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According to a new report published by Allied Market Research, titled, The Europe audio products market size is expected to reach $7,463 million in 2027 from $4,928 million in 2019, growing at a CAGR of 9.94% from 2020 to 2027. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.Audio products enable the conversion of electric audio signals into sound waves. They enhance the volume and quality of the sound produced by utilizing speaker drivers, which boosts sound reproduction quality.
Wireless audio devices are gaining traction among the youth in Europe. Wireless speakers are majorly used as outdoor speaker systems. If the user wants to set up a speaker system on a deck, patio, or swimming pool area, a wireless system serves as an ideal option. Furthermore, high demand for wireless speakers is attributed to their easy, wireless connectivity to smartphone, tablet, or other device. Moreover, most of the wireless devices are fairly portable, making them easy to carry along.
“Increase in popularity of smart speakers and true wireless stereo is anticipated to boost the growth of the Europe audio products market considerably. The integration of voice recognition and voice control using artificial intelligence has assisted in increasing the adoption of smart speakers majorly for personal use.”
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Furthermore, during vacation, consumers prefer spending their free time for leisure activities such as listening to music, which boosts the Europe audio products market demand for wireless speakers. Thus, all these factors collectively contribute toward the growth of the Europe audio products market.
By technology, in 2019 the multiroom segment dominated the Europe audio products market, owing to rise in applications of multiroom audio devices in households, increase in penetration of infotainment devices, and surge in adoption of mobile devices. Moreover, ease in adoption of multiroom speaker such as flexile audio streaming with the help of mobile app is expected to boost the product demand.
On the basis of type, in 2019 the soundbar & home cinema segment was the highest contributor to the Europe audio products market analysis, as they provide economical, hassle-free entertainment at home along with privacy. Consumers are increasingly becoming more research-driven, well-informed, particular, and price-sensitive about products and services. Therefore, they opt for home entertainment devices that offer value for money.
The outbreak of the COVID-19 pandemic has directly impacted the Europe audio products market. This is attributed to the fact that the pandemic originated in China and China being the largest exporter of the electronic goods globally, production and sale of audio products were directly impacted.
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The players operating in the Europe audio products industry have adopted new product launch as their key developmental strategy to expand their share in Europe audio products market, increase profitability, and remain competitive. The key players profiled in the report include Samsung Electronics Co., LTD, Sonos, Inc., Blaupunkt GMBH, Bose Corporation, Koninklijke Philips N.V., Sony Corporation, LG, Alphabet Inc., Amazon, Inc., and Panasonic
Key Findings Of The Study:
○ On the basis of type, the soundbar & home cinema segment has the highest Europe audio products market share, and is expected to grow at a CAGR of 9.23% from 2020 to 2027.
○ By technology, the built-in multiroom led the market in terms of value in 2020, and is estimated to grow at a CAGR of 8.18% from 2020 to 2027.
○ Deepening on the distribution channel, the specialty electronic stores segment is expected to grow at a steady CAGR of 8.51% from 2020 to 2027.
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Organization: Allied Market Research
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