Global Loudspeaker Market: Overview
Since last many years, loudspeakers have been in use for the purpose of converting electrical signals into audio sound waves. Loudspeakers are also known as speaker, but there is a slight difference between the two. Loudspeakers and speakers are similar in a way that both produce sound through conversion of electrical signal into audible sound. The only difference is that loudspeakers are capable of generating sound louder than the one produced by speakers. High demand for loudspeakers for various end use sectors is estimated to foster development of the global loudspeaker market over the timeframe of analysis, from 2020 to 2030.
The global loudspeaker market is expected to observe high growth over the period of forecast owing to the increasing demand for sound bars, which offers excellent audio quality. A rise in consumer spending on various forms of entertainment is estimated to open up plethora of new growth avenues for the players in the global loudspeaker market. In addition, changing lifestyle and preferences of consumer are expected to drive the demand for loudspeakers in the years to come.
Application and region are the two important parameters based on which the global loudspeaker market has been classified.
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Global Loudspeaker Market: Notable Developments
The global loudspeaker market is considered a fragmented and highly competitive market. Presence of several prominent market players coupled makes the market highly competitive. Market players are entering into collaborations and mergers to gain larger revenue and market share. The following development is expected to leave a long lasting impression on the market
- In September 2019, HARMAN Luxury Audio Group entered into a partnership with American audio/video (AV) solutions provider, Stealth Acoustics. This objective of this partnership is to come up with a brand new series of concealed, high performance loudspeakers for use in customized audio applications in residential spaces.
Some of the prominent organizations in the global loudspeaker market comprise the below-mentioned:
- Samsung Electronics Co. Ltd.
- Avalanche Technology, Inc.
- Honeywell International, Inc.
- Crocus Nano Electronics LLC.
- Everspin Technologies, Inc.
- Toshiba Corporation
Global Loudspeaker Market: Key Trends
The global loudspeaker market is characterized by the presence of the following restraints, drivers, and opportunities.
Increased Penetration of E-commerce and M-commerce to Support Market Growth
The growth of the global loudspeaker market is considerably influenced by the augmented penetration m-commerce and e-commerce across the globe. A rise in the urban population, presence of a robust distribution network, and expanding penetration of internet are likely to drive the demand for loudspeakers in the years.
In the last few years, there has been a phenomenal rise in the demand and adoption of wifi enabled devices such as tablets, laptops, and smartphones. It is also estimated that in the forthcoming years, bluetooth-enabled and wifi enabled gadgets are likely to gather traction, particularly amongst the tech-savvy young people and working professionals. These factors are estimated to work in favor of the global loudspeaker market over the timeframe of analysis, from 2020 to 2030. In addition, technological progress made in the sound quality, power consumption, and in design and size of loudspeakers is expected to offer considerable growth opportunities to the market players.
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Global Loudspeaker Market: Geographical Analysis
In the global loudspeaker market, Europe is likely to emerge as one of the leading territories in the market due to augmented spending on at-home entertainment solutions. Rise in disposable income of the people in Europe is likely to come up as another important growth factor for the regional market.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.