GCC: Loudspeaker Market 2024

Loudspeaker Market Size in GCC

In 2021, after four years of growth, there was significant decline in the GCC loudspeaker market, when its value decreased by -15% to $X. Overall, consumption, however, recorded buoyant growth. The level of consumption peaked at $X in 2020, and then contracted notably in the following year.

Loudspeaker Production in GCC

In value terms, loudspeaker production dropped markedly to $X in 2021 estimated in export price. Overall, production, however, saw significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 178% against the previous year. As a result, production attained the peak level of $X, and then reduced markedly in the following year.

Loudspeaker Exports

Exports in GCC

In 2021, the amount of single loudspeakers (in enclosure) exported in GCC fell sharply to X units, which is down by -36.4% against the previous year's figure. Over the period under review, exports, however, showed a significant increase. The pace of growth was the most pronounced in 2020 with an increase of 801%. As a result, the exports reached the peak of X units, and then shrank remarkably in the following year.

In value terms, loudspeaker exports reduced slightly to $X in 2021. In general, exports, however, posted resilient growth. The growth pace was the most rapid in 2014 with an increase of 106% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

Exports by Country

Saudi Arabia represented the key exporter of single loudspeakers (in enclosure) in GCC, with the volume of exports reaching X units, which was approx. 86% of total exports in 2021. It was distantly followed by the United Arab Emirates (X units), committing a 13% share of total exports.

Saudi Arabia was also the fastest-growing in terms of the single loudspeakers (in enclosure) exports, with a CAGR of +54.6% from 2012 to 2021. At the same time, the United Arab Emirates (+17.6%) displayed positive paces of growth. While the share of Saudi Arabia (+52 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-47.5 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) and Saudi Arabia ($X) constituted the countries with the highest levels of exports in 2021.

Among the main exporting countries, Saudi Arabia, with a CAGR of +34.0%, recorded the highest growth rate of the value of exports, over the period under review.

Export Prices by Country

The export price in GCC stood at $X per unit in 2021, picking up by 53% against the previous year. Over the period under review, the export price, however, continues to indicate a abrupt downturn. The pace of growth was the most pronounced in 2016 an increase of 325%. The level of export peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per unit), while Saudi Arabia stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (-6.3%).

Loudspeaker Imports

Imports in GCC

In 2021, overseas purchases of single loudspeakers (in enclosure) were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Total imports indicated a pronounced expansion from 2012 to 2021: its volume increased at an average annual rate of +4.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 with an increase of 48% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, loudspeaker imports surged to $X in 2021. The total import value increased at an average annual rate of +4.2% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when imports increased by 30% against the previous year. The level of import peaked in 2021 and is expected to retain growth in the immediate term.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X units, which accounted for 73% of total imports. Oman (X units) ranks second in terms of the total imports with a 19% share, followed by Qatar (4.8%).

Imports into the United Arab Emirates increased at an average annual rate of +3.3% from 2012 to 2021. At the same time, Oman (+46.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of +46.0% from 2012-2021. By contrast, Qatar (-6.4%) illustrated a downward trend over the same period. While the share of Oman (+18 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Qatar (-8.7 p.p.) and the United Arab Emirates (-11 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported single loudspeakers (in enclosure) in GCC, comprising 65% of total imports. The second position in the ranking was taken by Qatar ($X), with a 5.9% share of total imports.

In the United Arab Emirates, loudspeaker imports increased at an average annual rate of +2.9% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (+7.8% per year) and Oman (+12.8% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per unit, therefore, remained relatively stable against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when the import price increased by 34% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Qatar ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Qatar (+15.2%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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