The Business Research Company’s Loudspeakers And Sound Bars Global Market Report 2021: COVID-19 Impact And Recovery To 2030
LONDON, GREATER LONDON , UK, March 25, 2021 /EINPresswire.com/ — Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Increased spending on entertainment products by consumers globally contributed to the growth of the loudspeakers market in the forecast period. Consumers are preferring external sound systems as a medium of home entertainment and there is an increasing consciousness about the quality of sound they are experiencing. As a result of this, consumers are willing to spend more on sound systems. According to a survey by Dolby Laboratories, the USA consumers’ expenditure on home entertainment increased by 72% in 2020. This spend is led by Gen Z and millennials. GFK recorded a €7.9 billion sales in 2019 for global audio devices market excluding North America. There is plenty of growth potential in smart devices with embedded voice assistants and loudspeakers, which enhances the entertainment at home. Increased consumer expenditure on entertainment and consciousness of quality of sound experienced increases the demand for different forms of loudspeakers, which is driving the global loudspeakers market.
The sound bar and loudspeaker market report is segmented by type of enclosure into single mounted, multiple mounted and not mounted. It is also segmented by end user into household, commercial and others, and by application into communication, automotive, film and television, club/bar.
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The global loudspeakers and sound bars market is expected to grow from $11.34 billion in 2020 to $13.35 billion in 2021 at a compound annual growth rate (CAGR) of 17.7%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The loudspeakers and soundbar market size is expected to reach $14.32 billion in 2025 at a CAGR of 2%. The countries with loudspeaker and soundbar market shares are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Major players in the loudspeakers and sound bars market are Bose Corporation, Harman International Industries, Bowers &Wilkins, Klipsch Audio Technologies, KEF, Sonance, Yamaha Corporation, Sony Corporation, Creative Technology Ltd., and Wharfedale.
Loudspeakers And Sound Bars Global Market Report 2021: COVID-19 Impact And Recovery To 2030 is one of a series of new reports from The Business Research Company that provides loudspeakers and sound bars market overview, forecast loudspeakers and sound bars market size and growth for the whole market, loudspeakers and sound bars market segments, and geographies, loudspeakers and sound bars market trends, loudspeakers and sound bars market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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