Technology

Consumer Audio Equipment Market to Reach $93 billion, Globally, by 2033 at 5.3% CAGR: Allied Market Research

Published

2 months ago

September 18, 2024

The growing popularity of music streaming services, and technological advancements in the consumer audio equipment market drive the growth of the market. However, intense competition and market saturation impedes market growth. Moreover, the rise in popularity of wireless and portable devices is expected to create lucrative opportunities for the key players operating in the market during the forecast period.

WILMINGTON, Del., Sept. 18, 2024 /PRNewswire/ — Allied Market Research published a report, titled, “Consumer Audio Equipment Market by Product (Microphones, Headphones, Soundbars, Headsets, Speaker Systems, and Others), Technology (Wired and Wireless), End User (Education, Government, Retail, Hospitality, and Others), and Type (Stationary Consumer Audio Equipment and Portable Consumer Audio Equipment): Global Opportunity Analysis and Industry Forecast, 2024-2033″. According to the report, the “consumer audio equipment market” was valued at $55.8 billion in 2023, and is estimated to reach $93 billion by 2033, growing at a CAGR of 5.3% from 2024 to 2033.

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152-Tables81-Charts312-Pages

Prime determinants of growth

The consumer audio equipment market growth is driven primarily by technological advancements, increase in demand for wireless audio devices, and the popularity of streaming services. Innovations in Bluetooth and Wi-Fi technologies have led to the development of high-quality, wireless audio products such as headphones, earbuds, and smart speakers. These devices offer enhanced convenience, mobility, and compatibility with various smart devices, attracting a broad consumer base.

Rise in adoption of smart home systems is another key factor. Smart speakers integrated with voice assistants such as Amazon Alexa and Google Assistant are becoming central to home automation, boosting the demand for connected audio devices. In addition, the surge in music and video streaming services has heightened consumer expectations for high-fidelity audio, pushing manufacturers to innovate in sound quality and user experience.

Furthermore, the surge in trend of home entertainment systems, fueled by the need for immersive experiences, particularly in gaming and home theaters, supports market growth. Price sensitivity and the availability of diverse product ranges, from budget to premium segments, also shape consumer preferences.

Report coverage & details:

Report Coverage

Details

Forecast Period

2024–2033

Base Year

2023

Market Size in 2023

$55.8 billion

Market Size in 2033

$93 billion

CAGR

5.3 %

No. of Pages in Report

312

Segments Covered

Product, Technology, End User, Type, and Region

Drivers

Surge in demand for entertainment devices

Expanding home audio Networking

Increasing gaming and virtual reality (VR) usage

Opportunities

Popularity of wireless and portable device

Restraint

High equipment cost

The headphones segment dominated the market in 2023.

By product, the headphones segment held the highest market share in 2023. The rise of wireless and true wireless (TWS) headphones has revolutionized the consumer audio equipment market. These headphones offer the convenience of cable-free listening, driven by improvements in Bluetooth technology that ensure stable connectivity and high-quality sound. The shift away from devices with headphone jacks has increased the demand for TWS headphones, appealing to users seeking portable and hassle-free audio solutions. Moreover, noise-cancellation technology is a major trend in the headphone market, addressing consumer desire for an immersive listening experience amidst noise. Active noise-cancelling (ANC) headphones are particularly sought after for commuting, travel, and open-office environments. The increasing demand for effective noise-cancellation is driving innovation, enabling manufacturers to offer advanced ANC features at various price points.

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The wireless segment dominated the market in 2023.

By technology segment, the wireless segment held the highest market share in 2023. The popularity of true wireless earbuds demonstrates a trend toward tiny, cable-free audio solutions. These earphones eliminate cords, giving users freedom of movement and ease. Manufacturers are improving features like battery life, audio quality, and ergonomic design to appeal to mobile customers who value portability. Furthermore, integration of technologies like active noise cancellation (ANC) and touch controls enhances the listening experience, making true wireless earbuds a preferred choice for everyday activities such as commuting, workouts, and casual listening. Moreover, continuous advancements in Bluetooth and Wi-Fi technologies propel significant progress in wireless audio equipment. These enhancements include faster data transfer rates, greater connectivity range, and improved audio fidelity, resulting in more seamless connections and enhanced user experiences

Education segment dominated the market in 2023.

