The adoption of sound reinforcement products in Europe has reached a significant level in the last few decades. Sound reinforcement products have witnessed the highest growth revenues due to the increase in live musical performances and the rise of the music industry in the region. Strategic collaborations between manufacturers and musical artists have also benefited the sound reinforcement market significantly. The sound reinforcement market in Europe is expected to reach $2.24 million by 2024.  A major reason for the increased growth of the sound reinforcement market is the replacement of legacy pro AV systems and other systems.

Also, the popularity of music groups, festivals, and concerts among people is another major factor responsible for market growth.  The improving economy in several European countries has significantly contributed to the growth in per capita income, thereby increasing the attendance in live musical performances and concerts across the region.

Expanding Music Industry and Increasing Live Performances

Sound reinforcement products, lighting systems, and associated pro AV systems and solutions are an integral part of the live music industry. In the last couple of years, Europe has witnessed a spurt in musical events due to increased revenues from live musical shows. Further, increasing corporate sponsorship for music tours, venues, and events is also contributing to market growth. For instance, the live music industry in the UK contributed more than $1.3 billion in the GVA (Gross Value Added) for 2017, while simultaneously employing more than 28,500 people.

Also, a high number of audiences are attending musicals event to listen and watch their favorite artists perform. For instance, the total audience attending live music concerts, festivals, and events in the UK reached more than 29.0 million in 2017. Hence, musical events and concerts are helping to boost market growth significantly in the country.

Increasing Trend for Strategic Partnerships with Artists

The increasing trend of strategic partnerships with artists is playing a pivotal role in the development of the audio equipment market. These partnerships have proved successful as they help to promote stars, artists or performers as brand ambassadors. For instance, Ed Sheeran use of Sennheiser’s microphones and other products have given the brand an edge owing to the fact that it is associated with a famous rockstar. Therefore, the association of a mega rock or pop star with any musical company brand is sufficient to promote or increase visibility worldwide.

Hence, vendors in the market are looking forward to capitalizing upon strategic partnering opportunities and establishing the presence as one-stop solution providers for sound reinforcement systems.  Audio-Technica, Bose, Harman International, MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are some of the leading vendors in the European sound reinforcement market.

Read: Sound Reinforcement Market in Europe - Industry Outlook and Forecast 2019-2024

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