Growing consumer demand for better audio experiences is a key factor driving market revenue growth
The global speakers market size was USD 38.65 Billion in 2021 and is expected to register a revenue CAGR of 6.6% over the forecast period, according to the latest report by Reports and Data. Revenue growth of the market is expected to be driven by increase in consumer demand for better audio experience and rising need for improving communication among teams in a conference or meeting.
Clear voices are essential for effective conferences or meetings. Thus, speakers with high vocal frequencies are used to deliver a clear sound. A conference speaker will deliver a crisper and more reliable audio experience, which is one of the factors driving the market growth. In addition, the conference speakers are small, designed to not take up valuable desk space in an office, and they can also be connected to a variety of devices either wirelessly or through a cable. The speaker connects wirelessly to all devices, including smartphones, tablets, and computers. It uses the latest Bluetooth standard (5.0), which is more energy-efficient and improves audio quality and range significantly. Furthermore, growing number of organizations has resulted in more meetings and conferences, which has led to an increase in adoption of speakers, contributing to revenue growth of the market.
Companies profiled in the market report are Samsung Electronics Co., Ltd., Sony Corporation, Koninklijke Philips N.V., Apple, Inc., Guoguang Electric Company Limited, Google LLC, Amazon.com, Inc., Primax Electronics Ltd., Foster Electric Company, Limited, and LG Electronics.
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Some Key Highlights From the Report
- Home audio speakers segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing need to create an atmosphere or ambiance to accompany a presentation. Home speakers are widely used for entertainment purposes such as watching television, listening to music, and playing games. The new generation of speakers is equipped with surround sound, which improves sound quality and enhances entertainment experience.
- The wireless segment is expected to register a steady revenue growth rate during the forecast period owing to portability and ease of sharing music and making listening to music a social experience. The wireless speakers are also energy efficient since no additional power outlet is required. The wireless speakers also provide good sound clarity, which is needed for wholesome family entertainment, office presentations, outdoor picnics, and others.
- The medium segment is expected to register a rapid revenue growth rate during the forecast period. Speakers in the medium-size category are intended to manage the middle range of the spectrum, falling between 500 Hz and 4 KHz. This is the range of frequencies that are the source of most audible sounds, such as musical instruments and the human voice.
- The online segment is expected to account for largest revenue share over the forecast period owing to availability of a wide variety of speakers and ability to compare detailed information. The process of purchasing online also saves both time and energy in addition to giving a huge amount of discounts compared to shopping in an offline store.
- The personal segment is expected to register a fast revenue growth rate over the forecast period owing to increasing use of home and individual entertainment devices. The speaker is an output device that converts analog audio signals into audible sound when connected with a system. There are various types of speakers available in the market, such as wireless speakers, Bluetooth speakers, and USB speakers. Increasing adoption of speakers in personal portable music players, smartphones, and computers among others contribute to the growth of the segment. Rise in disposable incomes and changing lifestyles also contribute to the growth of virtual assistants and Bluetooth speakers that run audio content wirelessly.
- The market in North America is expected to account for largest revenue share in the global market during the forecast period. Rapid growth rate of the market is attributed to increasing presence of major market players such as Apple, Inc., Google, Amazon.com, Inc., and others, which is expected to boost revenue growth of the market in the region. In addition, rapid advancement in technology has also led to an increase in use of smart speakers in everyday life. According to data from 2019, the number of smart speakers has increased by more than 10% per user from 1.8 to 2.0. There are approximately 133 million smart speakers in the U.S. in 2019, which also boost revenue growth in the region. Adoption of smart home technologies has been boosted by rising disposable incomes in the U.S. and Canada. Thus, smart speakers powered by a voice-enabled virtual assistant have become the central controls for a variety of smart home functions, providing entertainment, answering questions, searching the web, and others. With rise of smart home technology, smart speakers have been becoming more popular in households worldwide. The number of global smart speaker shipments reached 186 million in 2020.
For the purpose of this report, Reports and Data has segmented the global speakers market based on product type, technology, size, sales channel, end-use, and region:
Product Type Outlook (Revenue, USD Billion; 2019-2030)
- Smart Speakers
- Home Audio Speakers
- Portable Speakers
- Others
Technology Outlook (Revenue, USD Billion; 2019-2030)
- Wireless
- Wired
Size Outlook (Revenue, USD Billion; 2019-2030)
- Small
- Medium
- Large
Sales Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online
- Offline
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Personal
- Commercial
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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