The global audio equipment industry is experiencing a steady growth over the recent years, and the sales of the world鈥檚 top 10 speaker companies are also increasing. This is mainly driven by the audio technology advancement and rising purchase power of the customers around the world. With the ongoing rapid development in smart speaker and wireless audio devices, the demand for audio equipment market is expected to growth further, in order to meet consumers鈥� demand for media consumption coupled with increasing adoption of mobile devices.
This industry fact sheet is to assist industry professionals, investors, and people in general that are interested in gaining insights into the global audio equipment industry including:
- How big is the global audio equipment market size?
- What are the driving factors for the global audio equipment industry growth?
- Who are the top 10 largest speaker companies?
- What are the audio equipment industry trends for future?
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Global Audio Equipment Industry Overview
Audio equipment market mainly consists of equipment for sound reproduction or sound recording, such as speakers, microphones, amplifiers and turntables. The latest market research shows that the global audio equipment market size was worth $33.37 billion in 2019, and the market growth is expected to be fuelled by rising demand for wireless audio and smart speaker devices over the near future.
Currently, headphones and earphones are some of the largest and best-selling products in the global audio equipment market. According to the industry data from Statista, the global sales of wireless headsets were estimated to amount to around 78 million units in 2019.
When it comes to product segment, smart speaker has been the fastest growing audio equipment type over the recent years. Smart speakers 鈥� known as the speaker with an integrated virtual assistant powered by AI and Machine Learning technologies 鈥� have gained a huge share in the global audio equipment market. The latest market report shows that the global smart speaker market was valued at $11.9 billion in 2019, and it is forecast to reach $35.5 billion by 2025.
Geographically, The US is the largest audio equipment market is the world. Microphones is the bestselling audio equipment in the US. In 2019, microphones sales in the US amounted $627 million, of which the wireless microphone sales accounted $172. Speaker is the second most popular audio device in the country generated retail sales value of nearly $540 million in the same year.
Top 10 Speaker Companies in the World 2020
Bose
Bose is a leading American audio equipment company founded in 1964. Bose is best known for its top-notch home audio systems and speakers, noise-cancelling headphones, professional audio products and automobile sound systems. As of 2019, Bose generated revenue of US$4 billion and employed more than 9,000 people around the world, making it one of the top 10 speaker companies in the world.
Bose鈥檚 key products:
- Bose Companion 50 Multimedia Speaker System
- Bose Bass Module 700
- Bose SoundTouch 20 Series III Wireless Music System
Sennheiser
Sennheiser is a world-famous audio equipment brand and one of the top 10 speaker companies in the world. Founded in 1945 and based in Germany, Sennheiser specializes in the design and manufacturing a wide range of high-fidelity audio and sound products, including microphones, headphones, recording and sound streaming devices for personal, professional and business applications.
Sennheiser鈥檚 key products:
- Sennheiser HDR 195 RF Wireless Headphone System
- Sennheiser HD 4.40 Bluetooth Wireless Headphones
- Sennheiser CX 275 S In-Ear Universal Mobile Headphone
Sony
Sony is one of the world鈥檚 largest electronic products manufacturers and top 10 speaker companies based in Japan. Its Home Entertainment and Audio division is well-known for design and producing some of the world鈥檚 best audio equipment, including headphones, audio sound players, wireless speakers, floor standing speakers, audio components, digital audio recorders, and home sound systems.
Sony鈥檚 key products:
- Sony HT-RT40 Real 5.1ch Dolby Digital Tall Boy Soundbar Home Theatre System
- Sony SRS-XB30/LC-IN5 Portable Bluetooth Speakers
- Sony MDR-AS210 Open-Ear Active Sports Headphones
Bowers & Wilkins
Bowerns & Wilkins is a British Hi-Fi audio equipment manufacturing company founded by John Bowers in 1966. Bowers & Wilkins offers various audio equipment types for different user types. Its product portfolio ranging from large standing floor speakers to small smart speakers with voice assistants. Today, B&W is one of the world鈥檚 top 10 speaker companies due to its top-rated audio equipment for various of products categories.
