The belt drive turntable market's expansion can be attributed to rising demand for home entertainment and the growing trend of a vinyl resurgence over the forecast period. Furthermore, the growing popularity of retro and vintage home furnishings in the belt drive the turntable market. Turntables are increasingly being used as part of home audio systems to provide a warmer, more natural listening experience than digital playback systems can provide. Additionally, as the technology becomes more mainstream and production volumes increase, belt-drive turntables become more affordable, making them more accessible to a wider range of consumers. Thus, driving the belt drive turntable market growth.
COVID-19 IMPACT
COVID-19 has had a significant impact on the world economy. This pandemic has had a significant impact on several economic sectors. The loss of trillions of dollars will collapse the global economy. The expanding extension and application of lockdown in various nations directly impact the global market for belt drive turntables. The pandemic hampered belt drive turntable manufacture. Even though production has momentarily paused due to supply chain problems. Import-export regulations and the COVID-19 exposure level at which manufacturing operations are operating both affects when manufacturing activity can resume. A rapid COVID-19 pandemic breakout prompted the imposition of strict lockdown laws across a number of nations, leading to the temporary closure of numerous record-making facilities and impeding market expansion.
DRIVING FACTORS
Demand for Vinyl Records and Live Performances is Expected to Boost Market Growth
The market for belt drive turntable is expected to develop steadily in the not-too-distant future. Vinyl records offer an unparalleled visual appeal in the era of digital music. The enjoyment that vinyl records provide music fans is among the main factors driving the increase in belt drive turntable demand. Many music lovers think vinyl records provide high-quality sounds. Additionally, turntables possess a historic and modern artistic quality. Rising interest in vinyl recordings and live performances is anticipated to fuel the business. As young millennials' preference for electronic dance music grows, more DJs are expected to pop up worldwide, enhancing the belt drive turntable sector.
RESTRAINING FACTORS
Belt Drive Turntable's Shorter Life and High Installation Costs Will Limit Market Growth
Consumers frequently use belt drive turntables, which are used to record and store data. Large businesses and organizations that need a lot of data storage typically employ it. To set up recording and data storage, additional equipment must be purchased. The tape may be destroyed if the data is kept next to a loud speaker or a strong magnetic field. Data quality slowly deteriorates during 15 years. To access the stored data, outdated tape tools must be kept around. Thus, this will restrict the market growth.
SEGMENTATION
By Type
Based on type, the belt drive turntable market is segmented into moving-magnetic cartridge, moving-iron cartridge and moving-coil cartridge. The moving-magnetic cartridge category dominated the market in 2022. To move a stylus arm that is attached to a cantilever and stylus, a moving-magnetic cartridge uses a permanent magnet, often composed of neodymium. The stylus arm's vibrations induce a wire coil that contains a magnet to vibrate, which produces an electrical signal. The amplification apparatus receives this signal, which is subsequently used to produce sound. On the other hand, the moving-iron cartridge category held a significant share of the market over the forecast period. An iron-wound coil is used as the stylus in the moving-iron cartridge, a particular style of vinyl record player mechanism. The system's benefit is that it is simple to swap out the cartridge while the records are still spinning.
By Application
Based on application, the belt drive turntable market is segmented into home entertainment, bar and music club, music production and others. The home entertainment category dominated the market in 2022 due to consumers' growing desire to access a variety of materials at their convenience via smart devices like smartphones and tablets on desktop or laptop computers or laptops connected to the internet via Wi-Fi or cable connections, as appropriate.
REGIONAL INSIGHTS
The Asia Pacific is projected to hold the largest share of the belt drive turntable market over the forecast period This is explained by increasing music consumption, an increase in the number of audio equipment producers and users, and a rise in the use of high-fidelity sound systems. Due to millennials' growing interest in the real music experience, vinyl record sales in the area have surged significantly. On the other hand, North American belt drive turntable market is anticipated to grow significantly over the forecast period due to growing consumer demand from audiophiles for belt-driven turntables that deliver better audio quality than those currently on the market. Additionally, the existence of major businesses like Audio Analytic Inc., which consistently create new goods, will increase regional demand.
LIST OF KEY COMPANIES PROFILED:
- Pro-ject
- Crosley
- Audio-Technica
- Sony
- Teac
- Denon
- Thorens
- Panasonic
- Rega
- VPI Nomad
- JR Transrotor
- Stanton
- Numark
- Music Hall
- Ion
- Akai
- Clearaudio
| Attributes | Details |
| Study Period | 2016-2030 |
| Base Year | 2022 |
| Estimated Year | 2023 |
| Forecast Period | 2023-2030 |
| Historical Period | 2016-2021 |
| Unit | Revenue (USD Million) and Volume (Kilo Tons) |
| Segmentation | By Type, By Application, and By Geography |
| By Type |
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| By Application |
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| By Region |
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