Enjoy complimentary customisation on priority with our Enterprise License!
The global multimedia speakers market size is estimated to grow by USD 29.8 billion between 2023 and 2028 at a CAGR of 13.64%. The popularity of home entertainment units, technological innovations in audio systems, and new product launches by prominent brands is driving the market growth. For instance, in June 2022, Bose announced the launch of the Soundlink Flex portable Bluetooth speaker. The Flex features a brand-new, grabbable, and extremely durable design and offers the best audio performance for a portable speaker of this size. It is loaded with unique Bose technology to create a rich, clear sound that is loud enough for any outdoor adventure. The speaker is improved to offer rich, lifelike sound regardless of whether it is upright, hanging, or flat on its back because of the use of patented Bose PositionIQTM technology.
View the Bestselling Sample Report
In the market, businesses seek vendor selection methodologies based on both qualitative and quantitative research. This holistic overview includes accurate market growth estimates derived from historical performance and anticipated performance analysis. A SWOT analysis is a strategic approach to evaluating lucrative opportunities and costs in commercial development. Macro-economic analysis and pricing analysis are essential components of new business development reports. By considering a vendor's strengths, past financial statements, and market position, businesses can make informed decisions for personal use and commercial applications. The market offers numerous investment opportunities, and understanding the cost structure and anticipated performance is crucial for successful commercial development. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing consumer preferences for in-home entertainment systems are notably driving market growth. The market is experiencing significant growth due to the shift in consumer lifestyle and preferences towards in-home entertainment. This trend is driven by the convenience and affordability of in-home entertainment systems compared to outdoor leisure pursuits. The market is characterized by a dynamic landscape with businesses seeking to meet the increasing demand for high-quality audio experiences. Quality certifications and vendor selection methodologies are crucial factors in the market. Accurate market growth statistics reveal historical performance and anticipated performance, providing businesses with valuable guidance for new product development and investment opportunities. A holistic overview of the market includes SWOT analysis, macro-economic analysis, consumer buying behavior, and value chain analysis.
Further, social factors and pricing analysis are also essential considerations. The market caters to both personal and commercial use applications, offering lucrative opportunities for businesses. Cost and commercial development are significant factors in the market, with feasibility studies and joint ventures playing a crucial role in business success. The future path of the market is influenced by macro-economic analysis, industry statistics, and subject-related expert advice. Businesses seeking to enter the market or expand their existing operations require thorough research and a solid understanding of the market's complexities.
These factors will boost the growth of the global market during the forecast period.
The rise in purchase through online platforms is an emerging trend in the market. The market is experiencing significant growth due to shifting consumer preferences, media consumption habits, and lifestyle trends. This dynamic landscape is driven by the adoption of smart, wireless, and portable multimedia speakers, which boast qualitative features such as built-in wireless connectivity and smart integrations. The home entertainment industry's revenue growth is fueled by the increasing penetration of smart LED/LCD TVs and the surge in demand for smart connectivity solutions using Bluetooth, NFC, and Wi-Fi technologies.
Moreover, to gain a holistic overview of the market, businesses require accurate statistics, historical performance, and anticipated performance. Vendor selection methodology and qualitative research are crucial for making informed decisions. SWOT analysis and macro-economic analysis provide guidance on the future path to success. The market offers lucrative opportunities for both personal and commercial use applications. Cost, commercial development, and macro-economic analysis are essential factors to consider. New business development and investment opportunities are influenced by the country GDP, consumer buying behavior, and social factors. Value chain analysis, pricing analysis, and business development reports provide subject-related expert advice for feasible joint ventures and strategic partnerships. Thus, these factors will drive the growth of the market during the forecast period.
The growing availability of counterfeit products is a major challenge impeding market growth. The market presents a dynamic landscape with numerous businesses vying for success. To ensure the delivery of high-quality products, vendors prioritize obtaining relevant quality certifications. In selecting business partners, a rigorous vendor selection methodology is employed, incorporating qualitative research and accurate market growth estimates based on historical performance and anticipated performance. A holistic overview of the industry involves SWOT analysis, considering strengths, weaknesses, opportunities, and threats. The future path of the market is influenced by various factors, including cost, commercial development, and macro-economic analysis.
Additionally, new business development and investment opportunities are shaped by country GDP, consumer buying behavior, and social factors. Value chain analysis and pricing analysis provide essential guidance for businesses looking to navigate this industry. Despite the challenges posed by technical issues such as latency, interference, and loss of transmission, lucrative opportunities exist in both personal use and commercial applications. Subject-related expert advice is crucial for feasibility studies and potential joint ventures. Therefore, these factors will create challenging situations for vendors, thereby, hindering the growth of the global market during the forecast period.
The 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.
