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The Speakers Market size was valued at USD 24.87 billion in 2020 and the market is estimated to reach USD 156.93 billion by 2027. The speakers market is classified into Product, Technology, and Geography. Based on segments the Product segment holds the largest market share.
The Global Speakers Market share is estimated to grow at a CAGR of 30.5% between 2023 and 2027. The market size is forecast to increase by USD 115.46 billion.
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This report extensively covers market segmentation by product (stereo speakers and smart speakers), technology (wireless speakers and wired 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.
The popularity of multi-room streaming speakers is one of the major speakers market trends shaping the market growth. Additionally, gaming monitor with speakers have Wi-Fi connectivity, which enables the streaming of music from one speaker to another. Networked audio devices, utilizing technologies like PlayFi, Bluetooth, Wi-Fi, and AirPlay, have simplified user experiences by eliminating wires, reducing costs, and saving time.
The trend of users installing multiple speakers is fueling the demand for multi-room streaming speakers, which effortlessly connect wirelessly to a master unit. These speakers also integrate with voice assistants like Amazon Alexa and Google Assistant. The introduction of such products is set to boost their adoption, with easy management through mobile apps. As the demand for music streaming services grows, the market for multi-room streaming speakers is expected to thrive. Focus on AI-ready speakers is another key trend diving the speakers market.
Increasing adoption of smart speakers is a key factor driving the speakers market growth. House speakers are becoming vital for home automation and the realization of smart homes. Speakers of the house allow users to control connected devices through voice commands and come equipped with smart assistants. These assistants not only execute user commands but also provide information on weather, news, meetings, security alerts, and appliance notifications.
The demand for house speakers has surged, prompting vendors and startups to innovate. Crowdfunding strategies help gauge user interest and involve potential buyers in product development. This approach ensures the incorporation of cutting-edge technology, attracting more users and potential customers. The market benefits from the rising popularity of smartphones lacking 3.5 mm headphone jacks, as they can connect wirelessly to smart and Bluetooth speakers. These factors collectively drive the global smart speaker market market's growth.
Privacy concerns associated with smart speakers is a key challenge hindering the speaker market growth. Privacy concerns pose a significant challenge to the global speakers market. Smart speakers, linked to Wi-Fi, are susceptible to cyber threats, risking personal data leakage. They can listen, record, and transmit audio, and malfunctioning activation buttons may inadvertently capture and transmit entire conversations.
Hacking incidents, such as a man in Germany receiving 1,700 voice recordings from an unknown source and a family in Oregon discovering private conversations were recorded and shared, intensify these worries. Moreover, smart speakers connected to Wi-Fi can serve as entry points for hackers to breach firewalls, acquire passwords, and access user smartphones, potentially revealing calendar details and other personal information. These privacy concerns and vulnerability to hacking negatively impact the global smart speaker market growth.
The market share growth by the stereo speakers segment will be significant during the forecast period. The 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 8.46 billion in 2017 and continue to grow by 2021. 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 39% 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.
Smart home adoption is in its early stages in APAC but is expected to grow in the coming years. Integration of voice assistants into speakers will drive the adoption of smart speakers and home automation devices. Companies and list of speakers of the house like Amazon, Alibaba, and Xiaomi offer innovative products with voice assistants to boost speaker adoption. Multi-room speakers supporting smart home applications will be a growth driver boosting the smart speaker market.
This report forecasts each segment's contribution to market growth and considers the COVID-19 impact and recovery strategies. The pandemic initially boosted speaker demand in APAC, with sales rebounding in Q3 2020 as lockdowns eased and manufacturing resumed. Technological advancements and increased smartphone penetration, driven by remote work and online education, will fuel the speaker market's growth in countries like India, China, Vietnam, Thailand, and Singapore. Expect significant growth in the APAC speakers market in the forecast period.
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.
Sony.net- The company offers marketing automation software for Flow Orchestration, OmniStudio and Flow RPA.
Technavio has detailed analyses of the competitive landscape of the market and information about 15 market vendors, 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 speakers market 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.
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Speakers Market Scope |
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Report Coverage |
Details |
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Page number |
166 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 30.5% |
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Market growth 2023-2027 |
USD 115.46 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
29.76 |
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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 39% |
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Key countries |
US, China, 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., Fortune Grand Technology Inc., Foster Electric Co. Ltd., Guangzhou Merry Audio Equipment Co. Ltd., Koninklijke Philips NV, Lenovo Group Ltd., LG Electronics Inc., Panasonic Holdings Corp., Pioneer India Electronics Pvt. Ltd., Premier Sound Solutions, Samsung Electronics Co. Ltd., Sony Group Corp., Bose Corp., Bowers and Wilkins, and Xiaomi Inc. |
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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 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 market research report to meet your requirements.
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 Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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