Multimedia Speakers Market by Distribution Channel, Type, and Geography - Forecast and Analysis 2023-2027

The global multimedia speakers market size is estimated to grow by  USD 21.33 billion between 2022 and 2027 at a CAGR of 11.33% 

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.

This report extensively covers market segmentation by distribution channel (offline and online), type (wireless multimedia speakers and wired multimedia speakers), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.

What will be the size of the Multimedia Speakers Market During the Forecast Period?

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Multimedia Speakers Market: Key Drivers, Trends, Challenges, and Customer Landscape

Our researchers analyzed the data with 2022 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.

Key Multimedia Speakers Market Driver

The growing consumer preferences for in-home entertainment systems are notably driving market growth. Changes in consumer lifestyle and the choice of entertainment have resulted in a paradigm shift in the home entertainment industry. In-home entertainment options are rapidly gaining strength over outdoor entertainment options owing to the busy lifestyle of consumers and the easy availability of in-home entertainment systems to play music and video games as well as to watch movies. Moreover, in-home entertainment systems are proving to be an economical option in comparison to expensive outdoor leisure pursuits such as vacations, movie theaters, and sports events. Such factors have directly boosted the purchase of multimedia speakers that are finding extensive use in enhancing the audio experience while playing music and games as well as watching digital movies. 

Furthermore, the rise in disposable income is resulting in easy accessibility to expensive in-home entertainment options such as home theater systems. Vendors are also constantly enhancing the designs of speakers using inexpensive home theater systems to make them compact and easy to mount/place. For instance, they are offering wall mounting options, satellite mounting options, and soundbar speakers. These factors will boost the growth of the global market during the forecast period.

Significant Multimedia Speakers Market Trend

The rise in the purchase of multimedia speakers through online platforms is an emerging trend in the market. Customers are influenced by advertisements and promotions and are known to purchase impulsively on online platforms. Consumers are increasingly purchasing consumer electronic products on e-commerce platforms because of the benefits they offer. These benefits include convenience, ease of payment, discounts, and availability of a wide variety of products. 

Vendors are also increasingly using third-party e-commerce platforms to extend the reach of their products across the globe. Amazon.com and Snapdeal Pvt. Ltd. (Snapdeal) are among the online retailers that are offering branded multimedia speakers across the globe through their e-commerce platforms. These online retailers are offering attractive discounts and direct-to-home deliveries to attract consumers to purchase home entertainment systems through online distribution channels. Moreover, the increasing penetration of internet-enabled smartphones has resulted in consumers steadily shifting from conventional offline stores to online retail platforms. The provision of quick shipping services, the possibility of comparing products, and the availability of a wide range of products online are some of the major factors driving the sales of multimedia speakers through online distribution channels. Thus, these factors will drive the growth of the market during the forecast period.

Major Multimedia Speakers Market Challenge

The growing availability of counterfeit products is a major challenge impeding market growth. The easy availability of multimedia speakers on unauthorized distribution channels has driven the purchase of counterfeit products among consumers. The availability of counterfeit multimedia speakers is increasing across the globe owing to the lack of legislation to control counterfeit manufacturing in countries such as China, India, and Thailand. Moreover, the lack of surveillance in local supply chains is also resulting in the tampering and repackaging of products in supply chains. 

Certain price-sensitive consumers prefer to purchase counterfeit products owing to the easy availability of first-copy products and their cost-effectiveness. The growing popularity and availability of counterfeit multimedia speakers are intensifying price wars among vendors. Furthermore, vendors are incurring an additional cost in curtailing such grey market activities, and this is intensifying the cost pressure. Therefore, these factors will create challenging situations for vendors, thereby, hindering the growth of the global market during the forecast period.

Key Multimedia Speakers Market Customer Landscape

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.

Global Multimedia Speakers Market Customer Landscape

Who are the Major Multimedia Speakers Market Vendors?

Vendors 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 operates under one segment. The company under this segment 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 vendors, including:

• Altec Lansing Inc.
• 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.

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.

What is the Fastest-Growing Segment in the Multimedia Speakers Market?

The market share growth by the offline segment will be significant during the forecast period. The offline segment includes consumer electronics stores, hypermarkets and supermarkets, and specialty retail stores that sell multimedia speakers. Globalization has spurred investments in traditional commerce and subsequently increased the number of offline retail outlets. 

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The offline segment was valued at USD 15.43 billion in 2017 and continued to grow until 2021. Offline stores continue to appeal to consumers owing to their affinity toward experience-based purchase offerings. Several consumers continue to rely on in-store performance and store expert demos to make informed purchase decisions. With vendors increasingly emphasizing matching the online prices of their multimedia speakers with the store manufacturer's suggested retail price (MSRP), the price disparity between distribution channels has reduced considerably over the last few years. Vendors in the global market also offer their multimedia speakers through several leading retail supermarkets such as SPAR International, Walmart, Target, and ALDI. In addition, established vendors such as Bose, Edifier, and Philips have an extensive global presence through a wide distributor network. Hence, these factors are expected to boost the growth of the segment during the forecast period. 

Which are the Key Regions for the Multimedia Speakers Market?

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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.

APAC is the dominating and fastest-growing region in the global market. The growth in disposable income and the rise in the purchase of multimedia speakers through online sales channels are driving strong sales growth of multimedia speakers in the region. The rise in disposable income across APAC countries is increasing consumer spending on leisure items such as home entertainment products, including advanced and high-end multimedia speakers. 

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 multimedia speakers market.

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.

COVID-19 negatively impacted the market in APAC in 2020. However, the sales of portable multimedia speakers increased in 2021, owing to the gradual lifting of lockdown restrictions, which resulted in the opening of electronic manufacturing units. Additionally, in developing countries such as India, China, Vietnam, Thailand, and Singapore, the technological advancement and penetration of smartphones increased substantially due to the remote working scenarios and change in conventional studying methods owing to the lockdown restrictions of the pandemic. Growth in the regional economy, the announcement of financial packages to stimulate the growth of the major industries, including consumer electronics, the adoption of the online channel by vendors, and the commencement of digitization in business processes will augment the growth of the regional market during the forecast period.

Segment Overview

The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• Distribution Channel Outlook (USD Billion, 2017 - 2027)
  • Offline
  • Online

• Type Outlook (USD Billion, 2017 - 2027)
  • Wireless multimedia speakers
  • Wired multimedia speakers

• Region Outlook (USD Billion, 2017 - 2027)
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

Multimedia Speakers Market Scope
Report Coverage	Details
Page number	169
Base year	2022
Historic period	2017-2021
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 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 report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Multimedia Speakers Market Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the multimedia speakers market between 2023 and 2027
• Precise estimation of the size of the multimedia speakers market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of multimedia speakers market vendors

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