Futuresource Professional Loudspeakers Market

Date Published: 09 Aug 2022

Current Market Trends 

The worldwide professional loudspeaker market continues to bounce back from its COVID-related decline, when revenues fell by nearly 50% in 2020. This report from Futuresource Consulting shows that the overall market is making an accelerated recovery, and will surpass 2019 levels in 2023, with sustained growth for professional loudspeaker manufacturers throughout the forecast period. 

The touring and rental market was the most negatively impacted vertical during 2020, experiencing steep decline as a direct result of pandemic restrictions. Moving into 2021, this vertical experienced significant recovery, almost doubling its market value.  

Futuresource expects the touring market to almost recover completely in 2023, with significant growth expected in 2024. The vertical benefits from being resistant to recession, and its resilience is likely to increase, given the willingness of consumers to spend on shared experiences. 

The installed leisure vertical has been an area of strength throughout the pandemic. By 2023, Futuresource expects market value to exceed 2019 levels. Yet there have been many challenges across the market. Theatres and performing arts centres rely on ticket sales for revenue, which placed them in greater financial difficulty throughout the pandemic. However, these applications have now also seen the most recovery. In some parts of Europe, the theatre economy has almost fully recovered in 2022, and Futuresource expects that 2023 will be a successful year for venues. 

The installed commercial market was the vertical least impacted by COVID-19. However, the longevity of the crisis for installed commercial has been extended by component shortages and the slower recovery of hospitality, particularly accommodation and hotels. 

Both retail and hospitality are the largest markets for business music, and both of these areas are expected to experience significant difficulty against current economic conditions. There is the hope that the large amount of consumer saving during the pandemic will drive some future spending on tourism. However, with very low consumer confidence, hotels, bars and restaurants could struggle over the coming months and years.