The global loudspeakers market is projected to reach US$6.1 billion by 2018, driven by the growing popularity of soundbars and wireless speakers, strong household penetration of electronic media devices and the desire to augment audio output from these devices.
As a component of music systems, loudspeakers assume significant importance as the quality of the sound reproduced depends on the technological sophistication of the speaker system. Demand for loudspeakers primarily depends on consumer spending on audio entertainment devices. Penetration levels of audio equipment such as DVD/CD Players, Blu-Ray Devices, MP3 players, Home Theater Systems, PCs, LCDs, LEDs, and other multimedia devices therefore dictate market prospects for speakers.
The market also stands to benefit from the robust pace of technology developments. Loudspeakers, over the years, have undergone immense transformation to incorporate the latest technologies and innovations. Among the various developments is the wireless technology that is gaining widespread adoption the world over. Changing consumer preferences, lifestyles, and media consumption habits are driving the acceptance of a range of new, innovative and non-traditional solutions for media playback. Growing demand for mobility, increasing proliferation of connected devices and rising penetration of Wi-Fi networks is making wireless connectivity a standard feature in urban households.
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