NA, Europe and SEA Audio Equipment Market Research Report Information By Type (Speakers/ Loudspeakers (Incl. Soundbar), Headphones and Earphones, Microphones, Amplifiers, Mixers And Audio Monitors, Accessories) By Technology (Wired, Wireless/Smart) By Price Range (Low, Medium, Premium) By Distribution Channel (Store-based and Non-store-based) By End User (Commercial, Residential), And By Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) –Industry Forecast Till 2032

NA, Europe and SEA Audio Equipment Market Overview

NA, Europe and SEA Audio Equipment Market Size were valued at USD 22,851.0 Million in 2022. The Audio Equipment market industry is projected to grow from USD 24,040.9 Million in 2023 to USD 46539.98 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 7.6% during the forecast period (2024 - 2032). The NA, Europe and SEA Audio Equipment market is expected to grow significantly over the forecast period due to several factors. The growth of the NA, Europe and SEA Audio Equipment market is expected to be driven by key factors such as increasing number of live events and music concerts and rising expenditure on audio equipment. However, factors such as high cost of audio equipment and increasing competition from low-cost audio products are expected to restrict market growth.

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

NA, Europe and SEA Audio Equipment Market Opportunity

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  Increasing Number of Live Events And Music Concerts

  
  

Music events are musical performances of singing and playing instruments in various music shows, festivals, concerts, nightclubs, and similar settings. The worldwide music event market is expected to expand dramatically as the number of live music performances by musicians increases. With the decline in recorded music sales in recent years, musicians and artists have become increasingly reliant on live music performances for a living. This has resulted in a flurry of music concerts and music events all around the world. The high demand for music events among the youth population is boosting the music event market's sales profits worldwide. The increase in m-commerce penetration is resulting in rapid adoption of online ticket booking apps such as Ticketmaster, StubHub, and SeatGeek, which is considerably fueling music event industry demand. Technological improvements in the audio equipment business are critical to market growth. Innovative products and solutions, such as cutting-edge sound systems, wireless networking, and small, high-performance gear, are constantly introduced by manufacturers. The desire for cutting-edge technology is widespread among musicians, event organizers, and audio professionals who want to present audiences with the greatest possible sound quality and immersive experiences. This push for innovation generates a competitive environment, encouraging manufacturers to develop more complex and diverse audio equipment.

Audiences and artists are becoming more discriminating about audio quality, raising the bar for live events. Superior acoustics, crystal-clear sound, and immersive audio experiences are becoming the standard. Subpar audio can leave patrons unhappy and harm an event's image, making event organizers more eager to invest in high-end audio equipment. Better sound quality has become a driving factor in the audio equipment business, propelling the creation of devices that can satisfy these heightened demands. Another key driver to the growth of the audio equipment industry is the growing popularity of music festivals. These multi-day, multi-stage events necessitate a wide range of audio equipment, from gigantic mainstage installations to smaller, more intimate stages. As the number and size of music festivals rise across the world, there is a steady and growing demand for a diversified range of audio equipment to accommodate these various settings. Subpar audio can leave patrons unhappy and harm an event's image, making event organizers more eager to invest in high-end audio equipment. Better sound quality has become a driving factor in the audio equipment business, propelling the creation of devices that can satisfy these heightened demands. As the number and size of music festivals rise across the world, there is a steady and growing demand for a diversified range of audio equipment to accommodate these various settings.

NA, Europe and SEA Audio Equipment Market Segment Insights:

Audio Equipment Type Insights

Based on Type, the NA, Europe and SEA Audio Equipment market segmentation includes Speakers/ Loudspeakers (Incl. Soundbar), Headphones and Earphones, Microphones, Amplifiers, Mixers and Audio Monitors and Accessories. The Headphones and Earphones segment held the majority share in 2022, contributing around ~36.5% to the market revenue. Headphones and earphones comes under audio accessories used for personal listening experiences. They have a wide range of applications, from immersive music listening and audio playback to communication. The growth of the subsegment is attributed to its features such as portability and convenience. Modern lifestyles are characterized by constant mobility and the need for portable audio solutions. This trend represents the growing preference for headphones and earphones as essential accessories for people while they move from one place to other. Also the increasing adoption of remote work and virtual meetings has created a surge in demand for headphones with noise-canceling capabilities and built-in microphones. This reflects the shift toward audio devices that can deliver crystal-clear sound quality for work-related communication. Features such as Active Noise Cancellation (ANC) are growing in trend. Many headphones and earphones now come equipped with ANC technology, which effectively reduces ambient noise, offering a superior audio experience irrespective of the surroundings. Furthermore, companies are investing heavily in research and development to enhance the technology and design of their products. This includes creating true wireless earbuds, improving battery life, and refining ANC algorithms to gain competitive advantage.

