Global Pro Speakers Market Outlook & Forecast 2022-2027
The demand for pro speakers equipment and solutions from various end-user markets has grown in countries such as China, Germany, Japan, and India due to the booming commercial real estate, hospitality, corporate, music markets, a shift in consumer behavior toward live music concerts, and exhibitions in developing countries.
The global pro speakers market is growing, with vendors such as Shure, Sennheiser, Audio-Technica, Bose, Harman, Sony, and Yamaha, offering products for various vertical markets.
New start-ups will come up with advanced features while existing vendors are expected to continue developing their product portfolio with upgrades. Moreover, the introduction of upgraded technology will fuel the market growth during the forecast period. Futuristic inventions in wireless digital technology and growth in complementary digital technologies boost investors’ confidence in the market.
PRO SPEAKERS MARKET SEGMENTATION
In terms of unit shipment, the digital segment accounted for a 57% share of the overall pro speakers shipments and held the leading position in 2021. This segment will continue to witness growth in market share during the forecast period.
The corporate segment was the largest contributor to the global pro speakers market in 2021. The major factors driving the demand in this segment included opening new offices and the growing penetration of IoT in corporations worldwide.
North America was the largest market for pro speakers products, accounting for a share in terms of revenue and unit shipments, respectively. The penetration of pro AV systems remains at an all-time high in the US and Canada.
The demand for new pro AV systems in the European market is growing, while upgrades and replacements are expected to drive the market growth. Further, Western European economies are maturing markets with product saturation as there is low product differentiation.
The global pro speakers market is highly fragmented, with many local and international players in the market. The competition among them is intense on the worldwide level. The market concentration in developed countries such as the US and other Western European countries is high.
The market is moderately fragmented, although the high-end market is concentrated by leading vendors commanding over 40% market share. The key leading vendors in the global market are Audio-Technica, Bose, Harman International (acquired by Samsung), MUSIC Group, Sennheiser, Shure, Sony, and Yamaha.
Read more: Global Pro Speakers Market Outlook & Forecast 2022-2027