Global Loudspeaker Market
Speaking about loudspeakers, these are electromagnetic transducers that turn the electrical signals into the corresponding sounds. They come in different types, which include subwoofers, satellite, multimedia speakers, soundbar, outdoor speaker, and the in-wall speaker. It has been seen that growing demand for compact and minimal wiring systems are now motivating the key players to develop new as well as high-quality loudspeakers. The massive production of the speakers will significantly propel the growth of the Global Loudspeaker Market during the forecasting period, i.e., from 2019 to 2024.
The faster technological advancement in power, sound quality, size and design of such speakers have rendered the nature of the global market dynamics. Some market experts have suggested that by the end of 2024, the market value will reach $ 8.48 million. Rising income and growing middle-class populations are anticipated to drive the growth of the market across the world. On the other side, increasing in-home entertainment, and poor sound quality of TVs will dramatically boost the global loudspeaker industry in the coming years.
Some other factors, such as introduction of new products with advanced features are expected to drive the demand for such speaker. The popularity of wireless audio streaming among people is also anticipated to boost demand. The increasing youth population in urban areas throughout the world is also playing a significant role in market growth. Even though some factors are negatively affecting the market, it is expected that during the forecast period, the world Loudspeaker Market will grow at a 7 percent compound annual growth rate.
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Global Market Segment of Loudspeaker
The l Loudspeaker Market is divided on the basis of three major factors. These are product type, application, or end-users, and regions. Based on the product type, it is split into Electronical, Electrostatic, Piezoelectric, Electromagnetic, and others. The report suggests that the electronical speaker segment accounted for maximum market share during 2018. So, it will enjoy the same in the coming years. The loudspeaker application segment includes Concert venues, Large meetings, Mobile Phones, Computers, Automotive, and TV. The segment, which is expected to contribute majority share toward the global market share, is mobile phone segment as the number of mobile phone users are increasing rapidly.
Regional Segment Analysis of Loudspeaker
The Global Loudspeaker Market is divided into North America, Asia Pacific, Europe, Latin America, MEA, and other regions. The report informs that Asia Pacific region may command a significant market share in the global market. The growth will be primarily attributed to the increasing popularity of in-home entertainment and increase in income level. The youths are inclining toward audio and video entertainment, which has positively affected the sales of loudspeakers in the region. On the other side, this region houses a considerable number of international as well as local speaker manufacturers who are now expanding their business. In the second place, there will be Europe region.
Latest Market Updates
In August 2019, Bose launched its new speakers called the Bose Portable Home Speaker. This compact speaker offers high-quality sound effects and better battery power. It provides improved 360-degree sound and deeper bass than other speakers. The company has employed its own sound technology to let the users enjoy a unique listing experience.
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