Bowerns & Wilkins鈥� key products:
- Bowers & Wilkins T7 Portable Bluetooth Speaker
- Bowers & Wilkins PX Wireless Headphones
- Bowers & Wilkins Zeppelin Wireless Speaker
Harman Kardon
Harman Kardon is a division of US-based Harman International Industries, which owns several world鈥檚 top audio equipment brands such as JBL, AKG, Infinity, Lexicon etc. Harman Kardon is one of the world鈥檚 leading audio equipment manufacturing companies for home and car audio products. Apart from manufacturing and selling top premium audio equipment for home entertainment systems, Harman Kardon is also famous for supplying OEM audio systems to luxury automobiles such as Mercedes-Benz, Toyota/Lexus, GM, BMW etc.
Harmand Kardon鈥檚 key products:
- Harman Kardon Sound Sticks 2.1 Channel Wireless Speaker System
- Harman Kardon Portable Wireless Speakers
- Harman Kardon Esquire Mini Portable Wireless Speaker
JBL
JBL is an American audio equipment manufacturer specialized in making loudspeakers and headphones. JBL has two independent divisions within the company 鈥� JBL Consumer and JBL Professional. One produces audio equipment for the consumer home market including wireless bluetooth speakers, Android & iOS headphones, soundbars, home theatre systems, computer audio devices; while the other produces professional equipment for the studio, installed sound, concert sound, and cinema markets.
JBL鈥檚 key products:
- JBL 5.1 Channel Sound Bar with True Wireless Surround Speakers
- JBL Flip 4 Portable Wireless Speaker with Powerful Bass & Mic
- JBL E25BT Signature Sound Wireless In-Ear Headphones with Mic
Klipsch
Klipsch is one of the world鈥檚 top 10 speaker companies that is specialized in manufacturing and selling speakers, headphones & home audio devices. Founded in 1946 and based in Indianapolis, the US, Klipsch鈥檚 main product portfolio includes flat-panel speakers, surround-sound speakers, bookshelf speakers, subwoofers, floor-standing speakers and home theatre system-speaker.
Klipsch鈥檚 key products:
- Klipsch HDT-600 Home Theater System
- Klipsch Groove Bluetooth Speaker
- Klipsch R6i Headphone
Bang & Olufsen
Bang & Olufsen, also known as B&O, is a Danish luxury audio equipment manufacturing company founded in 1925. Bang & Olufsen is nowadays among the world鈥檚 top 10 speaker companies and best known for designing, manufacturing and selling some of the most high-end audio products in the world, along with television and telephone devices.
B&O鈥檚 key products:
- B&O BeoPlay A9 Wireless Speakers
- B&O BeoPlay S3 Wireless Speakers
- B&O Play
KEF
KEF is a British audio equipment manufacturer among the top 10 speaker companies in the world. Founded in 1961, KEF is well-known for its innovative audio and sound products with superior acoustic quality that could reproduce recordings as natural as the original performance. KEF today is one of the best speaker brands that offers wide range of Home Theatres, Bluetooth Speakers, Headphones and other premium audio devices.
KEF鈥檚 key products:
- E305 Home Theatre Speaker System
- Gravity One Bluetooth Speaker
- Motion One Headphone
Definitive Technology
Definitive Technology is one of the fastest growing vendors in the world鈥檚 top 10 speaker companies list. Based in Vista, California, Definitive Technology designs, manufactures and sells high-quality home theatre audio systems, soundbars and headphones. Its main offerings include floor standing speakers, bookshelf speakers, home theatre systems, and home audio equipment.
Definitive Technology key products:
- Definitive Technology Pro Cinema 600 鈥� 5.1 Home Theater System
- Definitive Technology W9 Wireless Speaker
- Definitive Technology Symphony 1
Global Audio Equipment Market Trends for Future: Smart Speaker Segment is on Rise
The rising popularity of smart speakers has been one of the major audio equipment market trends over the recent years. Smart speaker powered by AI and wireless technologies allows users to control the speaker and other connected devices via voice commands. This is performed through the support of a virtual assistant, such as Apple’s Siri or Amazon’s Alexa. Amazon is currently dominating the global smart speaker market with the largest share of smart speaker shipment in the world. In Q4 2019, Amazon shipped 15.8 million units of smart speakers, followed by Google鈥檚 13.9 million units. Chinese giant Baidu came in third, shipping over 5.9 million units in Q4 2019.
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