Professional Portable Audio System Market to Reach $5.1 Billion, Globally, by 2031 at 8.5% CAGR: Allied Market Research

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Mar 22, 2023, 11:00 ET

PORTLAND, Ore., March 22, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Professional Portable Audio System Market by Equipment (Microphone, Speaker System, Power Amplifier, Mixing Console, Others), by Usage (Purchased, Rental), by Distribution Channel (Offline, Online), by Application (Corporate Bodies, Government, Hospitality, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031"According to the report, the global professional portable audio system industry was valued at $2.3 billion in 2021 and is estimated to generate $5.1 billion by 2031, witnessing a CAGR of 8.5% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

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Drivers, Restraints, and Opportunities

Increasing use of professional portable audio systems in the corporate and industrial sectors, requirement of these systems in the film and music industry, and easy access to rented professional portable audio systems drive the professional portable audio system market. However, the difficulty in maintaining and repairing the equipment is likely to hinder the market growth during the forecast period. On the other hand, the digitalization of the music industry and the associated penetration of technology will present new growth opportunities for the global market in the coming years.

Covid-19 Scenario

The outbreak of the COVID-19 pandemic had a mixed impact on the professional portable audio system market. With governments of various countries imposing and extending lockdowns, manufacturing operations were shut down globally, leading to crisis and unavailability of workforce. The pandemic also created a significant gap in the global supply chain.
Companies operating in the professional portable audio system industry temporarily witnessed a decline in revenues for the financial year 2020 to 2021 due to low availability of raw materials.
Nonetheless, the market has recovered since 2021 and is expected to remain in the growth stage during the forecast period. The measures taken by the major players in the professional portable audio system market to counter the adverse effects of the pandemic include making moderate cuts to R&D budgets and focusing on next-generation products.

The Offline Segment to Dominate the Market during the Forecast Period

Based on distribution channel, the offline segment contributed to the largest share of nearly 90% of the global professional portable audio system market in 2021 and is expected to maintain its dominance during the forecast period. Market players have focused on expanding their supply-chain network by making tie-ups with several distributors to ensure a far & wide geographical reach. These efforts have borne results as the distribution aspect of the market is an important criterion in the success of companies present in the professional portable audio system market. The online segment, however, is projected to witness the fastest CAGR of 13.41% from 2022 to 2031. The primary benefit of online expansion of the distribution channel is the increase in geographic reach. This has enabled companies to reach small towns, and tier II and tier III cities, which were hitherto unreachable for many companies, especially the big brands selling high-end equipment.

The Hospitality Segment to Grab the Lion's Share during the Forecast Period

Based on application, the hospitality segment grabbed the highest share of more than two-fifths of the professional portable audio system market in 2021 and is expected to dominate the market in 2031. The same segment would witness the fastest CAGR of 9.52% from 2022 to 2031. The hospitality industry requires professional portable audio systems for different purposes. For instance, restaurants are using these systems to enhance the experience of their customers. This can include playing soft music to popular songs throughout the time when the establishments are open to business.

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Asia-Pacific to Achieve the Largest Revenue by 2031

Based on region, the market in North America was the largest in 2021, accounting for more than one-third of the global professional portable audio system market. There is a high demand for professional portable audio systems in this region owing to a large number of businesses and institutions that require high-quality audio systems for their events, conferences, and other activities. However, the market in Asia-Pacific is likely to maintain its dominance and show the fastest CAGR of 10.2% during the forecast period. This is because countries in this region are trying to become major manufacturing hubs. This is expected to increase consumer's access to the professional portable audio systems, reduce their prices, and also build repair and maintenance capabilities, while making names of different players more familiar in the market.

Leading Market Players

KORG, Inc.
Sennheiser Electronic GmbH & Co. KG
Yamaha Corporation
QSC, LLC
RCF S.P.A.
Georg Neumann GmbH
Sonodyne
Roland Corporation
HARMAN International
Bose Corporation

The report analyzes these key players of the global professional portable audio system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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Key Benefits For Stakeholders:

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the professional portable audio system market analysis and professional portable audio system market outlook from 2021 to 2031 to identify the prevailing market opportunity.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global professional portable audio system market trends, key players, market segments, application areas, and market growth strategies.

Professional Portable Audio System Market Key Segments:

Distribution Channel

Offline
Online

Application

Corporate Bodies
Government
Hospitality
Others

Equipment

Microphone
Speaker System
Power Amplifier
Mixing Console
Others

By Region

North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)

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