The audio equipment market is expected to reach a CAGR of 15%, over the forecast period (2021 - 2026). Technological advancements and development in the music industry have unleashed the application of Digital Audio Workstation (DAW) among artists for the tasks of composing, recording, mixing and mastering in music. The increase adoption of cloud-based audio workstations and growing digitization of instruments will enhance new trend in the coming years.

- The rising tendency of increasing expenditures on global festivals and music concerts is expected to propel the requirement for professional audio equipment. With increasing number of trade shows, motion production and films, exhibitions, music concerts, and sports events, it is expected to lead to rise in demand of various innovative audio amplifiers. For instance, according to Billboard magazine, 32 million people go to at least one music festival in the US every year.
- Rise of audio equipment in automobiles is driving the market. A small collection of amplifiers and sound processor replaces the factory amp in a premium system without losing any of the vehicle's features or functionality. With an increase in the production of automobiles, the demand will increase effectively.
- Design and complexity provide challenges for the development of high-efficiency audio equipment as there is high interface integration issues with high complexity in designing mixing circuits especially for audio mixers and amplifiers, which restraints the growth of the market.

Key Market Trends

Microphones Expected to be The Fastest Growth Market

- Microphone is a device that transform sound into an electrical signal and are used in many applications such as live and recorded audio engineering, speech recognition, and for non-acoustic purposes such as ultrasonic sensors or knock sensors, which drives the market.
- Dynamic microphones are well known for being very rugged, for being able to operate over a wide temperature range, for providing smooth and extended frequency response, and for not needing an external power source. They are widely used in applications such as public address and high-quality recording, which supports the market growth.
- Miniature Microphones and accessories are products outlined for professional sound reproduction in broadcast, film, installation and field applications. Players are investing in broadening its technology as it covers higher demand. For instance, on April 2019, B&H announced that Shure TwinPlex series microphones will soon be available and this product line represents a big step forward in miniature microphones designed for theater, stage, and film.
- The sales of microphone is higher in United States as number of players are higher and are widely in process of new innovations. Recently in Sep 2019, Sony launched UWP-D 4th-Generation Wireless Microphone Systems and are now available at their B&H store in United States. Sony updated its popular UWP-D wireless microphone series with some new features geared for DIY videographers who demand high-quality sound, even when operating with limited time and resources. It offers superior sound quality with new SMAD-P5 digital-data transmission interface, compatible with Sony cameras equipped with a digital Multi Interface Shoe.

Asia-Pacific Account for Significant Market Share

- Asia-Pacific accounts for the highest share due to technological innovation and rapid industrialization which have led to a steady stream of new audio equipments and also various players are planning to invest in this region.

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- Recently in Jan 2019, German audio technology company d&b audiotechnik announced to strengthen its organization in Asia, where newly appointed Vice President of Sales of Asia-Pacific will support them as they wanted to continue to establish pro-audio brand in Asia Pacific. The creation of this role will strengthens the APAC team to deliver exceptional audio solutions and services to customers and partners in the region.

- New innovations are also increasing the market growth in this region, as recently in Aug 2019, Denon, a Japanese audio brand acquired by Sound United, a company with a portfolio of audio brands including Marantz, Polk Audio, Definitive Technology, and Boston Acoustics has been energetically launching new products since it took over Marantz and Denon, and the latest item from Denon is this exciting pairing of an amplifier and CD player that offers audiophile performance at an affordable price. The Denon PMA-600NE integrated amplifier and the DCD-600NE CD player could be the foundation for anyone building or upgrading a hi-fi system.

Competitive Landscape

The audio equipment market is highly fragmented as changing consumer demands are driving companies to innovate in the space to attract more consumers. The rivalry in this market has intensified over the years, with companies launching a multitude of products to attract consumers. Key players are Yamaha Corporation, Alpine Electronics, Allen & Heath, etc. Recent developments in the market are -

- Oct 2019 - Marantz introduces new amplifier named PM7000N, which is the company first fully discrete integrated Hi-Fi amplifier with high-resolution music streaming capabilities. With the inclusion of HEOS Built-in, the PM7000N can stream music from Amazon Music, Spotify, Tidal, Deezer and lots more, plus it can handle local music files stored on a NAS, computer or smart device.

- Sep 2019 - ELAN innovated entry-level controller, IP Amplifiers at CEDIA 2019. The EL-SC-100 from Nortek Security & Control is a new, affordably priced, ELAN controller for media room and entry-level home control. The IP Amplifier system lets integrators reduce installation costs and complete multi-room audio projects faster and more easily.

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