By end user, the education segment held the highest market share in 2023. The trend toward integrating audio-visual learning tools in education involves increasing adoption of technologies such as classroom amplification systems and interactive displays. These tools enhance multimedia learning experiences by providing clear audio and visual aids that support modern teaching methods. Manufacturers are focusing on developing audio equipment that seamlessly integrates with educational technologies to improve engagement and learning outcomes in diverse classroom settings.

Furthermore, educational audio equipment is becoming integrated with online learning platforms and virtual classrooms. This trend promotes seamless communication and collaboration in digital learning environments, allowing educators to deliver interactive classes remotely. Features such as cloud-based recording and real-time interaction tools improve accessibility and engagement, making hybrid and distance learning programs more effective.

Portable Consumer Audio Equipment segment dominated the market in 2023.

By equipment type segment, the portable consumer audio equipment segment held the highest market share in 2023. The shift toward wireless technology, including Bluetooth and Wi-Fi, continues to dominate the market. Consumers prefer devices that offer freedom from cables, enhancing portability and convenience. Moreover, Portable audio devices are increasingly integrated with smart assistants such as Amazon Alexa, Google Assistant, and Apple’s Siri. This integration offers voice control and smart home connectivity, attracting tech-savvy consumers. Moreover, rapid urbanization and rise in disposable incomes in emerging markets present significant opportunities for growth in the consumer audio equipment sector.

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Asia-Pacific region held the highest market share in 2023.

By region, Asia-Pacific dominated the consumer audio equipment market in 2023. The Asia-Pacific region is experiencing rapid urbanization, coupled with increasing disposable incomes among its population. This demographic shift is driving higher consumer spending on entertainment and technology products, including consumer audio equipment. There is an increased demand for sophisticated audio solutions that cater to diverse consumer preferences and lifestyle needs as urban centers grow and incomes rise. Moreover, the widespread adoption of smartphones across Asia-Pacific is fueling demand for compatible audio devices. Headphones, earbuds, and wireless speakers are increasingly popular for streaming music and multimedia content on mobile platforms, reflecting a growing consumer preference for portable and versatile audio solutions.

Key Players: –

Bose Corporation HARMAN International Koninklijke Philips N.V. Sennheiser Electronic GmbH And Co. KG Skullcandy, Sonos, Inc. Sony Corporation, VIZIO, Inc. Yamaha Corporation.

The report provides a detailed analysis of these key players in the global consumer audio equipment market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Recent Development

In May 2024, Sonos, Inc. launched headphones, Sonos Ace. The premium over-the-ear Bluetooth headphones feature breathtaking lossless and spatial audio, Active Noise Cancellation (ANC), and Aware Mode. Furthermore, it is equipped with Sonos’ new TrueCinema technology that offers precise and immersive home theater experience. In December 2022, Sony Corporation launched A Series Home Theatre Systems with HT-A5000 and HT-A3000 soundbars. The soundbar works well with Google Assistant or Amazon Alexa-enabled devices. The HT-A5000 5.1.2 channel soundbar comes with a built-in dual subwoofer for deep bass and two up-firing speakers that reflect sound off the ceiling for immersive overhead audio. The HT-A3000 features 3.1 channels, three front speakers including a dedicated center speaker for clear dialogue, and a built-in dual subwoofer for deep bass.

