The global marine audio market is projected to reach $2.7 billion by 2028, at a CAGR of 3.7% during 2022-2028. The growth of marine audio market is driven by the growth in recreational boats production and increasing customer demand for better quality sound systems. Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the marine audio market by component type (speaker, subwoofer, stereo receiver, and amplifier), by boat type (inboard, outboard, sterndrive, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the marine audio market?
Q.4 What are some changing demands of customers in the marine audio market?
Q.5 What are the new developments in the marine audio market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this marine audio area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this marine audio market?
Emerging trends, which have a direct impact on the dynamics of the industry, include development of multi-zone marine stereo receivers and the introduction of Wi-Fi stereos.
Market Segmentation:
Based on component, the marine audio market is segmented into speaker, subwoofer, stereo receiver, and amplifier. The speakers segment accounted for the largest share of the market in 2022 and is expected to register the highest CAGR during the forecast period, due to increasing customer demand for better quality multimedia entertainment products.
Europe is expected to remain the largest region due to higher production of recreational boat whereas Asia Pacific is expected to witness highest growth over the forecast period due to increasing boat production and growth in tourism & water sports activities.
Key Players in the marine audio market are SONY, Harman, Clarion, JVC, Pioneer, Fusion, Rockford, JL Audio, Wet Sounds, and MTX Audio.
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The report helps stakeholders understand the pulse of the market and provides them with information on key drivers, restraints, challenges, and opportunities for market growth. It would also help to understand the competitors better and gain more insights to improve their position in the business.
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Roy Almaguer Lucintel Dallas, Texas, USA Email: roy.almaguer@lucintel.com Tel. 972.636.5056
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