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Opportunities For The Global Marine Audio Market To Reach $2,195.4 Million By 2023
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According to a new market report published by Lucintel, the future of the global marine audio market looks good with opportunities in the inboard, outboard, and sterndrive market. The global marine audio market is expected to reach an estimated $2,195.4 million by 2023 and it is forecast to grow at a CAGR of 2.5% from 2018 to 2023. The major drivers for this market are the growth in recreational boats production and increasing customer demand for better quality sound systems.
In this market, speakers, subwoofers, stereo receivers, and amplifiers are the major components of the marine audio system. On the basis of its comprehensive research, Lucintel forecasts that the speakers will remain the largest segment and subwoofer will experience the highest growth over the forecast period due to increasing customer demand for better quality multimedia entertainment products.
Within this market, marine audio system for inboard will remain the largest boat type and it is expected to show highest growth over the forecast period due to rising demand of cruise in the emerging markets.
Europe is expected to remain the largest region due to higher production of recreational boat. Asia Pacific is expected to witness highest growth over the forecast period due to increasing boat production and growth in tourism & water sports activities.
Emerging trends, which have a direct impact on the dynamics of the market, include development of multi-zone marine stereo receivers and the introduction of Wi-Fi stereos. SONY, Harman, Clarion, JVC, Pioneer, Fusion, Rockford, JL Audio, Wet Sounds, and MTX Audio are the major marine audio supplier in the global marine audio market.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global marine audio market by component, by boat type, and region. Lucintel has compiled a comprehensive research report entitled “Growth Opportunities in the Global Marine Audio Market 2018-2023: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes a forecast for the global marine audio market component, boat type, and region, as follows:
By Component ($ Million and Thousand Units from 2012 to 2023):
• Stereo Receiver
By Boat Type ($ Million in 2017):
By Region ($ Million and Thousand Units from 2012 to 2023):
• North America
o United Kingdom
• Asia Pacific
o New Zealand
• The Rest of the World
This 151-page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or email us at email@example.com. Lucintel offerings include Mass Transportation, Transportation Market Report, Opportunity Screening and Analysis, Capital Investment Feasibility and SWOT Analysis.
Lucintel, the premier global management consulting and market research firm, creates winning strategies for growth. We offer market assessments, competitive analysis, opportunity analysis, growth consulting, M&A, and due diligence services to executives and key decision-makers in a variety of industries. For further information, visit www.lucintel.com.
This report answers the following 11 key questions:
Q.1. What are some of the most promising, high growth opportunities for the marine audio market by product type (speaker, subwoofer, stereo receiver, and amplifier), by boat type (inboard, outboard, sterndrive, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing services in this market and how big of a threat do they pose for loss of market share by service substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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