Loudspeaker Market

The article discusses the increasing demand for single loudspeakers in enclosure worldwide, with a forecasted CAGR of +1.9% in volume and +3.5% in value from 2022 to 2030. China remains the largest consumer and producer of loudspeakers, with prominent growth rates. The United States, India, and Mexico are major importers, while China dominates exports. The average import and export prices have shown fluctuations over the years, with notable differences among countries.

Market Forecast

Driven by increasing demand for single loudspeakers (in enclosure) worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market volume to 611M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.5% for the period from 2022 to 2030, which is projected to bring the market value to $10.9B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Single Loudspeakers (In Enclosure)

In 2022, global consumption of single loudspeakers (in enclosure) stood at 526M units, picking up by 7.5% against the previous year. Over the period under review, the total consumption indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +45.4% against 2013 indices. Over the period under review, global consumption reached the maximum volume in 2022 and is likely to see gradual growth in the immediate term.

The global loudspeaker market size stood at $8.3B in 2022, picking up by 11% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Global consumption peaked in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

China (118M units) remains the largest loudspeaker consuming country worldwide, accounting for 22% of total volume. Moreover, loudspeaker consumption in China exceeded the figures recorded by the second-largest consumer, India (46M units), threefold. The third position in this ranking was taken by the United States (41M units), with a 7.8% share.

In China, loudspeaker consumption expanded at an average annual rate of +5.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: India (+32.4% per year) and the United States (+5.3% per year).

In value terms, China ($1.4B), Indonesia ($1.3B) and the United States ($719M) constituted the countries with the highest levels of market value in 2022, together comprising 42% of the global market. Japan, Mexico, the Philippines, Russia, India, Hong Kong SAR, Brazil, Slovakia and Hungary lagged somewhat behind, together accounting for a further 11%.

In terms of the main consuming countries, India, with a CAGR of +28.8%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of loudspeaker per capita consumption in 2022 were Slovakia (1,707 units per 1000 persons), Hong Kong SAR (1,569 units per 1000 persons) and Hungary (839 units per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for India (with a CAGR of +30.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Single Loudspeakers (In Enclosure)

In 2022, the amount of single loudspeakers (in enclosure) produced worldwide reached 491M units, leveling off at the previous year. Over the period under review, production posted a remarkable increase. The most prominent rate of growth was recorded in 2018 with an increase of 52% against the previous year. Over the period under review, global production hit record highs at 491M units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, loudspeaker production expanded notably to $8.5B in 2022 estimated in export price. Overall, production enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 40%. Over the period under review, global production reached the maximum level at $9.1B in 2020; however, from 2021 to 2022, production remained at a lower figure.

Production By Country

The country with the largest volume of loudspeaker production was China (405M units), comprising approx. 83% of total volume. Moreover, loudspeaker production in China exceeded the figures recorded by the second-largest producer, Indonesia (18M units), more than tenfold. Vietnam (9.3M units) ranked third in terms of total production with a 1.9% share.

From 2012 to 2022, the average annual growth rate of volume in China amounted to +5.7%. The remaining producing countries recorded the following average annual rates of production growth: Indonesia (+13.0% per year) and Vietnam (+12.9% per year).

Imports

World Imports of Single Loudspeakers (In Enclosure)

In 2022, the amount of single loudspeakers (in enclosure) imported worldwide dropped to 431M units, therefore, remained relatively stable against 2021 figures. The total import volume increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2021 with an increase of 19% against the previous year. As a result, imports reached the peak of 434M units, leveling off in the following year.

In value terms, loudspeaker imports stood at $4.7B in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +70.0% against 2015 indices. The growth pace was the most rapid in 2017 when imports increased by 27%. Over the period under review, global imports hit record highs in 2022 and are expected to retain growth in the near future.

Imports By Country

The purchases of the three major importers of single loudspeakers (in enclosure), namely the United States, India and Mexico, represented more than fourth of total import. Brazil (24M units) took the next position in the ranking, followed by Hong Kong SAR (20M units). All these countries together held approx. 10% share of total imports. The following importers - Germany (18M units), Vietnam (16M units), Poland (11M units), Slovakia (9.7M units), Belgium (9.6M units), the Netherlands (9.5M units), Russia (9.2M units) and Japan (8.8M units) - together made up 21% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +40.8%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($890M) constitutes the largest market for imported single loudspeakers (in enclosure) worldwide, comprising 19% of global imports. The second position in the ranking was taken by Germany ($327M), with a 7% share of global imports. It was followed by the Netherlands, with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +6.5%. In the other countries, the average annual rates were as follows: Germany (+3.3% per year) and the Netherlands (+14.5% per year).

Import Prices By Country

The average loudspeaker import price stood at $11 per unit in 2022, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2017 when the average import price increased by 10% against the previous year. Global import price peaked at $11 per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Netherlands ($23 per unit), while India ($2.3 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Russia (+6.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Single Loudspeakers (In Enclosure)

In 2022, overseas shipments of single loudspeakers (in enclosure) decreased by -8.4% to 396M units for the first time since 2016, thus ending a five-year rising trend. Over the period under review, exports, however, enjoyed temperate growth. The pace of growth appeared the most rapid in 2018 when exports increased by 59%. Over the period under review, the global exports attained the maximum at 433M units in 2021, and then contracted in the following year.

In value terms, loudspeaker exports fell modestly to $5.9B in 2022. In general, exports, however, saw a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 30%. Over the period under review, the global exports hit record highs at $6.1B in 2021, and then contracted in the following year.

Exports By Country

China prevails in exports structure, accounting for 294M units, which was approx. 74% of total exports in 2022. It was distantly followed by Vietnam (21M units), constituting a 5.3% share of total exports. The following exporters - Germany (13M units), the United States (11M units), Belgium (9.1M units), Hong Kong SAR (8.1M units), Mexico (7.4M units), the Netherlands (6.9M units) and Singapore (6.5M units) - together made up 16% of total exports.

Exports from China increased at an average annual rate of +6.3% from 2012 to 2022. At the same time, Vietnam (+118.6%), Belgium (+21.6%), the Netherlands (+8.1%), Singapore (+7.9%), Germany (+4.3%) and Mexico (+3.5%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +118.6% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Hong Kong SAR (-16.0%) illustrated a downward trend over the same period. China (+11 p.p.), Vietnam (+5.3 p.p.) and Belgium (+1.8 p.p.) significantly strengthened its position in terms of the global exports, while the United States and Hong Kong SAR saw its share reduced by -1.7% and -16% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($3.5B) remains the largest loudspeaker supplier worldwide, comprising 60% of global exports. The second position in the ranking was held by Vietnam ($353M), with a 6% share of global exports. It was followed by the United States, with a 5.1% share.

In China, loudspeaker exports increased at an average annual rate of +12.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+91.9% per year) and the United States (+0.8% per year).

Export Prices By Country

The average loudspeaker export price stood at $15 per unit in 2022, growing by 4.3% against the previous year. Over the period under review, export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, loudspeaker export price decreased by -0.9% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average export price increased by 38% against the previous year. The global export price peaked at $20 per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the Netherlands ($36 per unit), while Singapore ($4.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+12.5%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform