According to a new report published by Allied Market Research, titled, “Europe Audio Products Market 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 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.
Increase in demand for smart home devices is the significant factor that drives the growth of the Europe audio products market. Other factors influencing the Europe audio products market growth include increase in consumer readiness to invest on trending technologies and rise in usage of smart devices among the younger generation. In addition, surge in adoption of smart digital audio technology is changing the outlook of the wireless audio products market. Traditional professional audio systems are being upgraded with AI-powered smart audio devices such as smart speakers, voice-assisted soundbars & home theaters, and wireless earbuds in recent years. The original purpose of smart speakers is the wireless delivery of audio content from user’s media library, which may be on different platforms, and from online music services. Many online music platforms are being launched in the Europe audio products market such as Spotify, Deezer, SoundCloud, MixCloud, and StereoMood. These platforms operate on smartphones and laptops with internet connectivity. To connect these platforms with speakers, smart assistance is used to play songs from permissible distance, and the user need not stand near the audio system. Moreover, consumer preference is shifting toward automated and connected home audio experiences, hence, voice assistants such as Alexa, Siri, and OK Google are becoming popular household items. The ease of connecting the devices via Bluetooth or via Wi-Fi is attracting customers toward the smart speaker’s segment.
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. 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
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.
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.
Depending on distribution channel, in 2019 the specialty electronic stores segment led the Europe audio products market trends, owing to the fact that consumers prefer to analyze and evaluate the product before purchase, thereby boosting the retail sales of audio products through specialty stores. In addition, customers check the functioning of appliances in stores and the type of accessories compatible with them. Therefore, specialty stores in Europe audio products market segment are projected to witness high sale of audio products in the near future, thereby augmenting the growth of the market.
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.
The key market players profiled in the Europe Audio Products Industry include Samsung Electronics Co., LTD, Sonos, Inc., Blaupunkt GMBH, Bose Corporation, Koninklijke Philips N.V., Sony Corporation, LG, Alphabet Inc., Amazon, Inc., and Panasonic.