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The portable speaker market size is forecast to increase by USD 19.42 billion, at a CAGR of 20.62% between 2024 and 2028. The market is experiencing significant growth, driven by several key trends. The rise in the number of smart homes is fueling demand for wireless speakers that can seamlessly integrate with home automation systems. Additionally, the growing popularity of multi-room streaming services is encouraging consumers to invest in multiple portable speakers for immersive audio experiences. However, the market also faces challenges, including the easy availability of counterfeit products that undercut prices and compromise on quality. To stay competitive, market players are focusing on innovation, such as advanced audio technologies and voice control features, to differentiate their offerings and cater to evolving consumer preferences. In summary, the portable speaker market is poised for continued growth, driven by smart home integration, multi-room streaming, and innovation, while contending with the challenge of counterfeit products.
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Online streaming services have transformed how we enjoy media, with tablets, laptops, and smartphones being popular devices for accessing content. For outdoor and recreational activities, portable Bluetooth speakers and sound bars offer flexibility with movable wireless streaming audio. Bluetooth-enabled devices like Skullcandy headphones and portable docking speakers provide high-quality sound, while subwoofer systems and high-end home theatre systems enhance indoor listening experiences. In-wall speakers and smart speakers integrate seamlessly into home environments. Devices with IPX8 water resistance and rechargeable batteries are ideal for rugged use. Connectivity is bolstered by Wi-Fi-based networks, ensuring smooth streaming across tablets, laptops, and smartphones. Whether you’re looking for wall units or sound bars, these technologies accommodate all your audio needs, ensuring an immersive experience tailored to your preferences.
One of the key factors driving growth in the portable speaker market is the rise in the number of smart homes. Many homes in developed countries like the US and the UK are leveraging the Internet of Things technology and remodeling to smart homes. These smart homes connect all consumer electronic devices, media and entertainment gadgets, and other smart electronics to the home network. The devices interact with each other through the home network. The demand for smart homes is driven by energy-saving requirements, the need for convenience, and rising connectivity between various devices. The demand is also driven by government initiatives that promote smart homes for better living. Wireless portable speakers facilitate the communication between the devices connected to the home network and provide easy streaming of content like music and videos. The smart home market has already established its presence in developed markets, and it is expected to have significant growth in developing countries during the forecast period.
The growing popularity of multi-room streaming is a portable speaker market trend that is expected to have a positive impact in the coming years. The advent of networked audio means the removal of much of the effort, expense, and time, as all audio devices are wirelessly connected with technologies such as Bluetooth, Wi-Fi, or AirPlay. The growing trend of maintaining speakers in all the rooms is supporting the growth of the market. Multi-room speakers need to be connected to one master speaker that can be connected wirelessly with Bluetooth, Wi-Fi, or AirPlay. Bluetooth speakers constitute more than 75% of the market.SRS-X77, SRS-X88, and SRS-X99 Bluetooth speakers by Sony and WAM250/ZA and WAM7500/ZA Bluetooth speakers by Samsung Electronics have multi-room streaming features. In March 2022, Sonos Roam SL, a portable speaker manufacturer, launched a portable speaker with both Bluetooth And Wi-Fi, which can be added to multi-room audio systems. Thus, such product innovations are likely to boost the growth of the market during the forecast period.
The easy availability of counterfeit products will be a major challenge for the portable speaker market during the forecast period. Leading manufacturers are facing a major threat because of the availability of counterfeit products from unauthorized dealers and at local stores. APAC is considered the hub for counterfeit products. Consumers get attracted to counterfeit products because they are inexpensive, easily available, and copies of big brands. The popularity and presence of these products are likely to intensify the competition in the market. Counterfeit products usually fail to allow smartphones to detect Bluetooth. The compatibility issues and decline in the cost of Bluetooth speakers will likely have a negative impact on the growth of the market during the forecast period.
The market forecasting 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 market growth analysis strategies.
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.
