Federica Laricchia
Research expert covering the global consumer technology industry
Audio and sound equipment - statistics & facts
Whether you want to listen to music, record an album, or start your own podcast, there is an audio and sound equipment device that will assist you in the task. The umbrella term “audio and sound equipment” refers to any electrical device used to play, reproduce, or record sounds, such as turntables, mixers, MP3 players, radios, microphones, headphones and speakers. Equipment manufacturers have looked to diversify their offerings over time, with many devices now within the average consumer’s reach. Indeed, almost all smartphone users own headphones to privately listen to music or watch videos, and it is also common to have a smart speaker at home or a wireless one to take on the go.
All in all, music, movies, and podcasts play a major role in our modern world. As listening habits evolve, the sound and audio equipment market will need to continue developing its offering, updating and releasing new devices to guarantee great entertainment experiences.
TWS on the rise
Given their ease of use, headphones and earphones are among the most common audio and sound equipment types. The headphone market has grown in recent years, with total sales expected to exceed one billion pieces by 2024. Shipments of True Wireless Stereo (TWS) headsets have also risen, in part sparked by the proliferation of Apple’s AirPod devices. Since their introduction, Apple has shipped millions of AirPods, acquiring an increasingly larger share of the industry. In 2023, the American tech giant led the TWS market, occupying over 20 percent of the market. However, new TWS offerings from competing manufacturers such as Samsung, Sony and Xiaomi are also boosting the growing market.Smart speakers: a growing market
With the advancement of smart home technology, smart speakers – speakers with an integrated voice-activated assistant – have grown to become a major part of the consumer tech industry and have seen corresponding growth in market revenue. The key driver behind this trend is multifuncionality - not only can these devices play music or movies, they can also operate as a control center for smart homes. Consumer electronics manufacturers have progressively entered the market, including Amazon with Echo and Alexa, Google with Google Home, and Apple with Apple HomePod. These smart speakers are popular all over the world, with Amazon Echo being consumers’ favorite smart speaker in many countries, from the U.S., to the UK, to India.All in all, music, movies, and podcasts play a major role in our modern world. As listening habits evolve, the sound and audio equipment market will need to continue developing its offering, updating and releasing new devices to guarantee great entertainment experiences.
