Speaker Market 2023 – 2030 By Sales Channel (Online and Offline), and Price (Less than $50, $50 to $100, $100 to $200, and More than $200),Type (Smart Speakers, Home Audio Speakers, Portable Speakers, and True Wireless Stereo (TWS)), Size (Small, Medium, and Large), End Use (Personal and Commercial) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : FMCG | Pages : 179 Pages | Published On : Jul 2023
The global market for speakers is projected to reach $233,274.5 million in 2030, growing at a CAGR of 30.5% from 2023 to 2030. In 2019, the market size was $39,576.5 million. Speakers are transducers that convert electric audio signals into sound waves. They play a crucial role in enhancing the volume and quality of sound by utilizing speaker drivers. The market includes various types of speakers such as smart speakers, portable speakers, home audio speakers, and true wireless stereo (TWS) hearables. These speakers incorporate advanced technologies such as virtual assistants, Bluetooth connectivity, Wi-Fi integration, and portability. Continuous advancements in speaker technologies focus on improving battery backup, portability, water resistance, and connectivity options like Bluetooth and Wi-Fi. Major players in the industry are committed to developing new products that cater to changing consumer demands and deliver high-quality audio output.
Certain speaker products, such as smart speakers, TWS, smart soundbars, and select portable speakers, are compatible with virtual assistants powered by artificial intelligence (AI) technologies. Popular virtual assistants like Amazon's Alexa, Apple's Siri, Microsoft's Cortana, and Alphabet Inc.'s Google Assistant provide user-friendly platforms and perform various functions, from playing radio to integrating with home automation devices. Developers of virtual assistant technology consistently upgrade the features of their devices, enabling smart speakers to perform even more functions. These rapid advancements drive the demand for speakers with AI virtual assistant technologies and contribute to the growth of the speaker market. Additionally, batteries play a crucial role in portable speakers and TWS devices. Advances in battery technologies improve product quality and reduce overall costs. Portable speakers typically feature rechargeable lithium-ion batteries with an average backup of up to 8 hours. However, industry leaders are focused on developing high-end products with superior battery life due to advancements in battery technologies. These battery-related product upgrades stimulate the demand for portable speakers and TWS devices, thereby driving market growth.
However, the use of artificial technologies, such as voice assistants, involves the collection of data for analysis and conversion into information. This data is typically stored in cloud storage, which presents a risk of cyber-attacks and data theft. These concerns hinder the adoption of smart speakers and impede market growth. Additionally, the global speaker market has been directly impacted by the COVID-19 pandemic. As the pandemic originated in China, which is a major exporter of electronic goods, there was a direct impact on production and sales of speakers. The lockdown measures imposed by the Chinese government led to the temporary closure of production facilities and disruptions in the supply chain. E-commerce companies also faced challenges in delivering non-essential items like speakers to consumers, while retail stores experienced closures during certain periods. These factors have affected the overall sales of speakers worldwide. Furthermore, as consumers remain uncertain about the economy and the possibility of a recession, they are likely to restrict their spending on electronic goods, resulting in a slow recovery for the speaker market.
On the other hand, commercial applications present various opportunities for the implementation of smart speakers in settings such as healthcare centers, hotels, and commercial offices. Smart speakers offer numerous capabilities that can assist healthcare providers in providing proper care to patients, such as scheduling medications through AI platforms. In addition, patients in intensive care can use voice commands to call for assistance, saving valuable treatment time and potentially reducing accidents. These factors drive the adoption of smart speakers in commercial applications, creating lucrative opportunities for market growth.
The global speaker market is segmented by product type, size, end use, sales channel, price, and region. Product types include smart speakers, home audio speakers, portable speakers, and true wireless stereo (TWS). Sizes are categorized as small, medium, and large. End uses are classified as personal and commercial. Sales channels include online and offline. Prices are analyzed within different ranges, such as less than $50, $50 to $100, $100 to $200, and more than $200.
The global speaker market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific held the largest market share in 2019 and is expected to grow at the fastest rate throughout the forecast period.
Key market players profiled in the report include 3nod Group, AAC Technologies Holdings Inc., Alphabet Inc., Amazon.com, Inc., Bose Corporation, Fortune Grand Technology Inc., Foster Electric Company, Limited, Guoguang Electric Company Limited, Koninklijke Philips N.V., Guangzhou Merry Audio Equipment Co. Ltd., Premium Sound Solutions, Samsung Electronics Co., Ltd., Sony Corporation, Tonly Electronics Holdings Limited, and Tymphany HK Limited.
Asia-Pacific held a dominant position in 2022 and is projected to experience the highest growth rate during the forecast period.
In the speaker market, many competitors have adopted product launches as a key strategy to expand their product portfolios. For example, Alphabet Inc., under its brand Google, introduced the Nest Mini product in October 2019. This smart speaker, supported by Google Assistant, offers powerful sound at a more affordable price. Similarly, in May 2023, Samsung Electronics, Co., Ltd., through its brand JBL, launched the Flip 5 portable Bluetooth speaker, which is made from recycled plastic and comes in biodegradable eco-friendly packaging to promote sustainable sales.
Key Benefits for Stakeholders:
- The report provides a comprehensive analysis of current and emerging trends and dynamics in the global speaker market.
- Market estimations for key segments between 2019 and 2030 are conducted, enabling in-depth analysis.
- The top competitors in the market are monitored and their product positioning is analyzed within the market framework.
- The report includes a comprehensive analysis of speaker market opportunities in all countries.
- Global speaker market forecasts from 2023 to 2030 are provided.
- The profiles of key market players are included, and their strategies are thoroughly analyzed, providing insights into the industry's competitive outlook.
Global Speaker Market Segments
By Product Type
- Smart speakers
- Home audio speakers
- Portable speakers
- True wireless stereo (TWS)
By End Use
By Sales Channel
- Less than $50
- $50 to $100
- $100 to $200
- More than $200
- North America
- Middle East
- 3nod Group
- AAC Technologies Holdings Inc.
- Alphabet Inc.
- Amazon.com, Inc.
- Bose Corporation
- Fortune Grand Technology Inc.
- Foster Electric Company Limited
- Guoguang Electric Company Limited
- Koninklijke Philips N.V.
- Guangzhou Merry Audio Equipment Co. Ltd.
- Premium Sound Solutions
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Tonly Electronics Holdings Limited
- Tymphany HK Limited
Table and Figures
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