The consumer loudspeaker market faces challenges from shifting listening habits, as consumers look beyond traditional audio products, fixing their sights on smart speakers and headphones. However, the category is showing some resilience, and recent changes in loudspeaker preferences means trade value is faring better than volume, according to a new worldwide loudspeaker report from Futuresource Consulting.
Comprising bookshelf speakers, floor standing speakers, in-wall and in-ceiling speakers, home theatre speakers and computer speakers, the consumer loudspeaker market achieved 45 million shipments worldwide in 2018, with a trade value of $2.8 billion. That equates to a 12% year-on-year decrease in units and a 5% drop in value.
“The growth in streaming services is transforming the relationship that people have with music,” says Guy Hammett, Market Analyst at Futuresource Consulting. “It’s altering audio consumption habits and we’re seeing a rapid change in the mix of devices people wish to buy and own. Combine this with trends towards convenience, simplicity, fewer and smaller speakers and less cabling, and there are clear challenges ahead for the traditional loudspeaker market. Just three years ago, the value of the wireless speaker market was less than double that of loudspeakers. Now it’s nearly three times the value.
