The Global Professional Portable Audio System Market size is expected to reach $3.7 billion by 2028, rising at a market growth of 8.4% CAGR during the forecast period.
Professional portable audio systems are those in which locations can be altered based on the requirements, as their components can be disassembled and moved. They are mostly utilized in the music business, industry gatherings, commercial complexes, and professional public functions and gatherings. Professional portable audio systems are studio-grade, high-end devices that generate crystal-clear, high-quality sound.
The usage of professional portable audio systems in the business and industrial sectors during corporate events drives the industry. Corporate events are an integral aspect of corporate culture and are anticipated to remain in the future, despite the cyclical ups and downs seen in many industries. There are several reasons why these events are held, including yearly meetings, team celebrations, charity causes, and corporate prosperity.
Performers, musicians, and vocalists utilize professional-grade portable audio equipment for their performances, including songs and dance, during these events. They are an integral element of corporate culture and are anticipated to remain in the future, despite the cyclical ups and downs that sectors experience. In addition, the market depends on the film, television, video-on-demand, and music industries. These audio systems are typically utilized to play popular songs and music during music festivals, where they are necessary.
Several of these songs and pieces of music were initially composed and published in films, television programs, or music albums. They are then performed at these musical events either in their original form or in various remixed variants. All of these end sectors are operating well and increasing continuously in the market. Access to rental professional portable audio systems is also a significant industry driver. Professional portable audio systems are an expensive investment.
To counteract the negative impacts of covid-19, the key participants in the professional portable audio system industry have reduced their R&D resources and prioritized next-generation goods. The pandemic caused a significant rise in demand for professional audio equipment, including speakers, headphones, and microphones. As more people preferred to work from home, there was a huge surge in the sales of high-quality audio equipment for professionals. The market faced a decline in the sales of professional portable audio systems during the start of the pandemic. Still, the slowdown was overcome by the high demand for this equipment due to work for home and online events joined with the increased demand after pandemic due to high number of events.
Major firms have implemented regional expansions and distribution partnerships to enter undeveloped areas. To develop a strong relationship with the audience in these areas, several major players have shifted their attention to regional content production. Due to easy access to an audience through several means, such as television and the internet, new talent has increased. In addition, the rising use of mobile communication and the internet in nations drives the growth of innovative industries. The growing music and film industry will likely increase the number of musical and film events for promotion and other purposes, increasing the demand for a professional portable audio system, which will drive the market growth.
Professional audio-visual equipment rental businesses supply clients with up-to-date and well-maintained equipment. This peace of mind is advantageous for guaranteeing that the event will be of the highest quality. As rental firms make money by renting out equipment, it is their top priority to ensure customer satisfaction by providing equipment that satisfies the standards and follows the manufacturer's instructions. Hence, the benefits associated with renting professional portable audio systems will increase their reach to numerous users while also raising the popularity of such systems, which will aid in market growth.
A dynamic microphone has a copper coil linked to its diaphragm, which increases its weight. A condenser microphone, on the other hand, has a considerably lighter diaphragm assembly, resulting in greater sensitivity. Nevertheless, this also implies that the research that went into developing larger diaphragms for a broader frequency response while keeping a high degree of sensitivity significantly impacts the production cost. The high cost of the included equipment in the professional portable audio system is expected to decline their popularity and thereby restrict the market growth.
Based on distribution channel, the professional portable audio system market is segmented into online and offline. The offline segment dominated the professional portable audio system market with maximum revenue share in 2021. This is due to the benefits of physically trying and testing the audio equipment, which ensures minimal requirement of a product return. For many firms, the offline approach is the most suitable and only available choice. Also, with offline shopping, the chances of getting a broken piece of equipment are minimum, which, joined with other factors, is expected to propel the segment’s growth in the projected period.
On the basis of application, the professional portable audio system market is divided into corporate bodies, government, hospitality and others. The corporate bodies segment procured a substantial revenue share in the professional portable audio system market in 2021. This is owing to the fact that a business event is an excellent opportunity to not only make oneself recognized and draw closer to the target audience but also to generate new connections. Planning a business event provides an opportunity to inspire confidence in others by building a deep relationship and demonstrating the company's operations and beliefs up close.
By equipment, the professional portable audio system market is classified into microphone, speaker system, power amplifier, mixing console and others. The microphone segment garnered a considerable growth rate in the professional portable audio system market in 2021. This is due to the fact that musical ensembles, and stage productions, all need microphones and audio systems to operate. Using portable mics, performers may move their hands and bodies freely across the stage, allowing for more adaptable performances. News organizations and broadcasting venues with big audiences, such as courtrooms, widely utilize a portable wireless microphone.
Based on the usage, the professional portable audio system market is bifurcated into purchased and rental. The rental segment recorded a significant revenue share in the professional portable audio system market in 2021. This is because renting audio equipment can result in fewer complications for the user. By renting, users do not have to locate a place to store the equipment while it is not in use. And rental firms can typically deliver the equipment to the event location, which saves the user from carrying the large equipment to the event.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 2.1 Billion |
| Market size forecast in 2028 | USD 3.7 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 8.4% from 2022 to 2028 |
| Number of Pages | 257 |
| Number of Table | 450 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Distribution Channel, Application, Equipment, Usage, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the professional portable audio system market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region led the professional portable audio system market by generating the maximum revenue share in 2021. The growth is attributable to the increasing music industry size in the region. The expanding pop and partying culture of the region's population contributes to the expansion of the professional portable audio system. In addition, the corporate sector's growth is expected to promote the industry for corporate events, which will further fuel the market growth in the region during the projected period.
Free Valuable Insights: Global Professional Portable Audio System Market size to reach USD 3.7 Billion by 2028
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sonodyne Technologies Pvt. Ltd., QSC, LLC, RCF S.p.A., Focusrite Plc (ADAM Audio GmbH), Alps Alpine Co., Ltd., Sennheiser Electronic GmbH & Co. KG , Bose Corporation, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Roland Corporation and Yamaha Corporation (Menchey Music Service, Inc.).
By Distribution Channel
By Application
By Equipment
By Usage
By Geography
The global Professional Portable Audio System Market size is expected to reach $3.7 billion by 2028.
Rental firms increasing the reach and benefits of professional portable audio system are driving the market in coming years, however, High cost of included equipment raising the net cost of the audio system restraints the growth of the market.
Sonodyne Technologies Pvt. Ltd., QSC, LLC, RCF S.p.A., Focusrite Plc (ADAM Audio GmbH), Alps Alpine Co., Ltd., Sennheiser Electronic GmbH & Co. KG , Bose Corporation, Harman International Industries, Inc. (Samsung Electronics Co., Ltd.), Roland Corporation and Yamaha Corporation (Menchey Music Service, Inc.).
The Hospitality segment acquired maximum revenue share in the Global Professional Portable Audio System Market by Application in 2021 thereby, achieving a market value of $1.5 billion by 2028.
The Purchased segment is leading the Global Professional Portable Audio System Market by Usage in 2021 thereby, achieving a market value of $2.6 billion by 2028.
The North America market dominated the Global Professional Portable Audio System Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1.2 billion by 2028.
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