Speakers or loudspeakers, including soundbars, are a crucial component of audio equipment. They are used to reproduce sound and are an integral part of various audio setups, from home entertainment systems to professional sound systems. Their application extends across a wide range of settings, including home theaters, music studios, live concerts, conferences, and even in smaller personal devices like smartphones and laptops. The growth of the speakers/loudspeakers segment is driven by two factors such as advancements in audio technology and rise in Home entertainment. As technology continues to evolve, so does the quality of sound reproduction representing the ongoing advancements in audio technology. These factors are leading to improved audio quality, reduced distortion, and increased efficiency therby driving the demand advanced speakers. Also launch of advanced features such as Voice Assistant Integration, smart audio equipment’s are driving the growth of the subsegment. Manufacturers are incorporating voice assistant compatibility into speakers, enabling users to control their audio systems with voice commands, making them not only audio devices but also smart home accessories. Market players are also introducing a wide range of speakers, catering to different customer needs. These include compact soundbars for small spaces, high-end studio monitors for professionals, and portable Bluetooth speakers for music enthusiasts. All these factors combined are driving the growth of the segment for the forecast period.

Figure2: NA, Europe and SEA Audio Equipment Market, by Type, 2022 & 2032 (USD Million)

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

Audio Equipment Vehicle Technology Insights

Based on Technology, the NA, Europe and SEA Audio Equipment market segmentation includes Wired and Wireless/Smart. The Wireless/Smart segment held the majority share in 2022 contributing around ~57.0% to the market revenue. Wireless/smart technology in audio equipment involves wireless connections, often using Bluetooth or Wi-Fi, with added smart features. Wireless headphones and earphones provide mobility and often come with noise cancellation and smart controls. Wireless microphones use radio frequency technology, making them ideal for live performances and presentations. Smart speakers, incorporating voice assistants and Wi-Fi, enable voice control, music streaming, and smart home integration. The growth of this segment is driven by the desire for wireless convenience, smart features, and the expansion of connected devices in the modern world. Market players typically offer a range of both wired and wireless/smart audio equipment to cater to diverse consumer preferences.

Wired technology in audio equipment relies on physical connections, typically cables, to transmit sound from the source to the output. It's known for its reliability and consistent audio quality. Examples include wired headphones and earphones, offering a stable and uninterrupted audio connection, making them suitable for various applications, from consumer to professional use. Wired microphones, another example, are essential in live sound and studio settings due to their interference-free signal transmission. Wired studio monitors ensure precise audio playback, making them crucial in recording and mixing where audio accuracy matters.

Audio Equipment Price Range Insights

Based on the Price Range, the NA, Europe and SEA Audio Equipment market segmentation includes Low, Medium and Premium. By Price Range, Medium segment hold the majority market share in 2022 contributing 43.6% of the market share. The medium price range, audio equipment strikes a balance between affordability and enhanced quality and features. The medium price range involve mid-range headphones and earphones with improved sound quality and added features like noise isolation. Also, portable bluetooth speakers in this range offer better sound and durability for outdoor use. Studio microphones in this range cater to podcasters, musicians, and voiceover artists, providing good sound capture quality. This category attracts consumers who value audio quality and are willing to invest a bit more for enhanced features and performance.

Audio equipment in the low-price range is budget-friendly and serves cost-conscious consumers. This category includes basic earphones and headphones for casual music listening, entry-level Bluetooth speakers for wireless audio playback, and affordable microphones for various purposes. These products offer practical solutions for everyday use, making them accessible to a broad range of consumers, including students and those looking for a wallet-friendly option.