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Consumer Audio Equipment Market Key Segments:

By Product

HeadsetsSpeaker SystemsMicrophonesHeadphonesSoundbarsOthers

By Technology

WiredWireless

By End User

EducationGovernmentRetailHospitalityOthers

By Type

Stationary Consumer Audio EquipmentPortable Consumer Audio Equipment

By Region

North America: U.S., Canada, MexicoEurope: Germany, France, Italy, UK, Rest of EuropeAsia-Pacific: China, Japan, India, South Korea, Rest of Asia-PacificLAMEA: Latin America, Middle East, Africa

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We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Technology

/C O R R E C T I O N — Natural Resources Canada/

Published

22 minutes ago

November 14, 2024

In the news release, Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada, issued 14-Nov-2024 by Natural Resources Canada over PR Newswire, we are advised by the company that the 18th paragraph has been added to the release. The complete, corrected release follows:

Canada Invests in Climate Change Adaptation to Keep Communities Safe in British Columbia and Across Canada

COQUITLAM, BC, Nov. 14, 2024 /CNW/ – Working together to reduce risks from the changing climate will help keep Canadians safer and healthier. Acting now will help improve long-term resilience and reduce costs associated with the increasing frequency of extreme weather events in Canada, including higher grocery prices, insurance premiums and local taxes to cover the costs of disaster recovery and damage.

Across the country, the impacts of climate change are becoming more severe and more frequent with extreme events like floods, wildfires and heatwaves on the rise. Gradual changes, like thawing permafrost in the north and rising sea levels in coastal regions, are also affecting the safety of our communities and quality of life. To protect our communities from the worst economic and environmental impacts of climate change, we must continue to prepare for the changes that are coming by investing in community resilience. This will not only support the safety of Canadians but also reinforce the ability of communities to recover from extreme weather events.

Today, the Honourable Jonathan Wilkinson announced over $7 million in funding for 12 projects in British Columbia or with a national reach under Natural Resources Canada’s Climate Change Adaptation Program (CCAP) and the Climate-Resilient Coastal Communities (CRCC) Program. These projects will aim to help regions and sectors in B.C. and across Canada adapt to a changing climate by developing, improving and delivering strategies, tools and resources that address climate change risks and adaptation gaps, and to support the implementation of climate change adaptation and resilience actions.

The funding announced today comes from a total investment of $39.5 million for 53 projects through the CCAP and the the CRCC Program to reduce climate change risks and build more resilient communities across the country in support of the National Adaptation Strategy (NAS). Details on additional projects supported by this investment will be announced in the near future.

The steps we take now will protect our communities, our livelihoods, our environment and our economy. We are actively investing in climate change adaptation to proactively support long-term, community-led resilience and adaptation projects. It is essential, now more than ever, that we come together to help communities stay strong in the face of the current and future impacts of climate change.

Quotes

“The impacts associated with climate change, including atmospheric rivers here in British Columbia, are being felt right now. That is why this federal government is acting now to help our communities and our economy prepare and protect themselves from the threat of climate change. Today’s announcement of 12 projects based in British Columbia under two funding programs supports the vital long-term, community-based work to keep people safe now and into the future.”

The Honourable Jonathan Wilkinson
Minister of Energy and Natural Resources

“Municipalities are on the front lines of climate change, and they know best what local challenges — and solutions — are affecting local neighbourhoods, transportation and businesses. The 12 projects under the CCAP and CRCC program will help build stronger, more livable communities, providing safety and security in the face of a changing climate. With smart investments, forward planning and active collaboration, we can support communities that are already feeling the impacts of climate change and help make them more sustainable and prosperous for generations to come.”

The Honourable Steven Guilbeault
Minister of Environment and Climate Change

“Climate change is impacting communities in British Columbia and across Canada. Now is the time to work together and build climate change responses that address current and future problems. By taking the necessary steps today to adapt and build resiliency, we can make more-informed decisions to prepare for and to respond and adapt to climate change impacts.”

