Professional Portable Audio System Market

Professional Portable Audio System Market Research, 2031

The global professional portable audio system market was valued at $2.3 billion in 2021, and is projected to reach $5.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.

Professional portable audio systems are audio systems whose locations can be changed according to requirements since its components can be separated and their positions shifted. They are primarily used in the music industry, industry gatherings, commercial complexes, and for professional purposes such as public functions and gatherings. Professional portable audio systems are premium-quality, studio-grade systems that produce clear & high-quality sound. Professional portable audio systems are made-of several parts such as mixers, power amplifiers, speakers, and microphones. These systems are either connected wirelessly or in a wired manner, according to requirement.

The professional portable audio system industry is driven by its increasing use in corporate and industrial sector during the corporate events. Corporate events are an important part of corporate culture and are expected to continue in the future, despite the ups-and-downs witnessed periodically by different industries. These events are held for numerous reasons, such as annual gatherings, team celebrations, charitable causes, and business profitability. In these events, performers, musicians, and singers use professional-grade portable audio systems for their performances, including songs and dance. They are an important part of corporate culture and are expected to continue in the future, despite the ups-and-downs witnessed periodically by industries.
Further, the market is also dependent upon the film, television, video-on-demand, and music industry. These audio systems are required in the music events and are most commonly used to play popular songs and music. Many of these songs and music are originally created and released as part of films, TV series, or music albums. They are then played in these music events either as originally developed, or different types of remixed versions. All these end industries are performing well in the market and growing consistently. For instance, the global music industry’s annual revenue increased 18.5% y/y in 2021 to $25.9 billion. The market is also highly driven by the access to rented professional portable audio systems. The purchase of professional portable audio systems is a costly investment. They require a high level of expertise and careful calibration of equipment, which adds to the cost of manufacturing and in-turn, increases the price of the equipment.

Not all groups or bands which play at corporate and other events can afford to purchase the music systems required for the purpose. Further, this cost factor is exacerbated as the music systems are not required on a daily basis. Hence, the market is boosted by the availability of renting the equipment. On the other hand, the difficulty in maintaining and repairing the equipment restrains the market. Professional portable audio system equipment are highly calibrated equipment, difficult to manufacture, and require extensive level of expertise to be developed to perfection. They are also complex systems. The professional portable audio system market lacks the adequate amount of required skilled workforce to repair these equipment. This in-turn not only makes the repairing difficult, however also increases its cost for the end user of the equipment.

Meanwhile, the digitalization of the music industry and the associated penetration of technology are expected to provide lucrative opportunities for market players during the forecast period. The digitalization of music industry and the associated penetration of technology has increased the requirement to create noise- and error-proof audio mixes for a wide range of purposes such as music recordings and advertisements, through the music events. The same has further increased the importance of factors such as HD and ultra HD sound quality on a variety of connectivity technologies such as Wi-Fi and Bluetooth.

The professional portable audio system market has witnessed mixed impact of the outbreak of the COVID-19 pandemic. With governments of several nations imposing and extending lockdowns, production and manufacturing facilities across the globe have been shut down, leading to crisis and unavailability of workforce. Considering the inputs from various industry experts belonging to the various stages of the value chain, such as OEMs, suppliers, integrators, end users, and distributors, and the financial release of various companies in the professional portable audio system ecosystem, it is calculated that the market has experienced a decline during 2019–2020. Furthermore, the outbreak of the pandemic has disrupted the global supply chain, thereby creating significant gap in supply chain. Economic impact of the pandemic has been disruptive. Key players operating in the professional portable audio system industry temporarily witnessed a slowdown, owing to lack of availability of raw materials, which has led to decline in revenues for the financial year 2020 to 2021. However, it is expected that the market will recover from 2021 and remain in the growth stage during the forecast period. The measures taken by the major players in the professional portable audio system market to counter the negative effects of covid-19 include making moderate cuts to R&D budgets and focusing on next-generation products.

The professional portable audio system market is segmented into Distribution Channel, Application, Equipment and Usage.

