EUROPE AUDIO CODEC MARKET 2022-2028

EUROPE AUDIO CODEC MARKET 2022-2028

MARKET OUTLOOK

Triton Market Research’s report that the audio codec market in Europe will advance at a compound annual growth rate of 9.02% during the forecasting years 2022-2028. France, Russia, the United Kingdom, Italy, Spain, Germany, and the Rest of Europe form the market in this region.

In the United Kingdom, the trend of streaming media has increased substantially over the past few years. Moreover, there is a significant rise in the adoption of wearables and portable devices, such as AR/VR, earphones, and more. Furthermore, the COVID-19 outbreak led to the rise in demand for devices like laptops, tablets, earphones, and more, owing to the rising remote working trend. These factors indicate a robust growth of the audio codec market over the forecasting period.

On the other hand, Spain has a large consumer electronics industry, accounting for a large revenue share each year. Moreover, the presence of prominent companies such as Celestica Valencia, Ficosa International, and Marelli Holdings Co capture the largest share in the electronic component manufacturing segment. These companies are also the biggest buyers of audio codecs. Thus, there is a rise in the production of audio codecs in the country. For instance, Ellisys launched Bluetooth LE audio products, including controllers, stacks, and LC3 audio codecs. Therefore, all these factors are expected to propel the audio codec market on a growth path within Spain.

COMPETITIVE OUTLOOK

The major firms in the audio codec market are Dolby Laboratories Inc, Texas Instruments Inc, Analog Devices Inc, STMicroelectronics, Barix AG, Sony Group, Qualcomm Inc, and Cirrus Logic Inc.