Global Pro Speaker Market Is Expected To Reach Around $2 Billion, Growing At A CAGR Of Close To 3% During 2020−2024

Shibuya-ku, Tokyo, Japan, Japan, Jun 04, 2021, 02:41 /Comserve / -- Major Vendors in the Pro Speaker Market: Bose, D&B Audiotechnik, HARMAN International (SAMSUNG), MUSIC Group (MUSIC Tribe), Loud Audio, L-Acoustics, Yamaha

The global pro speaker market is expected to reach around $2 billion, growing at a CAGR of close to 3% during 2018−2024. The advent of technological advancements such as IoT and AR is driving the global pro speakers market. There is a massive demand for audio speakers in the commercial end-user segment as corporates are opting best-in-class AV solutions for smooth communication. The audio and video(AV) industry is experiencing a shift from analog to digital medium. The convergence of IoT and pro AV industry is projected to give rise to sophisticated cabling solutions in the pro speakers market. The demand for pro AV cables such as PoE is set to grow during the forecast period due to their growing application in the AV/IT domain. With rapid changes in the pro AV industry, the impact of IoT on pro speakers is easily noticeable. Vendors are focusing on developing countries to expand their business in the pro speakers market. Currently, the global pro speakers market is dominated by global vendors that are expected to expand the business, especially in the fast-developing countries of APAC and Latin America.

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Major Vendors in the Pro Speaker Market

• Bose
• D&B Audiotechnik
• HARMAN International (SAMSUNG)
• MUSIC Group (MUSIC Tribe)
• Loud Audio
• L-Acoustics
• Yamaha

Key Vendor Analysis

The pro speakers market is witnessing a high-demand from commercial and educational sectors due to the introduction of innovative and high-profile musical equipment. Leading vendors are introducing new methodologies to develop new-age audio equipment. Vendors are increasingly focusing on developing countries as they are offering high business opportunities for pro speakers products.

Pro Speakers Market: Segmentation

This market research report includes a detailed segmentation of the market by products, formats, end-users, distribution channels, and geography.

The pro speakers market by product types can be divided into line array systems, point source systems, subwoofers, and other speaker types. Point source systems are the most popular variants, and they capture more than one-third of the pro speakers market. Line array speakers are the second most demanding variant that is generally used for the large touring production. Subwoofer speakers are low-frequency devices. They are designed to reproduce low- and sub-low frequency content and amplify bass sound waves. Theatres and multiplexes are the major users of subwoofer speakers.

The global pro speakers market by format can be divided into digital and analog. In terms of shipment, the digital segment accounted for more than 50% of the global pro speakers market in 2018. The segment is expected to growth at a CAGR of around 3% during the forecast period. Digital devices are witnessing increased proliferation worldwide.

The global pro speakers market has a wide range of end-users such as corporates, large venue and event organizers, educational institutes, government and military, studio and broadcasting, hospitality, and others. The corporates segment occupies nearly one-third of the market due to the growing demand for sound reinforcement and video conferencing solutions among corporates. The segment is expected to grow at a CAGR of nearly 3% during the forecast period. Also, increasing business opportunities, the growing footprint of companies, and the rising integration of IoT with business workflow processes are the major driving forces for the growth of the segment. With the rise in live performances, music concerts, and festivals, and music tours, the event organizers segment has emerged as the second largest end-users.

The pro speakers market has two primary distribution channels - retail stores (AV system integrators, pro AV and electronics stores, and pro AV dealers and distributors) and online stores. A majority of revenue is generated through retail channels as they are the most trusted destinations for end-users. The penetration of the internet is increasing the presence of professional speaker vendors online. E-commerce websites such as Amazon, eBay, SoundBroker.com, Americanmusical.com, Organgeaudio.co.uk, Alibaba, and AliExpress are offering professional speakers at competitive prices on their respective websites. The market is expected to witness growth in online stores during the forecast period.

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"The Final Report will cover the impact analysis of COVID-19 on this industry (Global And Regional Market)."

Table of Content

1 Research Methodology
2 Research Objectives
3 Research Process
4 Scope & Coverage
4.1 Market Definition
4.1.1 Inclusions
4.1.2 Exclusions
4.2 Base Year
4.3 Scope Of The Study
4.4 Market Segments
4.4.1 Market Segmentation By Products
4.4.2 Based On Amplification Method
4.4.3 Market Segmentation By End-Users
4.4.4 Market Segmentation By Format
4.4.5 Market Segmentation By Distribution
4.4.6 Market Segmentation By Geography
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Currency Conversion
5.3 Market Derivation

Key Market Insights

1. An analysis of the global pro speakers market in terms of market sizing and growth opportunities during the forecast period 2019−2024
2. Comprehensive insights on current industry trends, market forecasting, growth drivers, challenges, and investment opportunities in the global pro speakers market
3. A complete overview of market segments and the regional outlook of the global pro speakers market
4. A detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain a competitive advantage in the global pro speakers market

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