Audio products in Europe Market to Hit $7.46 Billion by 2027: Says AMR
Growth in demand for wireless audio devices and smart speakers drive the Europe audio products market. Based on type, thesoundbar and home cinema segment held the largest market share in 2019. On the other hand, by technology, the multiroom segment dominated the market with maximum market share. Moreover, e-commerce segment is anticipated to register the fastest growth rate by 2027.
Portland, OR, Jan. 13, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the *Europe audio products industry *garnered $4.92 billion in 2019, and is estimated to reach $7.46 billion by 2027, manifesting a CAGR of 9.94% from 2020 to 2027.The report offers an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Growth in demand for wireless audio devices and smart speakers drive the Europe audio products market. However, government regulations for audio products market and data privacy and security concerns hinder the growth to some extent. Moreover, expansion of online sales channel is anticipated to usher a plethora of opportunities in the near future.
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*COVID-19 impact-*
· The Europe audio products market witnessed a massive impact in terms of sale in the initial phase of the lockdown.
· The distortedworkforce, supply chain disruptions, and logistics ban further impacted the market.
· Moreover, the government in Europe region are easing off the regulations to aid the market players for resuming their tasks yet again.
*Thorough insights on the impact of the COVID-19 on the Europe audio products Market@ https://www.alliedmarketresearch.com/request-for-customization/7938?reqfor=covid*
The market is segmented based on type, technology, distribution channel, country. Based on type, thesoundbar and home cinema segment dominated the market with around one-third of the Europe audio products market share in 2019 and is estimated to rule the roost throughout 2027. On the other hand, the speakers segment is expected to manifest the fastest CAGR of 13.0% from 2020 to 2027.The report also involves Hi-Fi or Audio Systems and Radio segments.
Based on technology, the multiroomsegment accounted for the highest market share with more than one-fourth of the Europe audio products market revenue in 2019 and is expected to rule the roost by the end of 2027. However, the built in Google, Siri or Alexa segment is anticipated to manifest the fastest CAGR of 15.0% throughout the forecast period. The report also analyzes segments including dolbyAtmos, DTS-X, DTS Play-Fi, and others.
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Based on distribution channel, thespecialty electronic stores contributed to the major share in 2019 with nearly two-fifths of the Europe audio products market. At the same time, the e-commerce segment is expected to portray the fastest CAGR of 12.86% by 2027. Other segments in the report include hypermarkets and others.
The key players operating in the fire suppression equipment market are Sony Corporation, LG, Alphabet Inc., Amazon, Inc., Samsung Electronics Co., LTD, Sonos, Inc., Blaupunkt GMBH, Bose Corporation, Koninklijke Philips N.V., and Panasonic.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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