Audio Systems Market To Hit USD 53.8 Billion By 2032, Says Global Market Insights Inc.

(MENAFN- GlobeNewsWire - Nasdaq) Audio systems industry is projected to witness a CAGR of 5.5% during the period 2024-2032. This growth can be attributed to increasing consumer spendings.

Selbyville, Delaware, Dec. 16, 2024 (GLOBE NEWSWIRE) --

Audio systems market size was valued at USD 33.4 billion in 2023, is projected to grow at a CAGR of 5.5% over the forecast period. This growth is driven by innovations in audio technology, including advanced digital signal processing (DSP) and high-resolution audio formats that enhance sound quality and appeal to audiophiles and casual listeners.

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The rising popularity of music streaming services fuels the demand for premium audio systems as consumers seek high-quality sound experiences.

With the surge in home entertainment setups, demand for high-quality audio solutions like surround sound systems and soundbars is increasing. Additionally, as mobile lifestyles become more prominent, the market for portable audio solutions, such as Bluetooth speakers and wireless headphones, is also rising.

The audio systems market is segmented by product type into personal and family audio. In 2023, personal audio systems held a dominant share, generating USD 18.6 billion in revenue, and are projected to reach USD 30.7 billion by 2032. The growing adoption of smartphones and portable media devices has spurred interest in personal audio products like wireless earbuds, headphones, and portable speakers as users prioritize high-quality sound on the go. Demand for features like customizable sound profiles and noise-canceling technology is increasing, catering to consumers' desire for personalized audio experiences.

Based on connectivity, the audio systems market is divided into wired and wireless segments. Wireless audio systems accounted for 61% of the market share in 2023, and this segment is anticipated to continue growing. Wireless solutions, including Bluetooth and Wi-Fi-enabled devices, are popular for their convenience, eliminating the hassle of cables and allowing for easy portability. Additionally, wireless audio systems integrate smoothly with smart home setups, enabling features like voice control and multi-room audio, which enhance user experiences and drive market growth.

Regionally, North America led the audio systems market with a valuation of USD 8.8 billion in 2023, projected to reach USD 14.4 billion by 2032. The adoption of smart home technologies is a key factor behind this growth, as consumers increasingly seek audio systems compatible with smart assistants and home automation. Rising disposable incomes in the region contribute to increased spending on premium audio products, reflecting a consumer shift toward high-end audio experiences.

In summary, the audio systems market is experiencing steady growth due to technological advancements and rising consumer interest in high-quality and portable audio solutions. As smart home integration and streaming services continue to expand, the demand for innovative audio products is increasing, driving sustained growth in the global market.

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Major players in audio systems market include Amazon, Anker, Apple, Bang & Olufsen, Beats by Dre, Bose, JBL, Klipsch, LG Electronics, Marshall, Samsung, Sennheiser, Sonos, Sony, and Ultimate Ears among others.

Partial Table of Contents (ToC) of the report:

Chapter 1 Methodology & Scope

1.1 Market scope & definitions

1.2 Base estimates & calculations

1.3 Forecast calculations

1.4 Data sources

1.4.1 Primary

1.4.2 Secondary

1.4.2.1 Paid sources

1.4.2.2 Public sources

Chapter 2 Executive Summary

2.1 Industry 3600 synopsis, 2021-2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis

3.1.1 Factor affecting the value chain

3.1.2 Profit margin analysis

3.1.3 Disruptions

3.1.4 Future outlook

3.1.5 Manufacturers

3.1.6 Distributors

3.2 Supplier landscape

3.3 Profit margin analysis

3.4 Technological overview

3.5 Key news & initiatives

3.6 Regulatory landscape

3.7 Impact forces

3.7.1 Growth drivers

3.7.1.1 Technological advancements

3.7.1.2 Increasing consumer spendings

3.7.1.3 Rising disposable income

3.7.1.4 Growing popularity of streaming devices

3.7.2 Industry pitfalls & challenges

3.7.2.1 High competition and market saturation

3.7.2.2 Changing consumer preferences

3.8 Growth potential analysis

3.9 Consumer buying behaviour analysis

3.9.1 Demographic trends

3.9.2 Factors affecting buying decision

3.9.3 Consumer product adoption

3.9.4 Preferred distribution channel

3.9.5 Preferred price range

3.10 Porter's analysis

3.11 PESTEL analysis

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About Global Market Insights

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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