Marine Audio Market Size, Share, Industry, Forecast and Outlook (2024-2031)

Global Marine Audio Market is Segmented By Component (Speaker, Subwoofer, Stereo Receiver, Amplifier), By Type (Inboard, Outboard, Sterndrive, Others), and By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Marine Audio Market Size

The Global Marine Audio Market reached US$ 1.9 billion in 2022 and is expected to reach US$ 3.1 billion by 2030, growing with a CAGR of 3.9% during the forecast period 2023-2030.

The marine audio market is growing globally driven by economic recovery and cost-effective financing options have led to an increase in boat sales, creating a demand for high-quality marine audio systems. The rising popularity of recreational boating activities, particularly in Europe and North America, has driven market expansion. Retail sales of new powerboats and personal watercraft have experienced substantial growth.

Furthermore, the outdoor recreation industry has contributed significantly to the market's success, with boating and fishing being popular activities. Advancements in technology and product innovations have improved audio systems, enhancing the user experience. To sustain this growth, manufacturers continue to innovate and provide more affordable options while maintaining quality, making marine audio accessible to a broader range of boat owners.

Europe's dominance in the marine audio market is fueled by the significant growth in electrically powered boats. Online sales exchanges have experienced substantial expansion, with electric boat listings surging by 60% in 2021, 160% in 2022 and 190% in 2023, compared to 2019 as per a marine industry report. It rapid rise in electric boats contributes to a substantial share of the marine industry in Europe, where boat owners are increasingly seeking high-quality audio systems to enhance their boating experience, making it a key player in the global marine audio market..

Marine Audio Market Scope

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Marine Audio Market Dynamics

Economic Growth and Boating Demand

The global marine audio market is experiencing substantial growth driven by economic recovery post-recession, coupled with readily available financing, which is contributing to increased boat sales. Countries like in U.S., the rising demand for recreational boats is a significant driver of the industry, with activities like boating and cruising becoming more popular. According to the NMMA (National Marine Manufacturers Association), there was a notable increase in retail unit sales of new powerboats in U.S., with over 310,000 new powerboats sold in 2020, representing a growth of over 12% compared to 2019. 

Personal watercraft sales also rose by approximately 8%, with around 82,000 units sold in 2020. The trends are expected to continue in 2021, with ongoing restrictions driving demand for safe outdoor recreational activities, including boating. The outdoor recreation sector accounts for a significant portion of U.S. economy, generating US$788 billion in real gross output and contributing 2.1% to the country's GDP, with boating and fishing being the most popular activities, responsible for over US$23.6 billion in revenue.

Technological Advancements

The marine audio market is witnessing growth through advancements and technological enhancements. Innovations in audio equipment, such as waterproof and UV-resistant materials, wireless connectivity and improved sound quality, are making marine audio systems more appealing to boat owners. The technologies offer enhanced durability and convenience, ensuring a better audio experience even in harsh marine environments. As a result, boat owners are increasingly investing in advanced marine audio solutions, contributing to the market's expansion.

In September 2023, JL AUDIO, INC. released its NMEA 2000 connected MediaMaster HTML interface (MMA1-HTML), designed for use with JL AUDIO, INC. MediaMaster marine audio source units, including the MM105 and MM105-HR and compatible network controllers. It interface allows boaters to have complete control over their JL AUDIO, INC. system, including all system features and settings, directly from an onboard multifunction display (MFD) from brands like Simrad, Lowrance or Garmin. It innovation eliminates the need for a dedicated audio system controller and aligns with the trend of using MFDs for various control functions on modern boats.

High Price Tags: Hindrances in the Marine Audio Market

Marine audio systems are often relatively expensive and this cost can be a significant deterrent for some boat owners. The price tag may pose a financial barrier, but boat enthusiasts understand the importance of high-quality audio systems for an enhanced on-water experience. Premium marine audio systems are designed to withstand the rigors of the marine environment which used to offer superior sound quality and durability, but these qualities often come at a higher cost. 

To overcome this challenge, manufacturers and retailers should explore avenues to offer more cost-effective yet dependable marine audio systems, thus broadening access for boat owners. Striking the ideal balance between quality and affordability is pivotal to ensure that a wider spectrum of boaters can relish superior audio experiences while on the water.

