Global Pro Speaker Market Overview

The Global Pro Speaker Market size is expected to grow from USD 2.16 billion in 2023 to USD 3.22 billion by 2032, at a CAGR of 4.51% during the forecast period (2024-2032).

A professional speaker, abbreviated as a Pro speaker, is an activity as well as a category of high-end, studio-grade audio equipment. Sound recording, sound reinforcement system setup, and audio mixing, as well as studio music production, are typically performed by trained sound engineers, audio engineers, record producers, and audio technicians who work in live event support and recording using mixing consoles, recording equipment, and sound reinforcement systems. Professional audio is distinguished from consumer or home-oriented audio, which is designed for listening in a non-commercial setting. Broadcast radio, audio mastering in a recording studio, television studio, and sound reinforcement such as live concerts, DJ performances, audio sampling, public address system set up, sound reinforcement in movie theatres, and design and setup of piped music in hotels and restaurants are all examples of professional speakers. Professional speaker equipment is available for purchase at music stores and professional speaker shops.

Due to booming commercial real estate, hospitality, corporate, and music markets, as well as a shift in consumer behavior toward live music concerts and exhibitions in developing countries, demand for pro speaker's equipment and solutions has increased in countries such as China, Germany, Japan, and India. Shure, Sennheiser, Audio-Technica, Bose, Harman, Sony, and Yamaha are among the vendors selling products for various vertical segments in the worldwide pro speaker industry. Existing suppliers are likely to continue developing their product line through improvements, while new start-ups will introduce innovative features. Furthermore, during the projection period, the introduction of improved technology will fuel market expansion. Investors' trust in the market is boosted by futuristic inventions in wireless digital technology and expansion in complementing digital technologies.

Market Dynamics of the Pro Speaker Market:

Drivers:

Increased Spending on the Entertainment Products
Consumers' increased expenditure on entertainment products around the world aided the growth of the pro speakers market over the predicted period. Consumers prefer external sound systems as a source of home entertainment, and they are becoming more aware of the quality of sound they are hearing, leading to a willingness to spend more on sound systems. According to a survey conducted by Dolby Laboratories, consumer spending on home entertainment in the United States would climb by 72 percent in 2020. Because of the growing popularity of mobile devices and changing consumer media consumption habits, the demand for wireless audio equipment is fast increasing. Mobile devices, tablets, and laptops are increasingly being used to wirelessly play audio on speakers by consumers. Such consumer behavior is turning the growth of Wi-Fi and Bluetooth-connected speakers. Resulted from the growth of the pro speaker market over the forecast period.

Restraints:

Government Regulations
Government regulations have always been a challenge to the pro-speaker sector, as loudspeaker use is one of the primary causes of noise pollution. Noise pollution harms both physiological and psychological health, resulting in hypertension, anxiety, higher stress levels, and even coronary artery disease. The Supreme Court of India approved a regulation limiting the use of public address systems to no more than 15 days per year at night (between 10:00 pm and 6:00 am) and during cultural or festive occasions. These regulations are projected to have a detrimental impact on the pro-speaker market's growth.

Opportunities:

Commercial Applications Creates an Opportunity
Commercial applications, such as the use of smart speakers in healthcare facilities, hotels, and businesses, offer a variety of options for integrating smart speakers into daily operations. Smart speakers have a variety of characteristics that can help healthcare providers deliver optimal care to patients by scheduling their meds on an AI platform. Furthermore, patients in intensive care can use vocal commands to request assistance at any moment, saving time in treatment and perhaps reducing unintentional deaths. These characteristics encourage the adoption of smart speakers in commercial settings, resulting in an attractive potential for the pro speaker market to flourish.

Market Segmentation

By product, the most prevalent product category is point source systems, which account for more than a third of the pro speaker market. Subwoofers and low-frequency devices are the next most demanding devices, followed by line array speakers. When room dimensions, aesthetics, and affordability are all factors to consider, point source speakers might be a terrific alternative. They come in a variety of sizes and offer PA system solutions for several worship settings. Some of the smaller models are floor-standing and movable, allowing them to be moved around as needed. Point source speakers can often be hidden and yet function properly.

By format, the digital segment is anticipated to hold the maximum pro speaker market share over the forecast period. Not only is there a quality loss when the master tape is printed to vinyl, but the quality also diminishes with each play to the vinyl record. Digital audio may now be streamed without loss over the internet. You can quickly distribute an infinite number of copies around the world without sacrificing quality. As a result, over the projection period, this category is expected to rise.

By end-use, the corporate segment is expected to register a significant pro speaker market share due to the growing demand for sound reinforcement and video conferencing solutions. The entertainment area is the second-largest application market, thanks to the surge in live performances, music concerts, festivals, and music tours. Furthermore, as a result of increased competitiveness, the corporate industry and institutions are progressively implementing AV equipment to improve and control office workflow. The use of sound reinforcement equipment and video conferencing devices in the workplace has become a necessity in recent years. As a result, merchants are launching a new line of items that are in line with the present demand.

