Professional Portable Audio System Market Expected to Reach $5.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Professional Portable Audio System Market,By Equipment (Microphone, Speaker System, Power Amplifier, Mixing Console, Others), By Usage (Purchased, Rental), By Distribution Channel (Offline, Online), By Application (Corporate Bodies, Government, Hospitality, Others): Global Opportunity Analysis And Industry Forecast, 2022-2031" The professional portable audio system market was valued at $2.3 billion in 2021, and is estimated to reach $5.1 billion by 2031, growing at a CAGR of 8.5% from 2022 to 2031.

A professional portable audio system is a set of professional-grade, audio equipment used together for performing at live musical events such as corporate events in different industries. This setup of audio equipment is designed in such a manner that it can be easily packed and transported to different locations. Many a times, performers rent this setup, rather than purchasing it. Typically, this setup consists of mixing console, speaker system, microphones, headphones, and amplifiers. An important trend in this setup is to wirelessly connect these equipment to each other.

Corporate events are major driver of the professional portable audio system market growth. Performers, musicians, and singers use these equipment for performing at different locations where the events are held. It is common practice in companies of all sizes, ranging from small- and medium-sized companies to large-sized companies, to hold corporate events for different purposes. This is true for companies from all sectors such as manufacturing, power, logistics, IT and telecommunications, oil & gas, retail & consumer goods, and automotive.

Corporate events are held for numerous reasons, such as award functions, annual gatherings, team celebrations, community causes, charitable causes, business profitability, and team building events. The music industry, along with film-making and the TV series and video-on-demand (VOD) industry are also an important influence on this market.

The different songs played during the corporate events, and live & staged events are originally developed for these industries, and hence they are a vital contributing factor to the professional portable audio system market size. The different types of portable audio system equipment such as the mixing consoles and power amplifiers determine the extent to which the songs and music can be re-worked to the requirement of particular events.

Furthermore, the market is helped by the ease of access to rented audio systems, making it affordable for performers to access the otherwise highly-priced equipment. Not all groups or bands which play at corporate and other events can afford to purchase the music systems required for the purpose.

Further, this cost factor is exacerbated as the music systems are not required on a daily basis. Separately, it is difficult to repair and maintain the professional-grade portable audio systems, which slows down the market growth. The professional portable audio system market lacks the adequate amount of required skilled workforce to repair these equipment. This in-turn not only makes the repairing difficult, however also increases its cost for the end user of the equipment. However, technological improvements in the market as well as the larger music industry are expected to provide significant opportunities to market players.

The professional portable audio system market share can expect to leverage the high potential of the rapid digitalization of the music industry and considerable penetration of technologies, including those in smartphones. This has increased the requirement to create noise- and error-proof audio mixes for a wide range of purposes such as music recordings and advertisements, through the music events.

The professional portable audio system market analysis is segmented into equipment, usage, distribution channel, application, and region. In terms of equipment, the market is classified into microphones, speaker system, power amplifier, mixing console, and others. By usage, it is bifurcated into purchased and rental. By distribution channel, it is divided into offline and online. By application, it is categorized into corporate bodies, government, hospitality, and others. By region, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

Key Findings of the Study

• Based on equipment, the speaker system segment accounted-for major share of the professional portable audio system industry in 2021, while the mixing console segment is expected to witness fastest growth during the forecast period.
• Based on usage, the purchased segment accounted-for higher share of the professional portable audio system market trends in 2021, and is also anticipated to increase fastest during the forecast period.
• Based on distribution channel, the offline segment dominated the professional portable audio system market in 2021, while the online segment is expected to expand at the fastest rate during the forecast period.
• Based on application, the hospitality segment dominated the professional portable audio system market in 2021, and is likely to grow at the fastest rate during the forecast period.
• Based on region, North America accounted for the largest share of the global professional portable audio system market in 2021, whereas Asia-Pacific is anticipated to grow fastest during the forecast period.

The key players operating in the market include Yamaha Corporation, QSC, LLC, RCF S.p.A, Bose Corporation, Harman International, KORG Inc., Roland Corporation, Sennheiser Electronic GmbH & Co. KG, Georg Neumann GmbH, and Sonodyne.