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Audio Systems Market - By Product Type, By Connectivity, By Price Range, By Distribution Channel & Forecast, 2024 - 2032

  • Report ID: GMI12033
  • Published Date: Oct 2024
  • Report Format: PDF

Audio Systems Market Size

The global audio systems market was valued at USD 33.4 billion in 2023 and is estimated to grow at a CAGR of 5.5% during the forecast period. Innovations in audio technology, such as advanced digital signal processing (DSP) and high-resolution audio formats, enhance sound quality and attract audiophiles and general consumers alike.
 

audio systems market

As music streaming services like Spotify, Apple Music, and Amazon Music gain popularity, the demand for high-quality audio systems that provide superior sound experiences has surged. As more consumers invest in home entertainment setups, there is a growing demand for high-quality audio systems, such as surround sound setups and soundbars. The demand for portable audio systems, such as Bluetooth speakers and wireless headphones, is growing as consumers seek audio solutions that fit their mobile lifestyles. The popularity of smart speakers (e.g., Amazon Echo, Google Nest) has driven demand for audio systems that can be controlled via voice commands and integrated into smart home ecosystems.
 

The audio systems market is highly competitive with numerous brands offering a wide range of products. This saturation can lead to price wars, reduced profit margins, and challenges in differentiating products. Evolving consumer preferences towards more eco-friendly and technologically advanced products can make it challenging for manufacturers to keep up with trends and meet diverse demands.
 

Audio Systems Market Trends

Wireless audio systems, including Bluetooth speakers and soundbars, are becoming increasingly popular. Consumers appreciate the convenience and flexibility of wireless setups, leading to a decline in wired systems. The proliferation of smart speakers, such as Amazon Echo and Google Nest, has driven demand for audio systems that integrate seamlessly with smart home ecosystems. Voice control and interconnectivity are highly sought after features.
 

As audiophiles seek higher fidelity, there is a growing trend toward high-resolution audio formats. This has led manufacturers to create systems that support formats like FLAC and DSD, catering to discerning listeners. Consumers increasingly want the ability to play music throughout their homes. Multi-room audio systems that allow synchronized playback in different areas are gaining traction, driven by the popularity of streaming services.
 

Audio Systems Market Analysis

Audio Systems Market Size, By Product Type, 2021 - 2032 (USD Billion)

Based on product type, the market is divided into personal audio and family audio. In 2023, personal audio held the dominant market of USD 18.6 billion and is expected to reach USD 30.7 billion by 2032. The proliferation of smartphones and portable media players has driven demand for personal audio devices like wireless earbuds, headphones, and portable speakers, as consumers seek high-quality sound on the go. Consumers increasingly seek personalized audio experiences.
 

Features such as customizable sound profiles and noise-canceling technology attract users who prioritize sound quality and comfort. As families spend more time at home, there is a growing interest in home entertainment systems, driving demand for soundbars, home theater systems, and multi-room audio setups that enhance the viewing and listening experience.
 

Audio Systems Market Revenue Share, By Connectivity, (2023)

Based on connectivity, the market is categorized into wired and wireless. In 2023, the wireless segment held the dominant market share of 61% and is anticipated to grow through the years. The convenience of wireless systems, such as Bluetooth speakers and Wi-Fi-enabled soundbars, drives their popularity. Consumers appreciate the ease of use and the ability to move these devices without dealing with cables. Wireless audio systems often integrate seamlessly with smart home technologies and streaming platforms, enhancing user experience. Features like voice control and multi-room audio capabilities are increasingly in demand.
 

U.S. Audio Systems Market Size, 2021 - 2032 (USD Billion)

North America audio systems market held around USD 8.8 billion in 2023 and is expected to reach USD 14.4 billion by 2032. The growing adoption of smart home devices drives interest in audio systems that can integrate with smart assistants and home automation systems, allowing for seamless control and operation. Increased disposable incomes allow consumers to invest in higher-quality audio systems, leading to greater spending on premium products that enhance their audio experiences.
 

