conducts business. The business has offices in China, the UK, Japan, the Netherlands, Australia, Canada, and Canada. Santa Barbara, California, in the US, serves as the home of Sonos. Sonos, a premium audio brand, entered India in July 2021 in an effort to diversify its product line internationally. The luxury personified company, a division of The Sun Group, has teamed with the California-based home audio company to distribute its line of wireless home audio speakers in India. With the help of this alliance, Sonos would be able to formally market and support its products in India, putting a stop to sales through unofficial websites.

Electronics, semiconductors, medical equipment, tools, and devices are all produced by Sony Group Corp. (Sony). Televisions, cell phones, cameras, music systems, game consoles, software, batteries, and other electronic parts are among the company's goods. In addition to running television and digital networks, Sony creates, acquires, and distributes movie pictures, television shows, and recorded music. The business advertises its goods through distributors, sales divisions, and online direct sales. It sells goods under the brands Airpeak, Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, and Experia. The corporation has operations in the Americas, Europe, the Middle East, Asia-Pacific, and Africa. The headquarters of Sony are in Minato-Ku, Tokyo, Japan. Sony Electronics Inc. unveiled the top-of-the-line HT-A9 home theatre system and HT-A7000 soundbar in July 2021, providing an advanced multidimensional audio experience.

Key Companies in the Consumer Audio market include

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  Apple Inc.

  
  


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  HARMAN International Industries, Inc.

  
  


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  Bose Corporation

  
  


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  Sonos, Inc.

  
  


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  Sony Corporation

  
  


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  DEI Holdings, Inc.

  
  


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  Sennheiser Electronic GmbH & Co. Kg

  
  


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  VIZIO, Inc.

  
  


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  VOXX International Corporation

  
  


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  Plantronics, Inc.

  
  


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  Ossic Corporation

  
  


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  Phazon

  
  


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  Trüsound Audio

  
  


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  Jam

  
  


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  Earin

  
  


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  Human Inc.

  
  


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  Bragi

  
  


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  Jaybird

  
  


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  Devialet

  
  


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  Dali A/S

  
  

Consumer Audio Industry Developments

May 2021: With the inclusion of Spatial Audio and Dolby Atmos support, Apple Music is getting ready to offer its users improved audio quality.

Consumer Audio Market Segmentation:

Consumer Audio Product Outlook

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  Microphones

  
  


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  Headphones

  
  


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  Soundbars

  
  


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  Headsets

  
  


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  Speaker Systems

  
  

Consumer Audio Connectivity Outlook

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  Wireless

  
  


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  Wired

  
  

Consumer Audio Application Outlook

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  Education

  
  


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  Government

  
  


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  Commercial

  
  


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  Industrial

  
  


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  Retail

  
  


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  Hospitality

  
  


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  Commercial

  
  

Consumer Audio Regional Outlook

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  North America

  
  

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  U.S.

  
  


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  Canada

  
  

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  Europe

  
  

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  Germany

  
  


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  France

  
  


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  UK

  
  


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  Italy

  
  


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  Spain

  
  


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  Rest of Europe

  
  

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  Asia-Pacific

  
  

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  China

  
  


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  Japan

  
  


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  India

  
  


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  Australia

  
  


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  South Korea

  
  


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  Australia

  
  


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  Rest of Asia-Pacific

  
  

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  Rest of the World

  
  

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  Middle East

  
  


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  Africa

  
  


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  Latin America