Pro AV Cables Market - Global Outlook and Forecast 2019-2024
The global pro AV cables market is estimated to reach revenues of approximately $2 billion by 2024, growing at a CAGR of over 4% during 2018-2024.
The development of high-quality products that offer ease of usage, connectivity, design, sensor technology, and signal transmission will enable vendors to gain a larger global market share. The rise in the number of concerts, live performances, music festivals, exhibitions, and trade-fairs will also lead to the demand for pro AV cables over the next few years.The global pro AV cables market is driven by the booming commercial real estate, hospitality, corporate, and music industries. The futuristic inventions in the wireless digital technology and growth in the complementary digital technologies will create lucrative opportunities for vendors operating in the global market. The market research report provides in-depth market analysis and segmental analysis of the global pro AV cables market by product type, application, end-user, distribution channel, and geography.
The study considers the present scenario of the global pro AV cables market and its market dynamics for the period 2019−2024. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the global pro AV cables market.
Pro AV Cables Market - Dynamics
The emergence of networked audio technology or simply audio networking is propelling the growth of the global pro AV cables market.Audio networking involves digital audio distribution using Cat5 and Cat6 ethernet connectivity of the computer networks, thus, gaining the name “Audio over Internet Protocol (AoIP).” The use of Ethernet connectivity saved the audio industry from the tiresome process of developing new hardware required to transport multiple channels of digital audio. The convergence of Pro AV and IoT will revolutionize the global pro AV cables market.With rising internet penetration globally, devices are becoming more digitized, and the industries are taking notice of the same. Several vendors are exploring ways of using IoT to streamline manufacturing processes and SPM (supply chain management) as well as to deliver more personalized customer experience in the global market. Smart devices collect, analyze, and share real-time data with vendors so as to give insights into end-users’ preferences. The exponential growth of the live performance and music industry is driving sales in the global pro AV cables market.Pro AV solutions such as lighting systems, along with the associated sound reinforcement systems are the heart and soul of the live music industry globally.An increasing corporate sponsorship for music tours, venues, and events is also contributing to the market growth.
Pro AV Cables Market - Segmentation
This market research report includes a detailed segmentation of the market by product type, application, end-user, distribution channel, and geography.The market by product type is segmented into audio & video cords, power cords, DMX cords, ethernet cords, instrument cords, multicore cord, and other cords. Audio and video cords dominated the largest market share in 2018, growing at a CAGR of over 4% during the forecast period. The growing demand for bulk cords that can be customized as per the end user's requirement is propelling the growth of this segment in the global market.Premade cables such as USB, HDMI, BNC video cables, and studio loom cables among other find their usage across industries. Multicore cables include multiple all-in-one cables for data, power, coaxial, and AV cores in the global market.
The application segment in the global pro AV cables market is classified into AV acquisition conferencing & delivery, sound reinforcement, lighting & lighting control, signal management, and data transfer. AV acquisition conferencing & delivery application is the fastest growing segment in the global market, at a CAGR of over 5% during the forecast period. The emergence of new technologies, the adoption of sustainable policies, rapid developments in the emerging regions, and changing consumer preferences are some of the factors attributing to the growth of this segment in the global market. The growing demand for sound reinforcement products such as microphones, loudspeakers, audio mixers, audio signal processors, and power amplifiers worldwide will drive the growth of the global pro AV cables market.The advent of DMX along with technological advancements have allowed miniaturization of electronic technologies and fueling the revenues in the lighting and lighting control segment.
The global pro AV cables market by end-user type is categorized into large venues & events, corporates, educational institutes, government & military, studio & broadcasting, hospitality, and other. Large venues& events occupied more than 1/3rd of the total market share in 2018, growing at a CAGR of more than 4% during the forecast period. The increasing construction of new House of Worships, stadiums, and arenas, and theme parks are augmenting the growth of this segment. Growth of the studio and broadcasting segment that includes music production, post production, and recording venues, TV, radio, and other broadcasting studios will create lucrative opportunities for vendors in the global market. The distribution channel segment in the global pro AV cables market is categorized into retail and online. The online stores are the fastest growing segment in the global market, at a CAGR of approximately 15% during the forecast period.AV system integrators, pro audio and electronics stores, and pro audio dealers and distributors are the largest revenue generators in the global pro AV cables market.
Market Segmentation by Product Type
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