Europe Audio Products Market Size, Share, Competitive Landscape and Trend Analysis Report, by Type, Technology and Distribution Channel : Opportunity Analysis and Industry Forecast, 2020-2027

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. Audio products, often termed as transducers, facilitate 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. Soundbar & home cinema, Hi-Fi or audio systems, radio, and smart speakers integrate latest technologies such as virtual assistance, Bluetooth connectivity, integration of Wi-Fi, and portability. Speaker are constantly upgraded to enhance battery backup, portability, water resistance, Bluetooth, and Wi-fi connectivity. The major players in the speaker industry are inclined toward the development of new products complying to changes in consumer demands and to provide high-quality audio output. Products such as smart speakers, true wireless stereo (TWS), smart soundbars, and few portable speakers can work with virtual assistants, which function on artificial intelligence (AI) technology. Virtual assistants such as Alexa by Amazon, Siri by Apple, Cortana by Microsoft, and Google Assistant by Alphabet, Inc. provide a user-friendly platform and can perform multiple functions from playing radio to integrating with home automation products. Virtual assistant technology developers constantly focus on upgrading the features of virtual assistant devices, which enable smart speakers perform more functions. These rapid advancements promote the demand for speakers with AI virtual assistant technologies, thereby boosting the growth of the Europe audio products market. Moreover, batteries are an integral part of portable speakers and wireless audio products. Development in battery technologies aid in enhancing product quality as well as reducing the price of the overall product.

However, artificial technologies, such as voice assistants, capture data for analysis and render it into information. This data is stored on cloud storage, which is prone to cyberattacks and creates threat of data thefts. Such instances hinder the adoption of smart speakers, which hampers the Europe audio products market growth. In addition, 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. 

The Europe audio products industry is anticipated to experience the differential impact of this rapidly spreading COVID-19 on each stage of its value chain through the mediums of the affected workforce at industrial level, raw material supply, trade & logistics, demand–supply volatility, and uncertain consumer demand at retail outlets. Production, distribution, and inventory levels across the audio products industry spectrum are expected to be impacted. 

Key players and the vendors are facing challenges in raw material supply, due to poor logistics, traffic control, and restrictions on public movement in the affected countries across the globe, which lead to supply disruptions. Trade restrictions imposed by several countries across the globe to prevent further spread of coronavirus has significantly affected logistics and transportation, which, in turn, has impacted the audio products market. Restrictions have had a direct impact on the products supply chain with the tightening of transportation and port capacities, thus leading to increase in shipping and freight costs.

Furthermore, this has resulted in the shortage of products supply, which is anticipated to affect the availability of products at retail level. Thus, prolonged restriction on trade and logistic challenges are likely to have a significant impact on the revenue of audio products businesses. 

The lockdown implemented across various countries has led to more spending on home entertainment products such as audio products, video, and gaming consoles.  According to the Podfront, Acast, Adswizz, and DAX Publishers, British people are listening to up to 30% more podcasts. DAX found that music streaming has risen by 11%, whereas Adswizz is reporting that smart speaker use in the home is up 100%. Media services company, Bauer reported a 96% increase in radio listeners over Easter weekend compared to the year before. Bauer is reporting that there is more use of mobile and smart speakers due to free time. Thus, the availability of time and inclination toward audio content are expected to augment the Europe audio products market growth in the coming period. However, this pandemic is anticipated to significantly decrease the Europe audio products market size in 2020.

On the basis of type, the soundbar & home cinema segment accounted for the maximum Europe audio products market share in 2019. This is attributed to the fact that soundbar & home cinema system are proven to enhance the overall sound experience of movies and TV shows via voice control automation. Thus, such product innovations are expected to continue to drive the growth of the Europe audio products market during the forecast period. 

On the basis of technology, the multiroom accounted for the maximum Europe audio products market share in 2019. This is attributed to increase in applications of multiroom audio devices in household, surge in penetration of infotainment devices, and rise in adoption of mobile devices. 

On the basis of distribution channel, the specialty electronic stores segment was the highest contributor to the Europe audio products market in 2019. This is attributed to the fact that consumers prefer to analyze and evaluate the product before purchase, which boosts the retail sales of audio products through specialty electronic stores.  

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 Benefits For Stakeholders

• The report provides a quantitative analysis of the current Europe audio products market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth Europe audio products market analysis and the market size and segmentation assist to determine the prevailing Europe audio products market opportunity.
• The major countries in Europe are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the Europe audio products market. 

  Europe Audio Products Market Report Highlights