professional speaker market
DUBLIN, May 1, 2024 (Globe Newswire) — The “Professional Speakers Market Report 2024-2032 by Products, Format, Amplification Methods, Distribution Channels, End Users, and Regions'' report has been added. ResearchAndMarkets.com Recruitment.
The professional speaker industry is experiencing significant growth with the global market size reaching a remarkable US$ 2,454.5 million as of 2023. With an expected compound annual growth rate (CAGR) of 3.6% during the forecast period 2023-2032, the industry is poised. By 2032, the market size is expected to reach USD 3,374.4 million and is expected to expand significantly. This surge can be attributed to the growing consumer preference for high-quality audio experiences and the proliferation of live events.
Several key factors have been identified as driving the growth of the professional speakers market. The rapid growth of the music industry, along with changing consumer preferences for live music and exhibitions, has led to a surge in demand for professional audio equipment. The hospitality sector is also playing a key role as new facilities upgrade their acoustics and existing facilities update their previous systems. Technological advances are further accelerating the market growth, with the integration of wireless digital technology and IoT significantly advancing professional audio equipment.
Advances in sports and entertainment venues
This market expansion is being strengthened by the comprehensive utilization of professional audio equipment across sporting events, driven by increased investments in sports sponsorship. Advances in digital technology and extensive research and development activities are also creating new opportunities for the professional speaker market.
Segmentation overview
The market report provides an in-depth analysis of various market segments, including product types such as point sources, line arrays, and subwoofers, and formats such as digital and analog. It also provides insight into amplification methods categorized into passive and powered speakers. The intricacies of distribution channels that differentiate online and offline methods were also investigated. Diverse end-user sectors are analyzed, including corporate, large-scale venues and events, educational institutions, government and military, studio and broadcast, and hospitality.
Global market perspective
With comprehensive regional analysis, the report covers North America, Asia Pacific, Europe, Latin America, Middle East and Africa. Each region is analyzed to assess market dynamics and growth potential, considering consumer behavior and business practices specific to these geographical areas.
face industry challenges
Despite positive growth forecasts, the industry faces challenges. The professional speaker market must continually adapt to the evolving digital environment and consumer demand for innovative products. Nevertheless, a robust ecosystem of competitive players is expected to maintain market resilience and attract significant investments that will drive future growth.
Outlook and market performance expectations
Experts with a deep understanding of industry trends and various factors shaping the professional speaker market landscape foresee continued advancement in the market. Leading companies and startups will focus on developing breakthrough technologies and value-added products to meet growing demand and expand their consumer base globally. The extensive analysis provided aims to outline the market status and forecast and provide stakeholders with comprehensive insights on the trajectory of the global Professional Speakers market.
Key attributes:
report attributes |
detail |
number of pages |
141 |
Forecast period |
2023-2032 |
Estimated market value in 2023 (USD) |
$2,454.5 million |
Projected market value to 2032 (USD) |
$3,374.4 million |
compound annual growth rate |
3.6% |
Target area |
global |
Featured companies
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B&C speakers
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B&W Group Co., Ltd.
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Bose Corporation
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CELTO Acoustic Ltd.
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CODA Audio GmbH
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D&B Audio Technique GmbH & Co. KG
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K array
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Klipsch Group Inc. (Voxx International)
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L-Acoustics Group
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Meyer Sound Laboratories Co., Ltd.
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Lenkus Heinz Co., Ltd.
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Sennheiser Electronic GmbH & Co. KG
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Sony Group Corporation, Yamaha Corporation
For more information on this report, please visit https://www.researchandmarkets.com/r/w432mx.
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