By distribution channel, the retail segment is anticipated to capture the maximum pro speaker market share during the forecast period. Retail channels provide the majority of income since they are the most trusted destinations for end-users. The presence of professional speaker sellers on the internet is growing as the internet becomes more widely used. Professional speakers are available at competitive costs on e-commerce websites such as Amazon, eBay, SoundBroker.com, Americanmusical.com, Organgeaudio.co.uk, Alibaba, and AliExpress. During the predicted period, online stores are expected to rise in popularity.

Players Covered in Pro Speaker market are :

• Bosch
• Bose
• D&B Audiotechnik
• JBL
• HARMAN International
• MUSIC Group (Music Tribe)
• Loud Audio
• L-Acoustics
• Yamaha
• Aeb Industriale (Db Technologies)
• Pan Acoustics
• Alcons Audio
• Audioprof Group International
• Hz Sound Systems
• Bowers & Wilkins
• B&C Speakers
• inMusic Brands
• CELTO Acoustique
• CODA Audio
• Dynaudio
• Electro-Voice (EV)
• Extron Electronics
• HEDD (Heinz Electrodynamic Designs)
• Klipsch Audio Technologies
• K-Array
• Meyer Sound Laboratories
• Nady Systems
• OUTLINE
• PROEL
• Soundcore
• Renkus-Heinz
• Carlson Audio Systems
• Sennheiser and others major players.

Regional Analysis for the Pro Speaker Market:

The most populated area, Asia-Pacific, is a significant emerging market that is predicted to have the highest growth rate in terms of professional speaker sales over the projection period. Countries in Asia-Pacific are stepping up their efforts to improve their IT infrastructures, allowing commercial users to embrace cutting-edge technologies such as professional speakers. In addition, the region has become the fastest-growing market for smart education solutions. Increasing advancements in the fields of education and business are predicted to enhance demand for sound reinforcement equipment, contributing to the region's growing number of professional speakers. The growing disposable incomes and technological advancements in countries like China, India, Japan, and South Korea, as well as the presence of significant players like Sony and Samsung in the area, are likely to aid the expansion of the wireless speaker market in Asia-Pacific.

North America region is expected to witness a significant growth rate over the forecast period. In the United States and Canada, the use of professional audiovisual systems is at an all-time high. In the area, the United States is the main market for pro AV systems and pro speaker systems and solutions. Millennials are the primary drivers of the market. They are technologically sophisticated, and the majority of them are smartphone addicts.

In the European market, demand for new pro AV systems is increasing, with upgrades and replacements projected to fuel the market development. Furthermore, Western European economies are mature markets with minimal product differentiation, resulting in product saturation. Latin America is famed for its music festivals, which draw visitors from all over the world. These events are important buyers of professional audiovisual equipment, such as professional speaker systems, among other things.

Key Industry Developments in the Pro Speaker Market:

• In January 2023, Mustard, an Indian lifestyle electronics manufacturer, launched the Mellow Pro, a mobile wireless party speaker with 80 watts of audio strength and an integrated light show function that promises to turn any space into a dance floor.
• In February 2023, Aiwa India introduced three new audio products: the Aiwa MIX- 440 Enigma Beta, the RS-X 100, and the RS-X 150 Natsukasii Pro. The three speakers belong to the brand's "Luxury Acoustics" range, which caters to audiophiles' demands for exclusivity, luxury, and superior sound quality.

COVID-19 Impact on the Pro Speaker Market:

COVID-19 disease outbreak in 2020 has disrupted the functioning of various industries. Several government-imposed lockdowns to curb the spread of the Coronavirus. Restrictions were also imposed on the transportation of raw materials, components, and digital equipment required for the manufacturing of speakers. Restrictions were imposed on non-essential sectors which included pro speaker manufacturing plants thus, negatively impacting the production and sales of pro speakers. Moreover, the unavailability of workers in manufacturing plants, the shutdown of retail outlets, and the decline in logistics operations have further restricted the market growth. Due to increasing living costs and uncertainty in the economy consumers will restrict their spending on non-essential products hence, recovery of the pro speaker market is expected to be slow in the period of forecast. The COVID-19 pandemic has affected the pro-speaker market dramatically. There are significant disturbances to the demand for the pro speaker across different end-use industries with the global impact on the production for the pro speaker and the manufacturers. The pandemic has resulted in impacting the global electronic industry. The COVID-19 pandemic led to a huge loss to the electronic industry. Due to the COVID-19, most main players are focused on numerous initiatives, including product innovation, strategic relations, and emerging technology launches. Moreover, due to the COVID-19 pandemic and the depleting import and export activities. This factor has enabled major players to invest heavily in exploration activities to raise the demand from various application industries.