Ron McKinnon
Member of Parliament for Coquitlam–Port Coquitlam

“Coastal flooding and rising seas are not exclusively localized issues. Coordinating between First Nations, municipalities and other authorities in the region can increase the effectiveness of coastal resilience actions and help to pool resources. Thanks to the support from the CRCC Program, our B.C. Southern Coastal Regional Climate Collaborative project will help coordinate approaches to address rising sea levels and coastal flooding and implement key regional actions to build the foundation for long-term coastal resilience outcomes across the Pacific North Shore and Sunshine Coast region.”

Ewa Jackson
Managing Director, ICLEI Canada

“Clean energy systems are the future — and this initiative is helping First Nations communities and local governments to push forward on micro-hydro, solar, wind and other renewables that strengthen B.C.’s power grid. Planning infrastructure to withstand severe weather and other impacts of climate change is now a key challenge in building a clean energy future, and we’re happy to help bring together local leaders and experts to meet that challenge.”

David Marshall
Chief Executive Officer, Fraser Basin Council

“Across British Columbia, small, rural and remote communities work every day with extremely limited resources to address the current and anticipated impacts of climate change, often off the side of their desk amidst many competing priorities. As a result of this funding, the CoNext Climate Preparedness Hub will provide direct support to local governments, First Nation governments and their partners to build understanding of the challenges and options for addressing climate impacts and translate this knowledge into action within their organizations and communities.”

Erica Crawford
CoNext Project Lead and Principal, HeronBridge Consulting

“Climate adaptation is a new but urgent challenge, and leading practices are just beginning to emerge. Our CRCC project funded direct conversations with Canadian practitioners to identify the challenges and opportunities they face today, and this learning will inform similar outreach in Oceania, Europe, the United States, Latin America and the Caribbean, and Asia. We look forward to bringing this snapshot of global adaptation practice today back to Canada to help drive innovation and solutions to this shared threat.”

Dr. Glynis Lough
Global Director of PEERS and Affiliate at the Aspen Global Change Institute

“The far-reaching impacts of recent wildfires — massive emissions and disrupted communities — demand urgent action. This contribution from Natural Resources Canada will foster collaboration across sectors, First Nations and impacted communities in ways that accelerate wildfire adaptation, create jobs, enhance ecosystem resilience and increase public safety.”

Robin Prest
Program Director, Simon Fraser University’s Morris J. Wosk Centre for Dialogue

“Engineers and Geoscientists BC welcomes this investment that is intended to help protect Canadians from the risks of climate change. In collaboration with the Climate Risk Institute, we are proud to lead the development of a national climate resiliency training program for building sector professionals. Supported by Natural Resources Canada through the CCAP, the training program aims to empower engineers, and other professionals, with the skills and knowledge needed to design and retrofit buildings to help communities become more resilient to the risks associated with a changing climate.”

Heidi Yang, P.Eng.
Chief Executive Officer, Engineers and Geoscientists BC

“The Regional District of Nanaimo is grateful for this generous grant, which we will use to develop an inclusive and collaborative coastal climate adaptation strategy in our region. This strategy will build on the critical work we are already undertaking to prepare for, and respond to, impacts we are seeing on our coast.”

Vanessa Craig
Chair, Regional District of Nanaimo

“In recent years, climate-related impacts have significantly disrupted supply chains. With this funding to develop a climate adaptation plan for the Port of Vancouver, we will work collaboratively with First Nations and stakeholders to identify key climate risks and priority actions needed to enhance port infrastructure and supply chain resiliency. This will help strengthen our position to facilitate Canada’s trade reliably, now and into the future.”

Jennifer Natland
Vice President, Properties and Environment, Vancouver Fraser Port Authority

“Nature-based solutions, like restoring wetlands and adopting green infrastructure approaches, offer powerful ways for Canadian communities to adapt to climate change while unlocking significant social, economic and environmental co-benefits. Yet a lack of understanding of the monetary benefits of these multi-solving solutions means they remain underutilized by local governments. With the support of Natural Resources Canada and our partners, ESSA and All One Sky Foundation are developing a toolkit with clear economic data and guidance to help communities confidently invest in these sustainable, cost-effective strategies to multiple local problems.”

