Global Wireless Speaker Market Outlook 2021-2026 - Major Players are Alibaba, Alphabet (Google), Amazon.com, Apple, Bose, Samsung Electronics, Sonos & Sony
DUBLIN, Feb. 15, 2021 /PRNewswire/ -- The "Wireless Speaker Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The wireless speaker market by revenue is expected to grow at a CAGR of over 14% during the period 2021-2026.
Wireless speakers are experiencing high application in the residential segment. These devices are used for music streaming via smartphones or other hand-held devices at home. Multi-room types are gaining popularity and boosting the market growth. With a high number of consumers recognizing the benefits of hybrid devices, including portability, power-saving options, easy installation, and high sound quality, they are gaining prominence in the residential segment.
Over 375 million units of wireless speakers are expected to be sold by 2026 via offline distribution channels, which include specialty stores, supermarkets and hypermarkets, and electronic stores. The entry of Wi-Fi and Bluetooth speaker manufacturers in the traditional market has increased the sale of smart speakers through retail stores worldwide. Online distribution channels are likely to account for approx. $38 billion by 2026.
Compared to retail stores, online stores offer a variety of options to choose from, which is one of the major factors contributing to the growth. Online retailers offer devices at discounted prices rather than list prices that could apply to electronic stores and other brick-and-mortar distribution channels. However, the online segment could face strong competition from the retail segment in the future due to the expected entry of traditional speaker manufacturers and other electronic device vendors in the market.
INSIGHTS BY GEOGRAPHY
A growing concept of smart home technology in the APAC region is likely to influence the wireless speaker market. Over 88% of consumers in China have some knowledge of smart homes, which is expected to emerge as a strong driver for smart home technology. China and India are the fastest-growing economies in the APAC region.
The smart home market in China is expected to reach over $21 billion by 2023. The influence of Bluetooth in Chinese homes has been remarkable, where the adoption of automation solutions and IoT-based products is expected to grow 3X times during the forecast period. The consumer awareness about smart home technology in Japan stands at over 50%. The awareness of smart homes is also high in South Korea with about 90% of people stating their awareness of the technology.
INSIGHTS BY VENDORS
KEY QUESTIONS ANSWERED
Key Topics Covered:
Market Opportunities & Trends
Market Growth Enablers
Other Major Vendors
For more information about this report visit https://www.researchandmarkets.com/r/pq4lr8
Research and Markets
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