The growing popularity of smart speakers and true wireless stereo is anticipated to boost the global speaker market considerably.
The global speaker market size is expected to reach $233,274.6 million in 2027 from $39,576.5 million in 2019, growing at a CAGR of 30.5% from 2020 to 2027. Introduction of smart speakers has revolutionized the speaker industry by providing innumerable features such as active voice control, integration with home automation devices, artificial intelligence features, and data analyses
Key determinants in the market-
Advancement in AI virtual assistant technologies and developments in battery technologies augment the growth of the global speaker market. Conversely, data privacy and security concerns impede the market growth. Nevertheless, emergence of smart speakers in commercial applications ushers a number of opportunities in the near future.
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- Due to the novel coronavirus outbreak, the manufacturing and supply chain procedures have been halted. Also, research and development (R&D) activities of key players have been paused across the globe.
- The sale of speakers has been reduced during the Covid-19 outbreak due to the operational restrictions on sales channels such as specialty stores and e-commerce platforms.
- However, certain manufacturing firms have restarted their projects and plan owing to the relaxations imposed on the restrictions, by the government bodies, in several regions.
The medium segment dominated the market in 2019-
Based on portability, the medium segment accounted for the largest share in 2019, contributing to more than half of the the global speaker market , and is estimated to maintain its dominant position during the forecast period. The installation of drivers with sizes ranging from 20 to 50mm in portable speakers offers easy operation through Bluetooth, which drives the growth of the segment. Conversely, the small segment is expected to register the highest CAGR of 40.4% from 2020 to 2027. The advantages such as freedom of movement, and user convenience along with rapid technological growth drive the growth of the segment.
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The personal segment would lead throughout the forecast period-
Based on end use, the personal segment contributed to the largest share in 2019, holding for nearly 99% of the the global speaker market , and is expected to maintain the lion's share throughout the forecast period. High volume adoption of speakers for personal applications boosts the growth of the segment. Nevertheless, the commercial segment is estimated to portray the highest CAGR of 41.4% during the forecast period. This is attributed to the identification of benefits from speakers, especially smart speakers.
Asia-Pacific to rule the roost, North America to grow significantly throughout 2027-
Based on region, Asia-Pacific dominated the market with more than two-fifths of the the global speaker market analysis in 2019, and will maintain its dominance throughout the forecast period. Furthermore, the same region is expected to grow at the highest CAGR of 33.0% from 2020 to 2027. This is due to factors such as availability of the highest number of speaker users and increase in expenditure capacity of people in this region. Moreover, North America is projected to grow at a CAGR of 28.8% during the forecast period.
Leading market players-
- Fortune Grand Technology Inc.
- Koninklijke Philips N.V.
- Guoguang Electric Company Limited
- Samsung Electronics Co., Ltd.
- Guangzhou Merry Audio Equipment Co. Ltd
- 3nod Group
- Alphabet Inc.
- AAC Technologies Holdings Inc.
- Bose Corporation
- Amazon.com, Inc.
- Foster Electric Company Limited
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