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Speakers Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR44290
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The speakers market share is expected to increase to USD 28.37 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 14%.

This speakers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers speakers market segmentation by technology (wireless speakers and wired speakers), product (stereo speakers and smart speakers), and geography (APAC, North America, Europe, South America, and MEA). The speaker industry 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.

What will the Speakers Market Size be During the Forecast Period?

Speakers Market Size

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Speakers Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing adoption of smart speakers is notably driving the speakers market growth, although factors such as privacy concerns associated with smart speakers may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the speakers industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Speakers Market Driver

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.

Key Speakers Market Trend

The popularity of multi-room streaming speakers is another 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. 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.

Key Speakers Market Challenge

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. 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.

This speakers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global speakers market as a part of the global consumer electronics market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the speakers market during the forecast period.

Who are the Major Speakers Market Vendors?

The report analyzes the market's competitive landscape and 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.
  • Xiaomi Corp.

 

This statistical study of the speakers market encompasses successful business strategies deployed by the key vendors. The speakers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Alphabet Inc. - The company offers a smart speaker designed by Google, which enables users to interact with services through Google Assistant, which is a personal assistant software, through voice commands.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The speakers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Speakers Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the speakers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chains is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the consumer electronics market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Aftersales service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Speakers Market?

Speakers Market Market segmentation by region

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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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic is expected to positively impact the growth of the speakers market in APAC during the forecast period. To limit the spread of the disease, private hospitals in the region have opted for smart speakers to provide assistance to healthcare professionals. Voice assistant usage amidst COVID-19 has been important for patients to alert nurses for needed help and keep health staff at a safe distance when contact is unnecessary. However, speakers have witnessed a slump in demand during the year 2020 due to several restrictions, such as lockdowns and trade restrictions, imposed by the various countries in the region.

What are the Revenue-generating Technology Segments in the Speakers Market?

Speakers Market Segmentation

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The speakers' market share growth in the wireless speakers segment will be significant during the forecast period. The advances in digital technology, with the shift from conventional to modern media systems, are expected to contribute to the growth of the stereo speakers segment. The demand for wireless stereo speakers is expected to increase, driven by the growing inclination of end-users toward appealing designs, high-quality sound, and unrestricted mobility. The emergence of numerous Bluetooth stereo speakers is expected to boost market growth during the forecast period. Vendors are focusing on introducing new products. For instance, in October 2019, Portronics launched Roar multifunction 24W stereo speakers with a true wireless connection in India.

This report provides an accurate prediction of the contribution of all the segments to the growth of the speakers market size and actionable market insights on post COVID-19 impact on each segment.

 

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

APAC, North America, Europe, 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

Key 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 recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

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

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive speakers market growth during the next five years
  • Precise estimation of the speakers market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the speakers industry across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of speakers market vendors

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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
  • 3.3 Market size 2020
    • 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

    • 9.1 Market drivers
      • 9.2 Market challenges
        • 9.3 Market trends

          10 Vendor Landscape

          • 10.1 Overview
            • 10.2 Landscape disruption
              • 10.3 Competitive Scenario

                11 Vendor Analysis

                • 11.1 Vendors covered
                  • 11.2 Market positioning of vendors
                    • 11.3 Alphabet Inc.
                      • 11.4 Amazon.com Inc.
                        • 11.5 Apple Inc.
                          • 11.6 Bose Corp.
                            • 11.7 Koninklijke Philips NV
                              • 11.8 LG Electronics Inc.
                                • 11.9 Panasonic Corp.
                                  • 11.10 Samsung Electronics Co. Ltd.
                                    • 11.11 Sony Corp.
                                      • 11.12 Xiaomi Corp.

                                        12 Appendix

                                        • 12.1 Scope of the report
                                          • 12.2 Currency conversion rates for US$
                                            • 12.3 Research methodology
                                              • 12.4 List of abbreviations

                                              Research Framework

                                              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

                                              TechnavioINFORMATION SOURCES

                                              Primary sources

                                              • Manufacturers and suppliers
                                              • Channel partners
                                              • Industry experts
                                              • Strategic decision makers

                                              Secondary sources

                                              • Industry journals and periodicals
                                              • Government data
                                              • Financial reports of key industry players
                                              • Historical data
                                              • Press releases
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                                              TechnavioDATA ANALYSIS

                                              Data Synthesis

                                              • Collation of data
                                              • Estimation of key figures
                                              • Analysis of derived insights

                                              Data Validation

                                              • Triangulation with data models
                                              • Reference against proprietary databases
                                              • Corroboration with industry experts
                                              Technavio

                                              TechnavioREPORT WRITING

                                              Qualitative

                                              • Market drivers
                                              • Market challenges
                                              • Market trends
                                              • Five forces analysis

                                              Quantitative

                                              • Market size and forecast
                                              • Market segmentation
                                              • Geographical insights
                                              • Competitive landscape
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                                              Speakers Market market growth will increase by $28.37 bn during 2021-2025.
                                              The speakers market market is expected to grow at a CAGR of 14% during 2021-2025.
                                              Technavio has segmented the speakers market market by technology (wireless speakers and wired speakers) ,product (stereo speakers and smart speakers) , and geography (North America, Europe, APAC, South America, and MEA).
                                              Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., Xiaomi Corp. are a few of the key vendors in the speakers market market.
                                              APAC will register the highest growth rate of 45% among the other regions. Therefore, the speakers market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
                                              The key factors driving the speakers market market growth are:
                                              • increasing adoption of smart speakers
                                              • popularity of multi-room streaming speakers
                                              The speakers market market vendors should focus on grabbing business opportunities from the wireless speakers segment as it accounted for the largest market share in the base year.
                                              • What are the key global market and the regional market share?
                                              • What are the revenue-generating key market segments?
                                              • What are the key factors driving and challenging this market’s growth?
                                              • Who are the key market vendors and their growth strategies?
                                              • What are the latest trends influencing the growth of this market?
                                              • What are the variables influencing the market growth in the primary regions?
                                              • What are the factors influencing the growth of the parent market?
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                                              • Detailed vendors report with competitive landscape
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                                              • Data on revenue-generating market segments
                                              • Details on the market shares of various regions
                                              • Five-force market analysis

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