Jimena Eyzaguirre
Climate Change Adaptation Practice Lead, ESSA Technologies Ltd.

“In 2022, we brought together leadership and staff from First Nations and local governments and local agriculture sectors as well as federal and provincial representatives to collectively discuss what a Build Back Better, Together process would look like and to explore how we could work together more effectively in our shared landscape. This funding will support subsequent dialogues as we work toward developing a unified plan for how to maximize resilience in the Lower Mainland.”

Tribal Chief Tyrone McNeil
Chair of the Emergency Planning Secretariat

Quick Facts

The National Adaptation Strategy (NAS) provides a whole-of-society plan focused on protecting Canadian lives and building more resilient and prosperous communities. Canada released its first NAS on June 27, 2023. Achieving the objectives of the NAS requires whole-of-society action. The Government of Canada is working with provinces, territories, Indigenous partners and the private sector to develop innovative technical, financial and operational solutions that will support adaptation action by communities across the economy.Every $1 spent on climate adaptation measures saves up to $15 in terms of the long-term costs involved in mitigating climate change and extreme weather events.Since 2015, the Government of Canada has invested more than $6.5 billion in adaptation efforts, including $2.1 billion since fall 2022 to implement the NAS and other adaptation-related activities.The CCAP will help Canada’s regions and sectors to adapt to a changing climate. More specifically, the CCAP aims to:support decision-makers in identifying and implementing adaptation actions;enhance adaptation knowledge and skills among Canada’s workforce; andincrease access to climate change adaptation tools and resources.The CRCC Program supports regional-scale pilot projects on Canada’s three marine coasts —Atlantic, Pacific and North — and in the Great Lakes–St. Lawrence region. The program aims to enhance the climate resilience of coastal communities and businesses and to accelerate adaptation to reduce climate change risks and coordinate innovative actions.

Technology

András Szakonyi named CEO of Ferrovial’s Digital Infrastructure Division

Published

22 minutes ago

November 14, 2024

This division targets the high-growth data center market, building on a decade of successful projects for industry leaders

AMSTERDAM, Nov. 14, 2024 /PRNewswire/ — Ferrovial, a leading global infrastructure company, announces the appointment of András Szakonyi as CEO of Digital Infrastructure. Szakonyi brings deep sector expertise, both in data centers and sustainable AI cloud solutions. As divisional CEO, he will strengthen and expand Ferrovial’s presence in a growing sector where it has been developing projects for multinational leaders for more than 10 years in Europe and the Americas.

“Ferrovial brings distinctive expertise in complex data center construction projects. Our proven track record of engineering excellence and value creation positions us well to expand our role as a global investor and developer of digital infrastructure. We welcome András’s leadership in driving our continued success and innovation in this strategic area,” said Ignacio Madridejos, CEO of Ferrovial.

The Digital Infrastructure Division will identify investment opportunities to develop high-value projects in this sector.

András Szakonyi holds an MBA in Finance and Economics from Corvinus University in Budapest and is a graduate of INSEAD Business School’s LEAP (Leadership Excellence through Awareness and Practice Program).

During his extensive professional experience, he has held various international leadership positions. He started his career as a finance professional at General Electric, where he spent six years leading different finance functions in the United States.

Afterward, he spent 21 years in multiple senior leadership roles at Iron Mountain (IRM), a global listed B2B service company based in Boston focusing on data centers and information management services. He played a key role in building Iron Mountain’s data center business in his role as global COO.

Since 2020, he has been a member of the Supervisory Board and Audit Committee of Magyar Telekom (Subsidiary of Deutsche Telekom), a leading Hungarian information and communications technology company.