By distribution channel, the professional portable audio system industry is divided into offline and online. In terms of market segmentation by distribution channel, the market was dominated by the offline segment in 2021. However, the online segment is likely to be the faster expanding segment during the forecast period. Increased internet access and penetration are anticipated to drive the market for online segment during the forecast period.

By application, the professional portable audio system market size is categorized into corporate bodies, government, hospitality, and others. In terms of application, the market was dominated by the hospitality industry, which is likely to be the faster expanding segment. It is a vast industry, consisting of many types of businesses, which use live performances and stage shows to attract and retain their patrons.

In terms of equipment, the professional portable audio system market share is classified into microphones, speaker system, power amplifier, mixing console, and others. In terms of market segmentation by equipment, the market was dominated by the speaker system segment in 2021, which is also expected to witness the higher growth rate during the forecast period. An important requirement of live performances is for the sound to reach all parts of the location, and be clearly heard, and hence, be of high quality. This requires investment in good quality speaker systems.

By usage, the professional portable audio system market analysis is bifurcated into purchased and rental. In terms of market segmentation by usage, the market was dominated by the purchased segment, which is expected to witness a higher growth rate during the forecast period. The professional portable audio system market witnesses many trends one after another, and hence, staying up-to-date with the most recent developments is important, leading to the investment in latest audio and music equipment.

By region, the professional portable audio system market forecast is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In terms of region, the market was dominated by Asia-Pacific in 2021 and is expected to expand at the highest rate during the forecast period. A major advantage which can be attributed to Asia-Pacific is that there are many developing countries in the region, and hence, many fast-growing companies are picking-up the culture of corporate events.

Competitive Analysis

Competitive analysis and profiles of the major professional portable audio system market players that have been provided in the report include Yamaha Corporation, QSC, LLC, RCF S.p.A, Bose Corporation, Harman International, KORG Inc., Roland Corporation, Sennheiser Electronic GmbH & Co. KG, Georg Neumann GmbH, and Sonodyne. These key players adopt several strategies such as new product launch and development, acquisition, partnership and collaboration and business expansion to increase their market share in the global professional portable audio system market during the forecast period.

Top Impacting Factors

Some of the significant factors impacting the global professional portable audio system market overview include the significant requirement for these equipment in the corporate and industrial sectors. They are primarily required as corporate events are part of the larger corporate culture. The thriving film and music industry is another important influence and driving factor of the professional portable audio system market growth, apart from the access to renting the equipment, rather than purchasing the same. However, repairing and maintaining the professional portable audio system is difficult and costly. On the other hand, technological developments and digitalization of the music industry is expected to present a significant opportunity to players in the market during the forecast period.

Historical Data & Information

The professional portable audio system market is fairly competitive, owing to the strong presence of existing vendors. Market vendors are expected to gain a competitive advantage over their competitors because they can cater to market demands with a wide range of products. The competitive environment in this market is expected to increase as technological innovations, product extensions, and different strategies are adopted by key vendors.

Key Developments/Strategies

Yamaha Corporation, QSC, LLC, RCF S.p.A, and Bose Corporation are among the top companies which hold a prime share in the professional portable audio system market. Top market players have adopted various strategies such as product launches, contracts, and others to expand their foothold in the professional portable audio system market.

• In January 2023, Roland announced the VR-120HD Direct Streaming AV Mixer, the model in the acclaimed VR streaming switcher lineup. It offered extensive audio and video I/O, a large touchscreen, and hands-on controls, this portable unit gives a single operator all the tools needed to manage any mid-level hybrid production.
• In April 2022, KORG released a series of optional sound content opsix Soundpack. All of the sound packs are carefully designed and curated by top notch sound designers, and compatible with opsix hardware and opsix native.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the professional portable audio system market analysis from 2021 to 2031 to identify the prevailing professional portable audio system market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the professional portable audio system market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global professional portable audio system market trends, key players, market segments, application areas, and market growth strategies.

 Professional Portable Audio System Market Report Highlights