The global loudspeaker market saw further challenges in 2024 after experiencing a particularly strong correction in 2023. Volumes have declined an additional 5% to 10.3m units, while retail value remained flat at $3.9bn.
The challenging market conditions witnessed in 2023 continued with high inflationary pressure, geo-political uncertainty, and an overall post-COVID slump due to consumers having brought forward purchases during the pandemic.
The loudspeaker market has also experienced internal challenges, with some brands having supply challenges preventing them from meeting demand, along with many retailers having some overstock and thus having difficulties in reducing inventories.
Furthermore, the market has been hurt by the heavy discounting strategies employed by some manufacturers to maintain the momentum of growth despite these more challenging market conditions.