The global belt drive turntable market is expected to exhibit strong growth, reaching USD 240.84 million by 2030. As per the report titled “Belt Drive Turntable Market Size, Share & COVID-19 Impact Analysis, By Type (Moving-Magnetic Cartridge, Moving-Iron Cartridge and Moving-Coil Cartridge), By Application (Home Entertainment, Bar and Music Club, Music Production and Others), and Regional Forecasts, 2023-2030” observes that the market size in 2022 stood at USD 175.8 million and USD 240.84 million in 2030. The market is expected to exhibit a CAGR of 4.60% during the forecast period.
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Pro-Ject Audio Systems has Released a Low-cost Carbon EVO Turntable
In August 2020, a new and reasonably priced carbon EVO turntable was unveiled by Pro-Ject Audio Systems. The brand-new Debut Carbon EVO is available in nine eye-catching finishes, including traditional walnut veneer and hand-painted high-gloss and matte pastel colors. The eight-coat paint finish on the belt drive turntable gives it a glossy sheen that makes it the center of attention in any living space.
Growing Popularity in the Music Industry to Promote Market Expansion
The music industry has kindly adopted the digital tendency in response to the constantly growing internet overload experienced by users worldwide. Most music production companies collaborate strategically with cutting-edge internet streaming services and music recording studios. For instance, the internet service provider Napster, which focuses on music, recently announced a deal with Sony Music to introduce its brand-new 360 Reality Audio streaming format to consumer businesses. The powered streaming platform will offer the companies a suite of music and media streaming solutions, download infrastructure, applications, rights management, customer billing, royalty administration, and business intelligence. These elements may have an impact on the market for
belt drive turntable in the years to come.
Impact of COVID-19 Limited the Market Expansion
COVID-19 significantly impacts the entire economy. This epidemic significantly impacts numerous economic sectors. The loss of trillions of dollars will cause the world economy to crash. The rising implementation and extension of lockdowns in numerous countries directly impact the global market for belt drive turntables. The pandemic made it difficult to make belt drive turntables. Even though supply chain issues have temporarily halted production. When manufacturing activity can recommence depends on both import-export laws and the COVID-19 exposure level at which manufacturing operations are operating. A quick COVID-19 pandemic outbreak forced severe lockdown regulations to be implemented in several countries, causing the temporary closure of many record-keeping facilities and obstructing market expansion.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the belt drive turntable market plan acquisitions to improve their brand recognition globally. For instance, in September 2020, the Vinyl NRS Box S3 and the Debut PRO S, two new vinyl noise reduction systems, are available. As revealed by pro-project, the Debut PRO S joins the Debut PRO in supporting 33, 45, and 78 RPM records.
List of Key Players Profiled in the Report
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