According to a new market research report published by Credence Research “3D Audio Market (Product Type – Speakers (Wired and Wireless), Headphones (Wired and Wireless), Microphone (Wired and Wireless); End-use – Personal and Commercial; Sales Channel – Offline Channels and Online Channels) – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global 3D audio market was valued at US$ 3.45 Bn in 2017 and will be growing at a CAGR of 17.2% during the forecast period from 2018 to 2026.
3D audio refers to a group of sound effects manipulating the sound produced by stereo speakers, speaker-arrays, surround-sound speakers or headphones. It involves the virtual placement of sound sources anywhere in three-dimensional space, including above, below or behind the listener. The purpose of 3D audio is to enable the listener enjoy an audio experience that mimics real life.
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One of the most prominent factors aiding the 3D audio market growth is the fact that, consumer acceptance pertaining to 3D audio has increased significantly in recent years. Rising consumer awareness about this new technology has further helped the market to flourish. Moreover, rising disposable income across developing countries such as India, China and Brazil among others is another prominent factor aiding the adoption of 3D audio products globally. With technological advancements, there has been a dip in the product price. This factor has further influenced the market growth positively. The adoption of 3D audio has been on the high in the gaming industry and it has been observed that game developing companies have been upgrading their sound engines from 2D audio to 3D audio. However, the market growth may be impacted by the absence of any standard or universal format. This factor might hinder its wide scale penetration in the coming years.
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Asia Pacific was the largest market for 3D audio in 2017. The region witnessing advancements in the movie industry is an important factor contributing to the market growth. Moreover, increasing demand for portable 3D media devices such as speakers and headphones is expected to positively influence the market growth in Asia Pacific. In 2017, China stood as the largest market for 3D audio. In the coming years, India is expected to be an important market considering the ongoing cinema industry evolution in the country. Therefore, the market growth in the country is expected to be significant during the forecast period. These factors in combination expected to drive the 3D audio market growth in the region.
Some of the major players operating in the market include Auro Technologies, Inc., 3D Sound Labs, dearVR, Comhear, Inc., Dolby Labs, Core Sound LLC, DTS, Inc. (Xperi Corporation), Hooke Audio, Sennheiser Electronic GmbH & Co., Dysonics, ISONO Sound, VisiSonics Corporation and Waves Audio Ltd.