Publication Month: Jun 2021 | Report Code: TIPEL00002494 | No. of Pages: 157 | Category: Electronics and Semiconductor | Status: Published
Developing regions such as Asia Pacific, the Middle East and Africa, and South America are characterized by positive economic outlook, increasing middle class population, and rising disposable incomes. These factors are driving the sales of audio systems in these regions. Developing economies have been witnessing steady growth in the post-recession era, which has reflected in rise in disposable income. In the western countries, where consumers have high disposable incomes, high value and volume of audio equipment sales is driven by the preference for advanced features and technologies integrated in the devices. The growing adoption of advanced technologies such as head-related transfer function (HRTF) across media & entertainment sector. The 3D audio market players across the world are focusing on integrating the HRTF technology for providing enhanced user experience. The 3D audio experience is much more immersive than 2D audio experience when watching movies on smartphones with earphones. In cinema halls, the integration of HRTF simulates the 3D audio when mirrored sounds hit the ears from different directions by using multiple speakers present on all sides of the hall. The HRTF are being integrated across a wide range of sound devices, including headphones, to generate different surround sound effect.
According to the latest report from the World Health Organization (WHO), the US, Spain, India, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst-affected countries due to the COVID-19 pandemic. In 2020, the world economy suffered significant consequences of the pandemic due to disruptions in the electronics & semiconductors, and manufacturing industries, among others. However, in the last quarter of 2020, companies from many industries began their operations virtually and employees started working from home, which has bolstered the demand of headphones and ear buds. In addition, with the rising demand of entertainment at home due to shutdown of cinema halls and theater has fostered the demand for 3D audio systems across the region. However, partial restriction on cargo and transport at the beginning of the pandemic resulted in disruptions in the supply chain of raw materials. The sudden rise in demand for 3D playlist and AR/VR in gaming industry as fostered the growth of the 3D audio market, and the market expected to continue its growth during the forecast period.
The market players are constantly focusing on spending hugely on enhancing podcasting features by creating valuable content libraries. The growing trend of integrating 3D audio technology with the music and episodic series available on online streaming platforms. For instance, iHeart Media announced its investment in binaural audio/3D audio that efficiently spots listeners in the recording room and makes them feel like the performance is happening around them. The 3D audio can be felt in real-time with the help of 3D microphones or AirPods. Similarly, in 2020, Spotify signed a deal with Warner Bros. to produce and distribute an original slate of scripted narrative podcasts, which would be exclusively licensed to Spotify for a specific period. Therefore, such strategies are boosting the trend of 3D audio podcasting.
The 3D audio market, by amplifier type, is segmented into mono channel, 2-channel, 4-channel, and 6-channel. Electronics vendors commonly use high-efficiency, filter-less, analog-input 3D audios to manage the power requirements of portable audio speakers engineered in cell phones, tablet computers, and personal navigation devices. These amplifiers allow direct connection to a battery, thus minimizing losses and reducing component count.
The 3D Audio market, by component, is segmented into hardware, software, and services. The hardware segment comprises loudspeakers, headphones, microphones, sound bars, Bluetooth speakers, and other hardware sound systems. 3D audio software is widely adopted by the media and entertainment sector. Companies such as Dolby, Atoms, and Aura Technologies are offering 3D audio software for the movie production houses for audiovisual (AV) applications. 3D audio service providers extend technical support to sound designers, engineers, and artists.
The global 3D Audio market, based on end use industries, is segmented into consumer , automotive, media and entertainment, gaming , and commercial. The media and entertainment segment led the 3D Audio market, by end use industries in 2020. The advent of cloud computing solutions in the media and entertainment field, and escalating adoption of HRTF technology is also expected to help boost the market performance during the forecast period.
|Market Size Value in||US$ 5,611.50 Million in 2021|
|Market Size Value by||US$ 15,000.34 Million by 2028|
|Growth rate||CAGR of 15.1% from 2021-2028|
|No. of Pages||157|
|No. of Tables||88|
|No. of Charts & Figures||77|
|Historical data available||Yes|
|Segments covered||Component ; End Use Industries , and Geography|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
The players operating in the 3D audio market focus on strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the market. A few of the significant market developments by key players are listed below:
The List of Companies - 3D Audio Market