The APAC sound reinforcement market is likely to have the largest incremental growth by 2024.
Arizton’s recent market research report on the global sound reinforcement market identifies Audio-Technica, Bose, Harman International (Samsung), MUSIC Group (MUSIC Tribe), Sennheiser, Shure, Sony, and Yamaha as the major vendors of the market. This research report provides a comprehensive industry study, trend forecasts, and competitive analysis. The study segments the market by product types (microphones, pro speakers, audio mixers, audio signal processors, power amplifiers, and others), distribution types (retail and online), end-user types (corporate, large venues and events, educational institutions, government and military, studio and broadcasting, hospitality, and others), format types (digital and analog), and geography (APAC, Europe, Latin America, MEA, and North America).
The global sound reinforcement market revenue is expected to reach over $9 billion by 2024, growing at a CAGR of over 3% during the period 2018−2024.
North America remains the largest market for sound reinforcement equipment, followed by APAC and Europe. The rise of the global music industry and the increased number of live performances and concerts have boosted the demand for pro AV solutions in the market worldwide. The introduction of upgrades, futuristic inventions in wireless digital technology, and growth in the complementary digital technologies will fuel market growth during the forecast period. The research report offers market share analysis in terms of volume (million units) during the forecast period.
The sound reinforcement market is divided into five major segments - product type, distribution type, end-user type, format type, and geography.
The US is the largest market for microphones in the global sound reinforcement market
Microphones are widely used worldwide during concerts, musical events, sporting tournaments, and in broadcasting studios. In 2018, the microphones segment led the market accounting for a market share of 33% and 40% in terms of value and unit shipment, respectively. The microphone segment is classified further into wired, handheld, clip-on, and other wireless microphones. The growth in the microphones market is mainly propelled by upgrades and the replacement of legacy systems in developed markets. The AV industry is converging with IoT, and microphones are increasingly being connected to networks in a way similar to computers and laptops. The US is the largest market for microphones in the world, followed by Japan. The wireless microphone segment dominates the microphones market with over 50% share in terms of revenue. Wireless devices are vastly used in podcasting, public speaking, TV broadcasting, and entertainment and sporting events for commentary and announcement purposes.
The corporates segment dominates the sound reinforcement market by end-user segment
This segment includes offices, manufacturing and process industries, factories, administration centers, warehouses, IT and call centers, and corporate training sites. The segment will grow due to the growing demand for sound reinforcement and video conferencing solutions among corporates during the forecast period. Also, the growing number of offices, geographic expansion of companies, and integration of IoT in business workflow processes were the major factors driving the growth of the segment in 2018. Several European countries are witnessing the decline in the unemployment rate, and there is an increase in office-based employment. As the demand for office spaces increases, the demand for pro AV solutions is also expected to grow. This further will drive the demand for respective sound reinforcement equipment in the corporate sector worldwide.
The APAC market is likely to have the largest incremental growth during the forecast period
In 2018, APAC accounted for around 30% market share in terms of revenue in the global sound reinforcement market. APAC was led by China, Japan, Australia, South Korea, and India where sound reinforcement systems are witnessing a high surge in their demand. The increasing middle-class population, the high disposable incomes, rapid urbanization, and favorable government initiative for digitalized economies in the APAC region are the driving factors behind market growth in the region. There is a lot of investment in local infrastructure, which is driving the potential for new fairs, especially in Hong Kong, China, and India. The Philippines recorded the highest growth in 2016 as rented venue space for exhibitions jumped approximately 10%. All these factors are likely to propel market growth during the period 2018−2024.
ADK Microphone, AEB Industriale (DB Technologies), Alcons Audio, Audix Microphones, ANSR Audio, Apex Audio, Audioprof Group, Audio Engineering Associates (AEA), Beijing 797 Audio, Belden, Beyerdynamic, Blue Microphones, Bowers & Wilkins, BOYA, CAD Audio, Carlson Audio Systems, CELTO Acoustique, CODA Audio, CORDIAL, Dynaudio, D&B Audiotechnik/System, Electro‑Voice, Extron Electronics, GTD Audio, HEDD | Heinz Electrodynamic Designs, Heil Sound, Hz Sound Systems, inMusic Brands, Klipsch Audio Technologies, K-Array, Lectrosonics, Legrand, LEWITT, Liberty AV, LOUD Audio, MIPRO Electronics, MXL by Marshall Electronics, Nady Systems, OUTLINE, Pan Acoustics, Powersoft Audio, PROEL, Pyle Pro, Samson Technologies, SE Electronics, Southwire Company, Stewart Audio, Vivolink, and ZAXCOM are the other prominent vendors in the global sound reinforcement market.
The complete overview of the latest market research report on the global sound reinforcement market by Arizton is now available.
The report offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
Arizton – Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
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