The "Europe Audio Products Market by Type, Technology, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
Audio products often termed as transducers, facilitate the conversion of electric audio signals into sound waves. They enhance the volume and quality of the sound produced by utilizing speaker drivers, which boosts sound reproduction quality. Soundbar home cinema, Hi-Fi or audio systems, radio, and smart speakers integrate the latest technologies such as virtual assistance, Bluetooth connectivity, integration of Wi-Fi, and portability. Speakers are constantly upgraded to enhance battery backup, portability, water resistance, Bluetooth, and Wi-fi connectivity. The major players in the speaker industry are inclined toward the development of new products complying with changes in consumer demands and to provide high-quality audio output.
Products such as smart speakers, true wireless stereo (TWS), smart soundbars, and few portable speakers can work with virtual assistants, which function on artificial intelligent technologies. Virtual assistants such as Alexa by Amazon, Siri by Apple, Cortana by Microsoft, and Google Assistant by Alphabet, Inc. provide a user-friendly platform and can perform multiple functions from playing radio to integrating with home automation products. Virtual assistant technology developers constantly focus on upgrading the features of virtual assistant devices, which enable smart speakers to perform more functions. These rapid advancements promote the demand for speakers with AI virtual assistant technologies, thereby boosting the growth of the audio product's market. Moreover, batteries are an integral part of portable speakers and wireless audio products. Development in battery technologies aid in enhancing product quality as well as reducing the price of the overall product.
Portable speakers majorly include rechargeable lithium-ion batteries with an average battery backup of up to eight hours. However, with advancements in battery technologies, major players in the industry are focused on developing high-end products with superior battery life. These battery-related product upgrades foster the demand for portable speakers and wireless audio products, which propels the growth of the European audio products market.
However, artificial technologies, such as voice assistants, capture data for analysis and render it into information. This data is stored on cloud storage, which is prone to cyberattacks and creates a threat of data thefts. Such instances hinder the adoption of smart speakers, which hampers the market growth. In addition, the outbreak of the COVID-19 pandemic has directly impacted the audio product's market. This is attributed to the fact that the pandemic originated in China and China being the largest exporter of electronic goods globally, production and sale of audio products were directly impacted. Furthermore, due to the lockdown imposed by the Chinese Government, the production of electronics components was halted. To maintain social distancing, unavailability of workforce further delayed the production of audio products, thereby hampering the growth of the market.
The European audio products market is segmented into type, technology, distribution channel, and country. By type, the market is categorized into soundbar home cinema, Hi-Fi or audio systems, radio, and speakers. Depending on the technology, it is segregated into Dolby Atmos; DTS-X; DTS Play-Fi; built-in Google, Siri, or Alexa; multiroom; and others. On the basis of the distribution channel, it is fragmented into specialty electronic stores, e-commerce, hypermarkets, and others. Country wise, it is classified into Germany, the UK, France, Italy, Spain, Poland, and rest of Europe.
Key Benefits
- The report provides a quantitative analysis of the current market trends, estimations, and dynamics of the market size from 2020 to 2027 to identify the prevailing market opportunities.
- The key countries in all the major regions are mapped on the basis of audio products market share.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis and market size and segmentation assist to determine the prevailing market opportunities.
- Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The audio products market report includes the market analysis at the country level, key players, market segment, application areas, and growth strategies.
- Competitive intelligence of the industry highlights the business practices followed by key players across European region and the prevailing market opportunities.
Market Dynamics
Drivers
- Surge in Demand for Wireless Audio Devices
- Increase in Demand for Smart Speakers
Restraints
- Government Regulation for Audio Products Market
- Data Privacy and Security Concerns
Opportunity
- Expansion of Online Sales Channel
Companies Profiled
- Alphabet, Inc.
- Amazon, Inc.
- Blaupunkt International GmbH Co Kg
- Bose Corporation
- B&W Group Ltd
- Koninklijke Philips N. V.
- LG Electronics
- Panasonic Corporation
- Samsung Electronics Co. Ltd.
- Sonos, Inc.
- Sony Corporation
For more information about this report visit https://www.researchandmarkets.com/r/mm13n8
View source version on businesswire.com: https://www.businesswire.com/news/home/20210112005843/en/
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