Consumer Audio Market Valued at $128.94 Billion in 2023, Expected to Grow at 17.2% CAGR to Reach $391.64 Billion by 2030

Consumer Audio Market size was valued at US$ 128.94 Bn. in 2023 and the total Consumer Audio revenue is expected to grow at 17.2% through 2024 to 2030, reaching nearly US$ 391.64 Bn.

Consumer Audio Market Overview:

Any electronic device used to transmit, recreate, or capture audio, such as turntables, mixers, MP3 players, radio, mics, and speakers, is referred to as audio and sound equipment. The consumer audio market is part of the consumer electronics sector, although it can also contain other product categories like hi-fi. Hi-fi stands for higher fidelity, a phrase that refers to high-resolution audio and sound systems that try to duplicate the original piece as accurately as possible.

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Consumer Audio Market Dynamics:

A major driver of the consumer audio market is the rapid surge in demand for entertainment devices. The need for mobile accessories has expanded significantly as a result of the introduction of portable entertainment devices such as computers, cell phones, and i-pads. For data transmission and music streaming, smartphones employ wireless audio technologies e.g. Bluetooth and Wi-Fi. These wireless technologies allow smartphones to broadcast music to wireless speakers or headphones simply and conveniently. As a result, the growth of the consumer audio market is driven by the rising usage of smartphones.

Consumer Audio Market Regional Analysis

Due to rising technical innovation, the existence of some of the largest audio equipment suppliers, e.g. Yamaha Corporation, and fast industrialization, Asia-Pacific is likely to grab a significant portion of the consumer audio market in the forecast period. Furthermore, owing to the area's numerous potential prospects, various global market players are swiftly developing and increasing their market position in the region. This region's market is likewise growing as a result of new technologies. An example of this would be in August 2019, Denon, a Japanese sound brand purchased by Sound United, a corporation with a portfolio of sound brands which include Definitive Technology, Boston Acoustics, etc. launched this intriguing pairing of an amplifier and CD player that provides excellent audio performance at a reasonable rate.

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Consumer Audio Market Segmentation:

By Product, the Microphone segment of the consumer audio market is expected to grow at the fastest CAGR of 10.3% in the forecast period. This can be attributed to increased microphone applications in day-to-day life. Shure released the MV5C Home Office Microphone in October 2020, which is geared for professionals and executives who work from home. In introducing the new mic, the business asserted that it will meet the demands of experts of all sorts in the new era of virtual collaboration with a device that prioritizes the user's voice above the surroundings, resulting in excellent audio quality. The MV5C is a directional mic with Shure's Speech Enhancement Mode, which enhances the user's speech during audio or video chats. It works with Mac and Windows systems with USB-A and USB-C ports.

Leading Consumer Audio Market key industry:

Panasonic Corporation
JVCKENWOOD Corporation
Trüsound Audio
Skullcandy, Inc
Samsung
Apple Inc
Sennheiser electronic GmbH
Plantronics, Inc
Koninklijke Philips N.V
Onkyo & Pioneer Corporation
Devialet, Jaybird
Shure Incorporated



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Key questions answered in the Consumer Audio Market are:

What segments are covered in the Consumer Audio Market report?
Which region is expected to hold the highest share in the Consumer Audio Market?
What is the market size of the Consumer Audio Market by 2030?
What is the forecast period for the Consumer Audio Market?
What was the market size of the Consumer Audio Market in 2023?
Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2023)
Past Pricing and price curve by region (2018 to 2023)
Market Size, Share, Size & Forecast by Different Segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis of the Offerings, Vertical, Application and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
Value chain and supply chain analysis
Legal Aspects of business by region
Lucrative business opportunities with SWOT analysis
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