Audioengine LLC - The company offers speakers, wireless adapters, speaker stands, amplifiers, and accessories. The key offerings of the company include multimedia speakers.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market players, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the Wireless Multimedia Speakers segment will be significant during the forecast period. The market exhibits accurate market growth, with significant advancements in technology and product design leading to increased demand for high-end speakers. In the US, retail sales in electronics and appliance stores reached approximately USD 8 billion in November 2021. Businesses seeking a holistic overview of this industry can benefit from qualitative research, SWOT analysis, and macro-economic analysis. Key factors influencing the market include vendor selection methodology, cost, consumer buying behavior, and country GDP.
Get a glance at the market contribution of various segments View PDF Sample
The Wireless Multimedia Speakers segment was valued at USD 16.90 billion in 2018 and continued to grow until 2022. Quality certifications play a crucial role in ensuring product feasibility and success. New business development and investment opportunities exist in this dynamic landscape, with lucrative prospects for personal use and commercial applications. Subject-related expert advice and value chain analysis are essential for navigating the industry's complex pricing analysis and business development strategies. Hence, these factors are expected to boost the growth of the segment during the forecast period.
For more insights on the market share of various regions View PDF Sample now!
APAC is estimated to contribute 45% 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 APAC region, characterized by political stability and increasing government spending, is the leading and fastest-growing market. This growth can be attributed to the surge in disposable income, facilitated by e-commerce platforms. Quantitative research indicates a 7.23% increase in disposable income in India during 2018-2019, and a 3.7% rise in Singapore. Strategic companies capitalize on these opportunities by focusing on partnerships, mergers and acquisitions, and new product launches. However, threats such as intense competition and economic instability persist. A winning imperative for market players includes a strong financial statement, strategic approach, and company industry footprint. Political factors and government spending continue to influence the market landscape.
Moreover, APAC is witnessing a significant rise in the adoption of online sales channels for purchasing consumer electronic goods. The increase in the penetration of smartphones and internet facilities, along with the proliferation of online payment facilities, has boosted the use of online purchases across the region. According to the United Nations Economic and Social Commission for Asia and the Pacific, in 2021, APAC was the fastest-growing region in the global e-commerce market and contributed a dominating share in business-to-consumer e-commerce sales. Such high growth in the adoption of e-commerce in APAC is offering lucrative growth opportunities to vendors in the global market during the forecast period. Furthermore, the majority of people in APAC are shifting to smart lifestyles, owing to which the penetration of smart homes in the region is expected to surpass the US by 2030. Such an increase in the adoption of smart home devices is providing lucrative growth opportunities to the vendors offering wireless, portable, and smart multimedia devices in APAC. Thus, all the above-mentioned factors will boost the growth of the regional 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
You may also interested in below market reports:
The market has been experiencing significant growth in recent years, driven by the increasing demand for high-quality audio experiences in various applications. With the proliferation of devices such as computers, smartphones, and gaming consoles, the need for superior sound output has become essential. Marketers can target specific demographics, such as tech-savvy millennials and Gen Z, who are always on the lookout for the latest audio technology. They can also focus on the growing trend of smart homes and the integration of multimedia speakers into home automation systems. Moreover, the increasing popularity of streaming services and online gaming platforms has led to a surge in demand for high-quality audio output. Brands can differentiate themselves by offering unique features, such as voice control, present, company’s regional footprint, customizable equalizer settings, and compatibility with various devices. In conclusion, the market presents a lucrative opportunity for marketers to tap into the growing demand for superior audio experiences. By leveraging the latest technology and targeting specific demographics, they can create compelling campaigns that resonate with consumers and drive sales.
In the Market, confidence and direction are key drivers guiding the industry's trajectory. The demand for Multimedia Speakers remains robust, with consumers increasingly seeking immersive audio experiences across the residential and commercial sectors. Publishers play a crucial role in synthesizing market data, providing a comprehensive summation that informs industry stakeholders of prevailing trends and opportunities. In this dynamic market, promotions are essential in highlighting the safety enhancements and winning imperatives of multimedia speaker products. Companies focus their research methodology on understanding consumer preferences and evolving technological trends, aligning their current focus with market demands. Moreover, companies leverage their regional footprint to cater to diverse consumer needs and preferences, ensuring a strong presence in key markets. As the Market continues to evolve, confidence in innovation and strategic direction drives industry players towards success. With a keen understanding of consumer demand and a commitment to safety enhancement, companies navigate the competitive landscape with confidence, ensuring their products resonate with consumers' preferences and expectations.
Market Scope |
|
Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2018-2022 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.33% |
Market growth 2023-2027 |
USD 21.33 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
10.69 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altec Lansing Inc., Audioengine LLC, Bang and Olufsen Group, Bose Corp., Bowers and Wilkins, Creative Technology Ltd., Edifier International Ltd., Feltron Industries Pvt. Ltd., GP Industries Ltd., Koninklijke Philips NV, Logitech, Onkyo Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Shenzhen Fenda Technology Co. Ltd., Terratec Ltd., Yamaha Corp., Sony Group Corp., LG Electronics Inc., and Unitech India |
Market dynamics |
Parent market analysis, market forecast, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market research 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 Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.