The premium price range involves equipment of high-end audio equipment type, designed for audiophiles, professionals, and those who prioritize quality audio experiences. It involves premium headphones that excel in sound quality, comfort, and advanced features such as active noise cancellation. High-fidelity amplifiers and digital-to-analog converters (DACs). Premium audio equipment are growing in demand due to demand from audio enthusiasts and professionals for good sound quality

Audio Equipment Distribution Channel Insights

Based on the Distribution Channel, the NA, Europe and SEA Audio Equipment market segmentation includes Store-based and Non-store-based. By Distribution Channel, Non-store-based segment hold the majority market share in 2022 contributing 56.0% of the market share. E-Commerce refers to online retail platforms where consumers can purchase audio equipment. This channel includes various online marketplaces, dedicated audio equipment websites, and online stores of traditional retailers. E-commerce offers the convenience of shopping from home, a wide range of products, and the ability to compare prices and read product reviews. OEM distribution involves selling audio equipment directly from the manufacturers or original equipment suppliers. In this channel, manufacturers may offer their products directly to other companies, such as retailers or other manufacturers, who then incorporate the equipment into their own products or systems. OEMs often provide specialized components, such as microphones, speakers, or amplifiers, that other companies integrate into their final products.

Audio Equipment Regional Insights

By Region, the study provides market insights into North America, Europe, South East Asia. In terms of revenue, North America held the largest share of 53.3% in the Audio Equipment market in 2022 and is expected to maintain its dominance during the forecast period. The North America is the largest market for Audio Equipment. Advances in digital audio technology and the changing consumer preferences from conventional audio systems to modern audio systems are expected to drive the growth of the regional market. Furthermore, the growing demand for portable home audio equipment capable of supporting USB drives as well as accessing high-quality audio content from the internet also bodes well for the growth of the market. Manufacturers and suppliers of home audio equipment have been making their systems user-friendly and less visually intrusive as part of the efforts to strengthen their regional market penetration. These benefits would further supplement the growth of the regional market during the forecast period.

The increased use of e-commerce platforms to buy entertainment devices is expected to propel the North American audio equipment market to grow at a significant rate through the forecast period. The Department of Commerce's Census Bureau estimates that the U.S. retail e-commerce industry generated USD 250.0 billion in sales in May 2023, an increase of 2.4% from Q4 2022. The estimated e-commerce market for Q1 2023 grew 6.6% from Q1 2022. Manufacturers of audio equipment are distributing a wide range of products online in order to increase their regional customer base. With the presence of a strong IT infrastructure, internet channels are gaining market share overall. And due to the substantial presence of major e-commerce businesses like eBay Inc. and Etsy, the region is expected to increase during the forecast period. As more online merchants offer various discounts and package offers that provide a practical benefit to save money on audio equipment, the market statistics for that equipment is expected to improve. The rising tendency of increasing expenditures on regional festivals and music concerts is expected to propel the requirement for professional audio equipment. With an increasing number of trade shows, motion production and films, exhibitions, music concerts, and sports events, it is expected to increase demand for various innovative audio amplifiers. For instance, according to Billboard magazine, 32 million people go to at least one music festival in the United States every year.

Figure3: NA, EUROPE AND SEA AUDIO EQUIPMENT MARKET SIZE BY REGION 2022 & 2032

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

Further, the major countries studied in the market report are the U.S., Canada, Germany, France, the UK, Italy, Spain.

With the use of Premium device manufacturers such as Samsung Electronics and Apple Inc. have a product line of high-end electronic devices, which are expected to experience a rise in demand over the forecast period, especially in developed countries such as UK, Germany, and France. However, these models are considered expensive in markets where consumers are price-sensitive and prefer an affordable model with the same features. Therefore, manufacturers must constantly innovate their flagship product line to keep consumers engaged and loyal to the brand. Rising urbanization trends and people's willingness to adopt new technological advancements.

The market is witnessing various expansion activities by vendors to enhance its geographical reach and cater to a broader customer base. For instance, in May 2022, Turtle Beach Corporation launched its Neat Microphones brand in Europe. The new line-up is headlined by King Bee II, the brand's high-performance XLR microphone. Several NA, Europe, and SEA market players are rapidly expanding and strengthening their market presence in the region with strategic partnerships, owing to the region's several opportunities for growth. For instance, in July 2022, Truke, a German wearable and hearable devices firm, partnered with Optimus Electronics to make audio devices in India. The company aims to manufacture over 1 million units this year and boost its production next year by producing over 2 million units.