Marine Audio Market Segment Analysis

The global marine audio market is segmented based on component, type and region.

Speaker's Dominance in the Thriving Marine Audio Market

Speakers dominate the marine audio market due to their pivotal role in delivering high-quality sound experiences in various watercraft. It are essential components for marine audio systems, offering diverse options to cater to different boat sizes and purposes. Marine speakers are designed to withstand the challenging marine environment, making them durable and reliable. Its robust construction, weather resistance and ability to deliver clear and powerful sound contribute to their prominence in the marine audio market.

HARMAN introduced its latest JBL Marine Amplifiers and CLUB Marine Speakers in January 2023, offering best-in-class audio performance with appealing designs and competitive pricing for the marine market. The amplifiers come in four configurations, providing up to 75 watts of power, balanced RCA inputs and variable crossovers. The CLUB Marine Speakers include full-range and subwoofer options, featuring silk dome tweeters, polypropylene cones, IPX5 ratings and UV resistance.

Marine Audio Market Geographical Share

Europe's Dominance in the Marine Audio Market Driven by Boating Industry

Europe holds the largest share in the marine audio market due to the region's vibrant boating industry and high demand for marine audio systems. As per the Boats and Outboards report, the European market benefits from the changing dynamics of boat buying, where an increasing percentage of boating demand is cross-border, with 47% of all boating demand in Europe originating from countries outside the one where the boats are located. 

The demand extends to various boat classes and price segments, with sailing multihulls, sailing cruisers and motor yachts experiencing the highest cross-border demand. As the boat price increases, so does the share of foreign demand, making the European market a key player in the marine audio sector. It cross-border demand drives the need for high-quality marine audio systems, contributing to Europe's dominant position in the market.

COVID-19 Impact Analysis

The COVID-19 pandemic significantly impacted the marine audio market. The pandemic sparked a surge in recreational boating, with many individuals seeking new outdoor activities to cope with lockdowns and social distancing measures. Boat sales saw a substantial increase in 2020, leading to record profits for manufacturers and dealers. 

However, the influx of inexperienced boaters, driven by the pandemic, led to various issues, including increased accidents and collisions. Licensing and safety training were disrupted due to government office closures and funding cuts, delaying proper boating education. The surge in demand for boats, coupled with supply chain shortages, resulted in long wait times and increased congestion in marinas. As a result, the pandemic brought both opportunities and challenges to the marine audio and boating industry.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine war had a notable impact on the marine audio market due to European Union sanctions against Russia. The EU's 4th package of sanctions, initiated in response to the conflict, expanded the list of luxury goods affected by export bans. It included pleasure boats, alongside high-end cars and airplanes. As of March 15, 2022, all motorboats, sailboats and recreational watercraft worth over 50,000 euros couldn't be exported from the EU to the Russian market. The sanctions also applied in coordination with U.S.

The European nautical sector faced additional consequences as the conflict disrupted the large yacht market. While Russia wasn't a primary market for the global yachting industry, it had shown substantial development in the sector. The conflict raised questions about the future of such developments and their impact on the marine audio market.

By Component

• Speaker
• Subwoofer
• Stereo Receiver
• Amplifier

By Type

• Inboard
• Outboard
• Sterndrive
• Others

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In January 2020, Sony Electronics unveiled the DSX-M80 marine media receiver, featuring a built-in Class D amplifier for powerful sound, sound optimization technologies, smartphone connectivity and marine-specific features such as UV resistance and anti-corrosive coatings. It offers an enhanced audio experience for marine enthusiasts and was available for a suggested retail price of US$259.99.

Marine Audio Market Companies

The major global players in the market include Sony Corporation, Harman International Industries, Faurecia Clarion Electronics Co., Ltd., JVCKENWOOD Corporation, Pioneer Corporation, Garmin Ltd., Rockford Corp., JL AUDIO, INC., Wet Sounds, Inc., MTX International.

Why Purchase the Report?

• To visualize the global marine audio market segmentation based on component, type and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of marine audio market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global marine audio market report would provide approximately 53 tables, 49 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies