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The speakers market size is forecast to increase by USD 325.8 billion at a CAGR of 47.81% between 2023 and 2028. The market is experiencing significant expansion, driven by multiple influential factors. One key factor is the escalating adoption of smart speakers, which enable voice control and hands-free functionality. Another factor is the increasing penetration of smart homes, where integrated speakers are becoming essential components for automation and entertainment. Lastly, the popularity of wireless streaming of audio content has fueled demand for high-quality speakers that can deliver immersive sound experiences without the need for cords or wires. These trends are expected to continue shaping the growth trajectory of the speakers market in the coming years.
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The pro-AV industry is witnessing a revolution with advancements in audio technology and the integration of IoT. From sporting events to stadiums and public address systems, the demand for professional speaker market products is soaring. These speakers, powered by electrical signals, deliver crisp sound through transducers that convert electrical signals into sound waves. The audio and video (AV) industry is rapidly shifting towards digital medium, offering superior sound quality and flexibility. Wireless-based audio devices, including headphones, sound bars, and microphones, are becoming increasingly popular for home entertainment and communication purposes. They connect seamlessly to smartphones, tablets, and laptops, offering movable wireless streaming audio. As the demand for high-quality audio continues to rise, the pro-AV industry is focusing on innovative cabling solutions and audio technology to meet the evolving needs of consumers.
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.
Furthermore, these features of smart speakers have significantly increased their demand from end-users. Hence, companies 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 during the forecast period.
The popularity of multi-room streaming speakers is the primary trend factor supporting the speakers market share growth. 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.
Moreover, 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 companies 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 during the forecast period.
The privacy concerns associated with smart speakers will be a major challenge for the speakers market during the forecast period. Smart speakers are connected to a Wi-Fi access point. Hence, there is a possibility of cyber threats, which can lead to the leak of personal information. The functionalities of smart speakers include listening and recording voice, as well as sending the recorded audio to communication servers.
However, the presence of a faulty activation button can result in smart speakers recording entire conversations and sending them to back-end servers. The misinterpretation of background conversations as voice commands by smart speakers can hamper the privacy of users and their vulnerability to hacking. Such incidents affect the growth of the global speakers market during the forecast period.
The research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3nod Group - The company offers speakers such as Artistic Ultra-Thin Profile Speakers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the stereo speakers segment will be significant during the forecast period. A stereo speaker is a type of speaker in which two speakers are built into a single device. These speakers are usually positioned on the left and right sides of the device, and each speaker uses the respective channel of stereo sound, thus producing a stereo effect.
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The stereo speakers segment was valued at USD 10.80 billion in 2018 and continue to grow by 2022. In a stereo speaker, one of the pairs of speaker boxes is designed to be hooked up to separate amplifiers that reinforce one side of the stereo audio signal. Sometimes, a stereo speaker consists of multiple drivers and connections to take both sides of a stereo signal to be reproduced from a single speaker. The Jam Box/Mini Jambox is one example of a Bluetooth speaker that has multiple drivers (speakers) inside it to give the left and right sound from one unit. Such factors will increase the market growth during the forecast period.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The concept of smart homes is still in its early growth stage in APAC but is expected to gain popularity during the forecast period. The integration of voice assistant technology with speakers will result in the adoption of smart speakers as well as home automation devices. For instance, companies such as Amazon.com, Alibaba, and Xiaomi are offering innovative products with value-added features, such as voice assistants, to increase the adoption of speakers. The introduction of multi-room speakers to support smart home applications will drive the market during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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The market is experiencing significant growth, driven by advancements in sound technology and the rise of smart home technologies. From telecommunications to home use and commercial applications, speakers play a crucial role in modern audio systems. The market offers a wide range of options, including portable and stationary speakers, catering to different needs.
Furthermore, wireless capabilities and smart integrations are key trends, with Bluetooth technology enabling seamless connectivity to smartphones, tablets, and laptops. This connectivity extends to smart home setups, where speakers can be integrated with other connected devices to provide appliance notifications and enhance the overall user experience.
Moreover, as the market evolves, there is a growing focus on environmental impact and electronic waste. Manufacturers are increasingly catering to environmentally conscious consumers by offering rechargeable battery options and using sustainable materials in speaker construction. This shift aligns with the changing format of music consumption, where online streaming platforms and advanced music streaming services are gaining popularity over traditional methods.
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Market Scope |
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Report Coverage |
Details |
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Page number |
167 |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 47.81% |
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Market growth 2024-2028 |
USD 325.8 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
33.64 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 35% |
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Key countries |
China, US, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
3nod Group, AAC Technologies Holdings Ltd., Alphabet Inc., Altec Lansing Inc., Amazon.com Inc., Apple Inc., Bose Corp., Bowers and Wilkins, Fortune Grand Technology Inc., Foster Electric Co. Ltd., Guangzhou Merry Audio Equipment Co. Ltd., Koninklijke Philips N.V., Lenovo Group Ltd., LG Electronics Inc., Panasonic Holdings Corp., Pioneer India Electronics Pvt. Ltd., Premier Sound Solutions, Samsung Electronics Co. Ltd., Sony Group Corp., and Xiaomi Communications Co. Ltd. |
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Market dynamics |
Parent market analysis, Market forecasting, market report, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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