The need for professional audio equipment is expected to rise as a result of the rising trend of increased expenditure on international festivals and music events. It is expected that the growing number of trade exhibits, motion picture and television productions, exhibitions, music performances, and sporting events would increase demand for a variety of cutting-edge audio amplifiers. For instance, musical events in Malaysia have a total weekend audience approaching 30,000 people. The market is being driven by the increase in automotive audio equipment. Without sacrificing any of the features or functionality of the car, a premium system can replace the factory amp with a small group of amplifiers and a sound processor. The demand for cars is expected to rise effectively with an increase in manufacturing. However, the market's growth is constrained by costly setup and maintenance costs.

NA, Europe and SEA Audio Equipment Market Key Players & Competitive Insights

With a strong presence across different verticals and geographies, the Audio Equipment market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Audio Equipment market is highly competitive, with many vendors offering similar products and services.

The major players in the market include Harman international, Focusrite, Loud Audio, Yamaha, InMusic Brands, Roland, Fender, Universal Audio, Logitech, Creative, Sennheiser, Marshall, Bose Professional, QSC, Audio-technica, Elgato, Rhode, Maono Audio, Hyper-X, Razer. Harman (Samsung), Bose corporation, Sony, LG, Sonos Inc and Others are some of the key players operating in the market. These companies compete in terms of availability, quality, price, and technology. They consider acquisition as a key strategy in the NA, Europe and SEA Audio Equipment market. Although the international players dominate the market, regional and local players with small market shares also have a significant presence. 

Furthermore, companies follow organic and inorganic strategies to strengthen their presence in the market. They are focusing on product development and expansion to expand their product portfolio and enhance their customer relationships. Additionally, the companies are investing in the development of new and innovative audio equipment products.

The NA, Europe and SEA Audio Equipment market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.

Key Companies in the Audio Equipment market include

• Harman international


• Focusrite


• Loud Audio


• Yamaha


• InMusic Brands


• Roland


• Fender


• Universal Audio


• Logitech


• Creative


• Sennheiser


• Marshall


• Bose Professional


• QSC


• Audio-technica


• Elgato


• Rhode


• Maono Audio


• Hyper-X


• Razer

Audio Equipment Industry Developments

• In January 2023, HARMAN International Industries launched JBL CLUB subwoofers. The two new woofer models – the JBL Club 102 and the JBL Club 122 – feature JBL’s bass response combined with superior technology and power handling, for bass in a car.


• In January 2023, HARMAN International Industries launched lineup of JBL Marine Amplifiers and CLUB Marine Speakers for the Marine market. There are four new models of amplifiers including the JBL MA600, JBL MA1000, JBL MA754 and JBL MA5055. The four new models of CLUB Marine speakers are the JBL MARSPKCB62,  JBL MARSPKCB82, JBL MARSUBCB102 and the JBL MARSUBCB122.

Audio Equipment Market Segmentation:

Audio Equipment Type Outlook

• Speakers/ Loudspeakers (Incl. Soundbar)


• Headphones and Earphones


• Microphones
  
  
  
  • Shotgun
  
  
  • On-Camera Microphone
  
  
  • Lavalier Microphones
  
  
  • Smartphone Microphone
  
  
  • Studio Microphone
  
  
  • Others
  
  
  
  


• Amplifiers


• Mixers And Audio Monitors


• Accessories 

Audio Equipment Technology Outlook

• Wired


• Wireless/Smart

Audio Equipment Price Range Outlook

• Low


• Medium


• Premium

Audio Equipment Distribution Channel Outlook

• Store-based
  
  
  
  • Supermarket & Hypermarket
  
  
  • Independent Retail Stores
  
  
  • Specialty Store
  
  
  
  


• Non-store-based
  
  
  
  • E-Commerce
  
  
  • OEM
  
  
  
  

Audio Equipment End User Outlook

• Commercial


• Residential

Audio Equipment Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  • Mexico
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • UK
  
  
  • France
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• South East Asia
  
  
  
  • Indonesia
  
  
  • Malaysia
  
  
  • Singapore
  
  
  • Philippines
  
  
  • Thailand
  
  
  • Vietnam
  
  
  • Rest of South East Asia