Updated On: 06 May 2024

Report Overview

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The global premium audio market size was USD 9.2785 billion in 2022 and market is projected to touch USD 25.85 billion by 2031, exhibiting a CAGR of 12.06% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the premium audio market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Premium audio is a high-quality audio experience. This is generally associated with the superior sound quality and advanced features. It can refer to various audio products and services. These premium audio aim to provide an enhanced and more immersive audio experience, whether for music, movies, gaming, or other forms of content consumption. These audio uses high-quality components, and advanced technologies, and deliver exceptional sound quality.

The growing entertainment industry with advanced movie features and super-quality audio products has raised the demand for premium audio. As well as, the popularity of home theatre with super sound quality speakers has lifted the market demand and is expected to continue to grow over this forecast with an extensive CAGR.  

COVID-19 Impact: Lower Production of Electronic Devices Impacted the Sale of Audio Products 

The COVID-19 pandemic affected the market with the closure of the manufacturing industry and reduced production of electronic devices including audio speakers due to scarcity of workers and other restrictions. The disruption in the supply chain also slowed down the market growth during the pandemic. However, as the pandemic compelled consumers to be homebound, it has created a favourable opportunity for premium quality products for entertainment use related to sound such as speakers, headphones, air pods, and so on. As a result, this growing demand for entertainment products is expected to drive the premium audio market growth over the forecast period. 

Latest Trends

"Popularity of Wireless Audio and True Wireless Technology Enhances the Market Opportunity"

Recently, the trend of wireless audio and true wireless technology has been gaining popularity due to its advanced features and easy connectivity. The popularity of wireless audio products, including true wireless earbuds and Bluetooth speakers has spiked the demand from consumers who are looking for the convenience and freedom of wireless connectivity. Apart from this, high-resolution audio formats, capable of delivering exceptional sound quality, are also gaining traction. Consequently, more consumers are seeking premium audio equipment to take full advantage of these formats which will likely thrive the market demand during this projection timeframe. 

Segmentation

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• By Type Analysis

According to type, the market can be bifurcated into Home Audio, Professional Audio, and Auto Audio.

• By Application Analysis

Based on application, the market can be divided into Home Use and Commercial Use

Driving Factors

"Rising Demand for High Quality Sound Systems Escalate Market Growth"

Several factors are anticipated to accelerate the growth of the market for premium audio such as growing demand for high-quality audio systems for automobiles, rising consumers’ disposable income, and increasing proliferation of digital music platforms and streaming services in the market. These are the significant factors that can force the demand for premium audio products.

"Advancements in Technology Excite Market Development"

Additionally, technological advancements in audio equipment, such as improved speaker designs, amplifier technologies, and signal processing contribute to the premium audio market's growth. Also, innovations like high-resolution audio formats and noise-cancellation technologies attract consumers, and are the considerable driving factors for the market growth during this projection period.

Restraining Factors

"High Costs Can Curb Market Expansion"

However, along with market drivers, the are some factors that can confine the market demand. For instance, the higher price of premium audio can be a considerable restraining factor to slow down the market growth. Premium audio equipment and services are typically more expensive than standard options, which can limit their adoption, especially among cost-conscious consumers. 

Regional Insights

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"North America Leads the Market due to Strong Demand for Top-Tier Sound Systems"

As per previous records, in 2017, North America held a dominant position in the global premium audio market with significant premium audio market shares. In addition, the region is projected to gain an excellent growth rate during the forecast period owing to the rising consumer demand for top-tier sound systems and home theater setups. Also, the increasing adoption of innovative technologies alike wireless connectivity and digital music is expected to be a driving force for the industry's expansion in the coming years. 

"Key Companies Invest Heavily in Marketing and Promotion to Drive Sales "

Key players in the market influence growth through innovation, high-quality products, strong brand recognition, extensive marketing, and diverse product portfolios. They also strive to expand their distribution network, and R&D investment to develop innovative products. They follow market trends to beat market competition. 

List of Market Players Profiled

• Panasonic (Japan)
• Soni (Japan)
• Clarion (Japan)
• KEF (U.K.)
• Volkswagen (Germany)
• Rockford (U.S.)
• Acura (U.S.)
• Bowers & Wilkins (U.K.)
• Pioneer (Japan)
• Bose (U.S.)
• Dynaudio International (Denmark)

Report Coverage

This report defines the premium audio market. It emphasizes the market value, expected CAGR, and USD value over the forecast period, before and after the impact of the COVID-19 pandemic restrictions on the international market, and how the industry is going to turn the corner is also stated in the report. The report provides significant market data with its product type and product applications, end-use details, and an idea of the market growth in the future. This report also provides an understanding of the growing market trends and developments and their effects on the market growth, driving factors along with restraining factors that impact the market dynamics. Along with this, the leading region, key players of the market, and their tactics to beat the market competition, sustainable policies, their collaboration, mergers, companies’ profile, previous years’ revenue, profit & loss, and market position based on their share value in the market, are also explained in the report.