Marine Audio System Market Size, Share, Growth, and Industry Growth by Type (Marine Stereo Receivers, Marine Speakers, Marine Subwoofers, and Marine Amplifiers), By Application (OEM and Aftermarket), Regional Forecast To 2031

Updated On: 08 April 2024

Marine Audio System Market REPORT OVERVIEW

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The global marine audio system market size was USD 833 million in 2020 and market is projected to touch USD 2731.32 million by 2031,exhibiting a CAGR of 11.4% during the forecast period.

The marine audio system is an audio system used in boats that can adapt to the environment of the water. Marine audio systems are used in boats as they are water-resistant, UV resistant, and have anti-corrosion protection. Marine audio systems are designed to survive humid and salty environment conditions. They are specially made for waters as they can withstand the different levels of exposures to water, climate, and humidity.

Marine audio systems are used in boats, ships, yachts, and other modes of water transportation. Increasing the creation and production of boats, production of recreational boats and growing demand for better sound quality are driving the demand. Marine audio systems find their applications due to the need to manage marine transportation effectively and the use of marine systems in combat operations for accurate and reliable communication. 

COVID-19 Impact: Halt of Operations to Impede Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global marine audio system market is noticeably influenced due to disruptions. In 2020, COVID-19 had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses witnessed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. The global restrictions led to limitations in the usage of marine audio equipment for commercial use. The demand for marine audio systems was also impacted as operations and productions were forced to shut down. Disruptions in supply chains and export and import activities restricted the supply of raw materials for production leading to a reduction in the demand.   

LATEST TRENDS

"Introduction of Wi-Fi Stereos to Push Market Demand"

The growing trend of the introduction of Wi-Fi stereos can boost the growth of the global marine audio system market. Wi-Fi stereos use Wi-Fi in place of Bluetooth as it allows data transfer at a faster pace and makes use of digital sound processors (DSP). DSPs can digitize and can manipulate the audio at a very high speed before it can be transmitted to the real world while maintaining the sound quality at the same time. In addition to this, audio accessories that can reproduce professional sound in installation, film, broadcast, and field applications are miniature accessories and microphones. As the demand grows, investment in technology widens and leads to market growth. 

Marine Audio System Market SEGMENTATION

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• By Type

According to type; the market is divided into marine stereo receivers, marine speakers, marine subwoofers, and marine amplifiers.

Marine speakers hold the majority of the type segment and marine subwoofers are expected to have considerable growth due to consumer demand for better and high-quality multimedia entertainment products.

• By Application

Based on the application; the market is divided into OEM and aftermarket.

OEM is the leading part of the application segment.

DRIVING FACTORS

"Increase in Production of Recreational Boats to Motivate Demand"

The global marine audio system market growth is projected to rise due to an increase in the production of recreational boats. The growth in recreational boats is due to the rise in boating activities and tourism. In many countries, consumers are purchasing boats for leisure due to an increase in disposable income. Marine audio systems are used in recreational boats, which is also expected to have an increased demand owing to the rise in recreational boats. The young consumer population is also showing an interest in water sporting and boat racing activities which is further anticipated to push the demand forward for marine audio.

"Preference for Better Quality System to Increase Demand"

The boats and marine systems are vulnerable to salty and humid infiltration that can affect the boat amplifiers causing corrosiveness and destruction to the system. In order to protect audio systems from such risks, there has been a high demand for high-quality audio systems. Better quality marine amplifiers and speakers have been pushing the manufacturers to produce better quality systems that can withstand such conditions and perform for a longer period of time. There has also been designing of suitable stereos according to the type of boat it is installed in. 

RESTRAINING FACTORS

"Lack of Consumer Awareness to Hamper Market Growth"

There are a number of factors that can push the growth of the global marine audio system market. Restraining factors such as lack of awareness amongst the consumers regarding the product can hamper the market growth. Consumers of the rural areas and in some urban areas are not aware of the usefulness and benefits of the marine audio equipment products which can reduce the demand in the market.

Marine Audio System Market REGIONAL INSIGHTS

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"Europe to Dominate Market Due to Increase in Production of Recreational Boats"

Europe holds the largest part of the global marine audio system market share due to the increase in the production of recreational boats. The rise is due to the presence of several boats and engine manufacturers and the overall development of the boating industry in the region. The rise is also due to an increase in income levels of consumers and a rise in spending on leisure activities in countries such as France, Germany, and the U.K. is supporting the growth of the market.

North America also has the second largest part in the market due to its significant part in the marine audio equipment market as there is a presence of major players. The U.S. has the largest market share followed by Canada.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for the global marine audio system market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• JVC Kenwood (Japan)
• Harman (U.S.)
• Clarion (Japan)
• Sony (Japan)
• Wet Sounds (U.S.)
• Rockford (U.S.)
• JL Audio (U.S.)
• Pioneer (Japan)
• Namsung Corporation (Korea)
• Fusion (U.S.)
• Alpine (Japan)
• MTX (U.S.)
• Kicker (U.S.)
• BOSS Audio Systems (U.S.)
• SAS (India)
• Maxxsonics (U.S.)
• Poly-Planner (U.S.)
• Riveria srl Genova (Italy)

INDUSTRY DEVELOPMENT

• May 2019: Fusion, launched a new marine hi-fi system, Fusion Apollo, becoming one of the first companies to introduce marine hi-fi.  The system uses Wi-Fi rather than Bluetooth to stream music from phones or any other devices.  

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.