The Global Loudspeaker Market size is expected to reach USD 8.48 billion by 2025. Loudspeaker is an electrical device which contains one or more electro acoustic transducers, which converts an electrical audio signal into a corresponding sound. Global market of loudspeaker is expected to grow at healthy rate for the forecast period owing to increase in extensive use consumer electronics and growing preference of consumer for sound bars.
Use of loudspeaker in consumer electronics and growing preference for better in home entertainment are considered to be main drivers for loudspeaker industry. Speakers used in mobile phone, television, laptops and consumer expectation for better quality are expected to drive the market to a new high. Structural change in consumer wealth is a restraint for the loudspeaker industry. Any change in consumer income will affect the demand as it not a basic necessity.
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Advancement in the loudspeaker such offers great opportunity for the market. With the changing consumer behaviour it is observed that there is increase in demand for Wi-Fi speakers, and sound bars due its mobility and better sound quality features. In HD televisions due to its slick design company has to compromise on sound. Thus to enhance the entertainment and sound experience, consumers are going for additional speakers boosting the speaker demand. Blu-Ray Devices, DVD/CD Players, Home Theatre Systems, MP3 players, PCs, LEDs, LCDs, and other multimedia devices dictate market prospects for speakers.
Loudspeakers are segmented by types which chiefly include pair speaker, satellite/subwoofer speaker, sound bar, in wall speaker, outdoor speaker, and other loudspeaker. Subwoofer speakers are more popular in home audio. The soundbar segment is expected to grow at a CAGR over 8% from 2016 to 2025. They are small in size and have placement flexibility. The satellite/subwoofer speaker has the largest market share. Soundbars market is fastest growing due to its high demand due to its feature such as multiple speaker better sound clarity, and can be mounted alongside of the television.
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On the basis of geography, the market is segmented into five regions which include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. North America regional market includes the U.S. and Canada. Europe regional market consists of European Union, CIS and other non-member states. Asia Pacific regional market includes Japan, China, India, Taiwan, Korea, and Australia. Latin America mainly includes Brazil, Mexico, and other South American countries. European loudspeaker market is expected to be key regional market owing to presence of companies such as Harmen Corporation and Bose.
However due to slowdown in European economy, the market expected to get affected. North America has second largest market share in this segment. One of chief factor for the growth is the high disposal income in north America making it an attractive market for speaker industry. Asia pacific is the fastest growing market for the loudspeaker industry. It is observed that the demand for speaker is increasing in growing economies of Asia Pacific regions which include India and China.
Key players in loudspeaker industry are Bose, Audiovox Corp, Calix, Inc., Creative Technology Ltd,Dain Electronics Co., JVC Kenwood Holdings, Dynaudio A/S, Elettromedia Srl, ELNO Ste Nouvelle, Formosa Prosonic Industries Berhad, Genelec OY, Inc, Koninklijke Philips Electronics Nv, Linn Products Limited, Mermaid Technology A/S, Monitor Audio Limited, Optimus SA, Panasonic Corporation, Hitachi Ltd., Phonocar S.P.A., Pioneer Corporation, Plantronics Inc, Renkus-Heinz, Inc., Rockford Corp, Sica Altoparlanti Srl, Yamaha Corporation Sonus Faber S.P.A.,Samsung Electronics Co. Ltd., Sony Corporation, Velodyne Acoustics, Inc., and Wilson Audio Specialties Inc.,.
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Harman Corporation developed a new loud speaker called ALumaprene. The effectiveness of sound was increased due to magnetic systems, bass is more powerful, light weight, powerful transducers, and it consumes less power than conventional speakers. Bose has introduced a new Wi-Fi sound system Sound touch 10. It is Wi-Fi enabled, can be connected to laptop, mobile device and tablet through Wi-Fi. Sound touch gives ease of access, can be controlled through remote, laptop or mobile compact design and improved sound quality. Knowles had acquired Audience in June, 2015 to improve its product range and market share. Both the companies had complementary products and technology hence the Audience products with help Knowles to improve its product range.