About Ferrovial

Ferrovial is one of the world’s leading infrastructure companies. The Company operates in more than 15 countries and has a workforce of over 24,000 worldwide. Ferrovial is triple listed on Euronext Amsterdam, the Spanish Stock Exchanges and Nasdaq and is a member of Spain’s blue-chip IBEX 35 index. It is part of the Dow Jones Sustainability Index and FTSE4Good, and all its operations are conducted in compliance with the principles of the UN Global Compact, which the Company adopted in 2002.

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Technology

2025 Fortune Global Forum to be held in Riyadh, Saudi Arabia

Published

22 minutes ago

November 14, 2024

Fortune will also hold a Most Powerful Women gathering in Riyadh next year

NEW YORK, Nov. 14, 2024 /PRNewswire/ — Fortune announced that its 2025 Fortune Global Forum, the premier gathering of CEOs and other leaders of the world’s largest multinational companies, will convene in Riyadh, Saudi Arabia, next December. In the spring, Fortune will also hold in Riyadh its first-ever Fortune Most Powerful Women event in the Middle East, an extension of the annual Most Powerful Women summit in the U.S.

This marks the first time since its inception in 1995 that the Fortune Global Forum has taken place in the Saudi capital. The Forum and the MPW event are being held in partnership with the Saudi Conventions and Exhibitions General Authority.

“For 30 years, Fortune has been proud to bring the Fortune Global Forum to the frontiers of the business world,” Anastasia Nyrkovskaya, CEO of Fortune, said. “Saudi Arabia is one of those important frontiers. We look forward to connecting leaders of companies across industries from the East and West in Riyadh, an ideal location for our 2025 Fortune Global Forum.”

The Forum has historically been held in major cities at the forefront of global business, including Singapore, Barcelona, Guangzhou, New Delhi, Rome, Hong Kong, Paris, Abu Dhabi, Cape Town, and San Francisco. Earlier this week in New York City, the 2024 Fortune Global Forum included speakers such as former U.S. CIA Directors Mike Pompeo and Leon Panetta; Adena Friedman, Chair and CEO, Nasdaq; Gita Gopinath, First Managing Director, International Monetary Fund; Josh Kushner, Founder and CEO, Thrive Capital; Rob Manfred and Adam Silver, the commissioners of Major League Baseball and the National Basketball Association, respectively; John Stankey, CEO, AT&T; Boris Johnson, former Prime Minister of the United Kingdom; Brooke Shields, actor, New York Times bestselling author, and founder of Commence; H.E. Fahd bin Abdulmohsan Al-Rasheed, Advisor, General Secretariat of the Council of Ministers, and Chair, Saudi Conventions and Exhibitions General Authority; Tom Brady, seven-time world champion; and Wynton Marsalis, Pulitzer Prize-winning composer and Managing and Artistic Director of Jazz at Lincoln Center, the site of the Forum, and more.

The Fortune Global Forum fosters impactful discussions among leading executives and other top figures in business, government, and culture and offers valuable insights into international business strategies.

Fortune’s annual Most Powerful Women Summit convenes women leaders from Fortune 500 companies and trailblazers from government, philanthropy, education, sports, and the arts for inspiring conversations, collaboration, and networking. The Riyadh MPW conference will draw women globally who are making significant contributions to business and economic growth.

About Fortune:
Fortune is a global multi-platform media company built on a legacy of trusted, award-winning reporting and information for those who want to make business better. Independently owned, Fortune tells the stories of the world’s biggest companies and their leaders as well as a new generation of innovators who are moving business forward. Digitally and in print, Fortune measures corporate performance through rigorous benchmarks, and holds companies accountable, in regions around the world. Its iconic rankings include Fortune 500, Fortune Global 500, Most Powerful Women, and World’s Most Admired Companies. Fortune builds world-class communities by convening industry thought leaders for exclusive summits and conferences, including the Fortune Global Forum, Brainstorm Tech, Fortune Most Powerful Women. For more information, visit fortune.com.

Media Contacts:
Patrick Reilly
Fortune
Patrick.Reilly@fortune.com

Chelsea Hudson
Fortune
Chelsea.Hudson@fortune.com

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