Audio Systems Market Share

Audio Systems Market Share Analysis, 2023

Audio systems industry seems to be consolidated in nature due to presence of local and global players across the globe. In 2023, the market players such Bose, JBL, Klipsch, LG Electronics, Marshall, Samsung, Sennheiser and Sonos collectively held around 10%-20% market share. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position.
 

Audio Systems Market Companies

Major players operating in the Audio Systems industry are:

  • Amazon
  • Anker
  • Apple
  • Bang & Olufsen
  • Beats by Dre
  • Bose
  • JBL
  • Klipsch
  • LG Electronics
  • Marshall
  • Samsung
  • Sennheiser
  • Sonos
  • Sony
  • Ultimate Ears
     

Audio Systems Industry News

  • In July 2024, Allen & Heath, in collaboration with Harrison Audio, unveiled Harrison LiveTrax, a cutting-edge software tailored for multitrack recording and virtual soundchecks. Seamlessly integrating with Allen & Heath’s mixers, the software captures scene changes as timeline markers, facilitating effortless virtual soundchecks and timecode automation.
     
  • In July 2024, JBL, a prominent brand under HARMAN, rolled out its JBL Modern Audio AV Receivers and Stage 2 Loudspeakers, crafted for an elevated home theater experience. Designed for user-friendly installation and connectivity, these products also boast convenient upgrade options. Consumers can choose from four distinct models of the AV receivers and five variations of the loudspeakers.
     
  • In May 2024, Dolby Laboratories forged a partnership with VIZIO, focusing on embedding Dolby Atmos technology into VIZIO’s newly launched soundbar lineup for 2024. This collaboration builds on Dolby Vision's recent integration into VIZIO's entire 4K TV spectrum, promising audiences a richer visual and auditory journey.
     
  • In April 2024, Sony Electronics Inc. debuted its latest home audio lineup, BRAVIA Theater. This initiative aims to reposition BRAVIA as a premier brand for movie enthusiasts, elevating the home cinema experience. By unifying TVs, soundbars, and other audio innovations under the BRAVIA umbrella, Sony aspires to offer customers a cohesive home theater setup, ensuring an immersive cinematic experience with unparalleled picture and sound fidelity.
     

The audio systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) (Million Units) from 2021 to 2032, for the following segments:

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Market, By Product Type

  • Personal audio
    • Earbuds
      • Capsule
      • In-ear
      • Standard
    • Headphones
      • Over-ear
      • On-ear
      • Wired
    • Portable speakers
    • Others (earphone, etc.)
  • Family audio
    • Soundbars
      • Compact soundbars
      • Full-size soundbars
      • Mountable soundbars
    • Home theaters
    • Party speakers
    • Others (amplifiers, etc.)

Market, By Connectivity

  • Wired
  • Wireless

Market, By Price Range

  • Low
  • Mid
  • High
  • Residential
  • Commercial

Market, By Distribution Channel

  • Online
    • E-commerce
    • Company websites
  • Offline
    • Supermarkets
    • Specialty stores
    • Others (Departmental stores, etc.)

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia Pacific 
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • MEA
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of MEA

 

Authors: Avinash Singh , Sunita Singh

Frequently Asked Questions (FAQ) :

The global market size for audio systems was valued at USD 33.4 billion in 2023 and is expected to reach USD 53.8 billion by 2032, driven by a CAGR of 5.5% from 2024 to 2032.

Personal audio held a market size of USD 18.6 billion in 2023 and is projected to grow to USD 30.7 billion by 2032, due to the proliferation of smartphones and portable media players.

North America market generated USD 8.8 billion in 2023 and is expected to reach USD 14.4 billion by 2032, driven by the growing adoption of smart home devices and increased disposable incomes.

Major players in the industry include Amazon, Anker, Apple, Bang & Olufsen, Beats by Dre, Bose, JBL, Klipsch, LG Electronics, and Marshall.

Audio Systems Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 16
  • Tables & Figures: 428
  • Countries covered: 21
  • Pages: 487
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