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Speakers Market: 13.37% Y-O-Y Growth Rate in 2021 | Market Size by Technology, Product, Geographic Scope, and Forecast
NEW YORK, July 5, 2022 /PRNewswire/ -- One of the key factors driving growth in the Speakers Market is the increasing adoption of smart speakers. Smart speakers are emerging as one of the key enablers of home automation and smart home concepts. They provide control of a few or several connected device functionalities based on the voice commands of users. Such speakers are voice-controlled and are equipped with smart assistants, which take inputs from users and perform the required actions. The smart assistants equipped in smart speakers are also designed to deliver content related to weather forecasts, news, meeting updates, security alerts, and notifications related to the appliances used by the users. These features of smart speakers have significantly increased their demand from end-users. Hence, vendors have been compelled to develop new products. Several start-ups have also been attracted to the market, and some of them are adopting crowdfunding strategies to enter the market. All these factors drive the growth of the global speakers market.
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The Speakers Market Share is expected to increase by USD 28.37 billion from 2020 to 2025, with an accelerated CAGR of 14%- according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
Vendor Insights-
The speakers market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp. among others. Moreover, the market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
- Alphabet Inc.- The company offers smart speaker designed by Google, which enables users to interact with services through Google Assistant, which is a personal assistant software, through voice commands.
- Bose Corp.- The company delivers wall to wall stereo sound and has built-in Amazon Alexa, which can be connected through home Wi-Fi network or Bluetooth.
- Koninklijke Philips NV- The company offers Bluetooth speaker that delivers high-powered sound. It also lights up in sync with the beats and is available in a splash-proof design with wide range of setting. It can also be connected to SD Card and has a radio connectivity.
Find additional highlights on the vendors and their product offerings. View Sample Report
Regional Market Outlook
The speakers market is segmented by technology (wireless speakers and wired speakers), product (stereo speakers and smart speakers), and geography (APAC, North America, Europe, South America, and MEA). 45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for speakers in APAC. Market growth in this region will be faster than the growth of the market in other regions. The adoption of speakers in APAC is increasing with the rising emergence of communication infrastructure comprising high-speed networks. Also, the buying power of end-users is increasing in countries such as India and China, which can create a potential demand for new technologies such as smart homes. This will facilitate the speakers market growth in APAC over the forecast period.
More key highlights on the regional market share of most of the above-mentioned countries. Look out for more information on market dynamics scenario, demand & supply forces, product offerings, financial information, and SWOT analysis. All at affordable Plans
Speakers Market Trend:
- Popularity of multi-room streaming speakers:
Multi-room streaming speakers improve the convenience of accessing music devices. Such speakers have Wi-Fi connectivity, which enables the streaming of music from one speaker to another. The growing trend of installing several speakers by a single user is increasing the adoption of multi-room streaming speakers. The popularity of multi-room streaming speakers is increasing as most of their key components are compatible with voice assistants such as Amazon Alexa and Google Assistant. The vendors are focusing on releasing multi-room streaming speakers to increase their market share. With the growth of music streaming services, the demand for multi-room streaming speakers is expected to increase, which will drive the growth of the market.
Find additional information about various other market Drivers & Trends available with Technavio. Request for the Sample Report
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Automotive Audio Speakers Market by Application and Geography - Forecast and Analysis 2021-2025: The automotive audio speakers market share is expected to increase by USD 6.37 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 7.29%. The availability of cost-effective aftermarket speakers is notably driving the market growth, although factors such as design complexities and high costs of advanced automotive audio systems may impede market growth. Find More Exclusive Research Insights Here
Smart Home Speaker Market in US by Platform, Distribution Channel, and Geography - Forecast and Analysis 2022-2026: The smart home speaker market share in US is expected to increase to USD 3.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.45%. The market is fragmented and the vendors are deploying growth strategies such as new product launches to compete in the market. Find More Exclusive Research Insights Here
Speakers Market Scope
| Report Coverage
| Details
| Page number
| 120
| Base year
| 2020
| Forecast period
| 2021-2025
| Growth momentum & CAGR
| Accelerate at a CAGR of 14%
| Market growth 2021-2025
| $ 28.37 billion
| Market structure
| Fragmented
| YoY growth (%)
| 13.37
| Regional analysis
| North America, Europe, APAC, South America, and MEA
| Performing market contribution
| APAC at 45%
| Key consumer countries
| China, US, Germany, Japan, and UK
| Competitive landscape
| Leading companies, competitive strategies, consumer engagement scope
| Companies profiled
| Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp.
