Global Pro Audio Equipment Market - WishTree Insight

Pro Audio Equipment Market by Type (Wireless Microphones, Conference System, Mixers, Wired Microphones), Application (Pro-Audio and Consumer), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The pro audio equipment market size was valued at USD 20 billion in 2021 and is expected to surpass USD 25 billion by 2031, expanding at a CAGR of 5.6 % during the forecast period, 2021–2031. The market's growth is attributed to the increasing demand for pro audio equipment from the consumer segment, and the rising demand for conference systems in the corporate sector.

INTRODUCTION

Professional audio equipment abbreviated as pro audio equipment comprises quality studio-grade audio equipment. The pro audio equipment devices are used for functions such as sound recording, sound reinforcement systems, sound engineers, and overall music production by record producers. Pro audio equipment including speakers, amplifiers, monitors, microphones, and others are used for various purposes like motor vehicles, television studios, movie theatres, public address systems, radio broadcast stations, and others. They are used for personal and professional use.

Market Trends, Drivers, Restraints, and Opportunities

• The growing popularity of EDM and other forms of electronic music is a crucial factor in the growth of the pro audio equipment market.
• Advances in digital signal processing technology are attributed to propel the market.
• Increasing demand for live music concerts and events is a crucial driver in the growth of the pro audio equipment market.
• The emergence of new audio formats and delivery methods are the growth factors in the pro audio equipment market.
• The proliferation of affordable, high-quality audio equipment is expected to spur the market.
• The rising usage of pro audio equipment in automobiles is another market driver

Scope of the Report

Market Segment Insights

The wireless microphones segment is projected to register a considerable CAGR

Based on type, the pro audio equipment market is divided into conference systems, mixers, and wireless microphones. The wired & wireless segment is expected to expand rapidly during the forecast period due to its growing popularity among consumers and professionals alike due to its portability and ease of use.

The consumer segment is expected to expand at a rapid pace

Based on application, the pro audio equipment market is divided into pro-audio and consumer. The consumer segment is expected to expand at a rapid pace during the forecast period. The segment's growth is attributed to the increase in the use of audio equipment in laptops, smartphones, tablets, and other electronic devices and live streaming on social media platforms such as Instagram and YouTube. The audio port on these devices allows users to connect pro audio products such as mixers, conference systems, and microphones.

The North American region is anticipated to constitute a key market share

In terms of regions, the pro audio equipment market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market and it is anticipated to dominate the market in the forecast period. The rising number of live concerts held across the countries like Canada and the U.S and the increasing demand for high-quality sound systems are the key factors that are attributed to the growth of the market. However, the market of Europe is anticipated to contribute significantly towards market growth which is attributed to the growing popularity of music, corporate, festivals, sports event, and political conferences in the region.

Competitive Landscape

Key players competing in the pro audio equipment market are Yamaha Corporation (Japan); Casio Computer Co., Ltd. (Japan); C.F.Martin & Company (U.S.); Gibson Brands (U.S.); KORG Inc (Japan); Harman International (U.S.); Fender Musical Instruments (U.S.).

FAQs

How much is the market worth?

The pro audio equipment market size was valued at USD 20 billion in 2021 and is expected to surpass USD 25 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 5.6%.

What are the key drivers of the market?

The market's growth is attributed to the increasing demand for pro audio equipment from the consumer segment, and the rising demand for conference systems in the corporate sector.

Mention which region is expected to hold the highest share of the pro audio equipment market.

The North American region is expected to hold the highest share of the pro audio equipment market.

Which segment holds the largest market share in pro audio equipment by 2031?

The wireless microphone segment holds the largest market share in the pro audio equipment by 2031.