Altec Lansing Inc.: The company offers portable speakers such as Soundbucket XL, Rockbox XL, Mini Lifejacket Jolt, Soundbucket, Lifejacket XL Jolt, and Hydraboom.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 offline segments is estimated to witness significant growth during the forecast period. The offline segment in the global portable speaker market remains significant, catering to consumers who prefer the tactile experience of shopping in physical stores. This segment includes electronics retailers, department stores, specialized audio shops, and big-box stores. Customers value the opportunity to physically examine and test portable speakers before purchasing, assessing features like sound quality, build, and design firsthand.
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The offline segments accounted for USD 4.54 billion in 2023 and showed a gradual increase during the forecast period. In-store demonstrations and expert consultations enhance the shopping experience, providing personalized advice and immediate answers to queries. Additionally, offline stores often feature exclusive models or brands not readily available online, appealing to niche markets. Promotions, in-store events, and bundled offers further attract shoppers. The offline segment also benefits from the trust and reputation of established retail chains, which can provide post-purchase support and warranty services. For many consumers, the ability to take home a product immediately without waiting for delivery is a key advantage, solidifying the relevance of the offline segment in the market. Thus, such factors are expected to drive the growth of the segment of the focused market during the forecast period.
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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. The growth of the market in the region is driven by the high population and rising disposable income. The presence of leading vendors like Sony and Samsung Electronics in the region contributes to the increasing awareness of speakers in the region. The portable speaker industry in APAC is likely to experience the highest growth during the forecast period.
Moreover, the growth in disposable income and the rise in the purchase of portable speakers through online channels are driving strong growth in the sales of portable speakers in the region. Countries such as China, India, Japan, Malaysia, and Singapore are witnessing a constant growth in the disposable income of people. For instance, according to the International Monetary Fund (IMF) World Economic Outlook 2021, the gross domestic product (GDP) per capita of India was USD2,191 during 2020-21. Similarly, according to the Government of Singapore, the average monthly household income from work per household member in Singapore rose by 2.8% during 2020-2021. The increase in disposable income across APAC countries is driving consumer spending on leisure items, such as home entertainment products, including advanced and high-end portable speakers. Therefore, such factors are likely to increase the demand for portable speakers 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 2024-2028, as well as historical data from 2018-2022 for the following segments.
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Innovation in sound quality is driving advancements in audio technology, with new wireless-based audio devices like the Furrion LIT speaker offering enhanced performance. For tech-savvy young adults, fitness enthusiasts, and professionals, devices such as smart phones, tablets, and laptops now integrate advanced features, including Bluetooth SIG protocols, NFC devices, and infrared technology. Advanced codecs and noisecanceling technologies improve listening experiences, while hi-fi systems with Bluetooth and Wi-Fi connection enable seamless streaming. Rechargeable batteries, particularly lithium polymer, extend battery life for on-the-go use. Digital interfaces include USBs and card readers, complementing disco lighting and smart assistants like Google Assistant. The Terrain mini and Terrain XL models represent the latest in Bluetooth-enabled devices, ensuring compatibility with modern audio setups. Addressing the threat of piracy, these systems continue to evolve, balancing innovation in sound quality with robust security measures.
Market Scope |
|
Report Coverage |
Details |
Page number |
163 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 20.62% |
Market growth 2024-2028 |
USD 19.42 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
16.56 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 45% |
Key countries |
China, US, Germany, Japan, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aliph Brands LLC, Altec Lansing Inc., Apple Inc., Bose Corp., Creative Technology Ltd., Koninklijke Philips N.V., LG Electronics Inc., Logitech International SA, Masimo Corp., Panasonic Holdings Corp., Pioneer Corp., Plantronics Inc., Samsung Electronics Co. Ltd., Sennheiser Electronic GmbH and Co. KG, Shure Inc., Skyworks Solutions Inc., Sony Group Corp., Truvison Industries Pvt. Ltd., Yamaha Corp., and ZAGG Inc. |
Market dynamics |
Parent market analysis, Market forecasting growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
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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