| Market Dynamics
| Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
| Customization preview
| If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
|
Table of Contents
1 Executive Summary
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 01: Parent market
- Exhibit 02: Market characteristics
- 2.2 Value chain analysis
- Exhibit 03: Value Chain Analysis - Consumer electronics
3 Market Sizing
- 3.1 Market definition
- Exhibit 04: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 05: Market segments
- 3.4 Market outlook: Forecast for 2020 - 2025
- Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
- Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)
4 Five Forces Analysis
- 4.1 Five Forces Summary
- Exhibit 08: Five forces analysis 2020 & 2025
- 4.2 Bargaining power of buyers
- Exhibit 09: Bargaining power of buyers
- 4.3 Bargaining power of suppliers
- Exhibit 10: Bargaining power of suppliers
- 4.4 Threat of new entrants
- Exhibit 11: Threat of new entrants
- 4.5 Threat of substitutes
- Exhibit 12: Threat of substitutes
- 4.6 Threat of rivalry
- Exhibit 13: Threat of rivalry
- 4.7 Market condition
- Exhibit 14: Market condition - Five forces 2020
5 Market Segmentation by Product
- 5.1 Market segments
- Exhibit 15: Product - Market share 2020-2025 (%)
- 5.2 Comparison by Product
- Exhibit 16: Comparison by Product
- 5.3 Stereo speakers - Market size and forecast 2020-2025
- Exhibit 17: Stereo speakers - Market size and forecast 2020-2025 ($ billion)
- Exhibit 18: Stereo speakers - Year-over-year growth 2020-2025 (%)
- 5.4 Smart speakers - Market size and forecast 2020-2025
- Exhibit 19: Smart speakers - Market size and forecast 2020-2025 ($ billion)
- Exhibit 20: Smart speakers - Year-over-year growth 2020-2025 (%)
- 5.5 Market opportunity by Product
- Exhibit 21: Market opportunity by Product
6 Market Segmentation by Technology
- 6.1 Market segments
- Exhibit 22: Technology - Market share 2020-2025 (%)
- 6.2 Comparison by Technology
- Exhibit 23: Comparison by Technology
- 6.3 Wireless speakers - Market size and forecast 2020-2025
- Exhibit 24: Wireless speakers - Market size and forecast 2020-2025 ($ billion)
- Exhibit 25: Wireless speakers - Year-over-year growth 2020-2025 (%)
- 6.4 Wired speakers - Market size and forecast 2020-2025
- Exhibit 26: Wired speakers - Market size and forecast 2020-2025 ($ billion)
- Exhibit 27: Wired speakers - Year-over-year growth 2020-2025 (%)
- 6.5 Market opportunity by Technology
- Exhibit 28: Market opportunity by Technology
7 Customer landscape
- 7.1 Overview
- Exhibit 29: Customer landscape
8 Geographic Landscape
- 8.1 Geographic segmentation
- Exhibit 30: Market share by geography 2020-2025 (%)
- 8.2 Geographic comparison
- Exhibit 31: Geographic comparison
- 8.3 APAC - Market size and forecast 2020-2025
- Exhibit 32: APAC - Market size and forecast 2020-2025 ($ billion)
- Exhibit 33: APAC - Year-over-year growth 2020-2025 (%)
- 8.4 North America - Market size and forecast 2020-2025
- Exhibit 34: North America - Market size and forecast 2020-2025 ($ billion)
- Exhibit 35: North America - Year-over-year growth 2020-2025 (%)
- 8.5 Europe - Market size and forecast 2020-2025
- Exhibit 36: Europe - Market size and forecast 2020-2025 ($ billion)
- Exhibit 37: Europe - Year-over-year growth 2020-2025 (%)
- 8.6 South America - Market size and forecast 2020-2025
- Exhibit 38: South America - Market size and forecast 2020-2025 ($ billion)
- Exhibit 39: South America - Year-over-year growth 2020-2025 (%)
- 8.7 MEA - Market size and forecast 2020-2025
- Exhibit 40: MEA - Market size and forecast 2020-2025 ($ billion)
- Exhibit 41: MEA - Year-over-year growth 2020-2025 (%)
- 8.8 Key leading countries
- Exhibit 42: Key leading countries
- 8.9 Market opportunity by geography
- Exhibit 43: Market opportunity by geography ($ billion)
9 Drivers, Challenges, and Trends
10 Vendor Landscape
- 10.2 Landscape disruption
- 10.3 Competitive Scenario
11 Vendor Analysis
- 11.2 Market positioning of vendors
- 11.7 Koninklijke Philips NV
- 11.10 Samsung Electronics Co. Ltd.
12 Appendix
- 12.2 Currency conversion rates for US$
- 12.3 Research methodology
- 12.4 List of abbreviations
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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