Professional Speaker Market to Worth Over $2 Billion by 2023
Arizton’s recent market research report on the sound reinforcement market segments the market by product type (microphones, pro speakers, audio/sound mixers, audio signal processor, power amplifier, and others), format type (digital and analog), distribution (retail and online), end-user (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), and geography (APAC, Europe, Latin America, MEA, and North America).
The global sound reinforcement market is projected to grow from $7.81 billion in 2017 to $9.33 billion by 2023, at a CAGR of 3.01% during the forecast period.
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The global sound reinforcement market is divided into major segments – product, end-users, format, distribution channel, and geography.
Professional Speaker Market - Overview
The growing demand for public address (PA) systems and the increasing requirement for efficient distribution of sound in large venues such as the house of worship or stadiums are attributing to the growth of the professional speaker market. The immense traction of pro speakers across the worldwide market is primarily because of the high-quality sound, size of the speaker, and its aesthetic appeal. The professional speaker market was valued at $1,936.5 million in 2017 and is expected to generate revenue of $2,250.3 million by 2023, growing at a CARG of 2.53%. The deployment of wireless speakers and the introduction of pro speakers with additional features will propel the growth of the professional speaker market. Different types of pro speaker available in the global professional speaker market are point source systems, line array systems, subwoofers, and others. Vendors are increasing their investment into R&D to launch new products to meet the demand from various end-user industries and gain a larger market share.
Point source systems to occupy the largest market share in the professional speaker market during forecast period
A strong coherence and a wide availability of these cost-effective sound reinforcement equipment are driving the demand for point source systems in the global professional speaker market. The professional speaker market by point source systems generates $779.4 million in 2017 and is anticipated to grow at a CAGR of 2.39% during the forecast period. These point source systems are widely available across the globe and are budget speakers that come in a variety of sizes. The increasing use of point source systems in small venues, the house of worship, small live events, retail outlets, and corporate setups will propel the demand for this sound equipment in the global professional speaker market.
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APAC to grow at the fastest CAGR in the professional speaker market during forecast period
The growth of the music industry and the sound reinforcement market in Japan and China will fuel the growth of the professional speaker market in APAC. The professional speaker market in APAC was valued at $608.4 million in 2017 and is anticipated to generate revenue of $738.7 million by 2023. The growth of the consumer electronics industry due to the rise in income, growing urbanization, improving education standards, and developing economy will augment the demand for pro speakers in the APAC market. China, Japan, Australia, and South Korea are the leading revenue generators in the professional speaker market in APAC. The push towards digitalization and growth of the music industry in the APAC region will create new opportunities for leading vendors in the professional speaker market.
Audio-Technica, Bose, Harman International (Samsung), MUSIC Group, Sennheiser, Shure, Sony, and Yamaha are the leading vendors in the sound reinforcement market.
The complete overview of the latest market research report on the sound reinforcement market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.
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