Speaker Market Outlook - 2027
The global speaker market size is expected to reach $233,274.5.0 million in 2027, from $39,576.5 million in 2019, growing at a CAGR of 30.5% from 2020 to 2027. Speakers are utilized for converting electric audio signals into sound waves and are often termed as transducers. They enhance the volume and quality of the sound produced by utilizing speaker drivers, which boosts sound reproduction quality. Moreover, the report considers smart speakers, portable speakers, home audio speakers, and true wireless stereo (TWS) hearables, which integrate latest technologies including virtual assistants, Bluetooth connectivity, integration of Wi-Fi, and portability. Speaker technologies are constantly upgraded to enhance battery backup, portability, water resistance, Bluetooth, and Wi-fi connectivity. The major players in the speaker industry are inclined toward the development of new products complying to change in consumer demands, as well as to provide high quality audio output.
Products such as smart speakers, true wireless stereo (TWS), smart soundbars, and few portable speakers can work with virtual assistants, which function on artificial intelligent technologies. Virtual assistants such as Alexa by Amazon, Siri by Apple, Cortana by Microsoft, and Google Assistant by Alphabet, Inc. mainly provide a user-friendly platform and can perform thousands of functions from playing radio to integrating with home automation products. Virtual assistant technology developers keep on upgrading the features of their virtual assistant devices, which enables smart speakers to do more functions. These rapid advancements promote the demand for speakers with AI virtual assistant technologies, and thereby boosts growth of the speaker market. Moreover, batteries are an integral part of portable speakers and true wireless stereo (TWS). Development in battery technologies aid in enhancing product quality as well as reducing the price of the overall product. Portable speakers mainly include rechargeable lithium-ion batteries with an average battery backup of up to 8 hours. However, with advancements in battery technologies, major players in the industry are focused on developing high-end products with superior battery life. These battery related product upgrades foster the demand for portable speakers and TWS, which propels growth of the market.
By Product Type
TWS segment is projected to grow at a significant CAGR
However, artificial technologies, such as voice assistants, mainly capture data for analysis and renders it into information. This data is mainly stored on cloud storage, which is prone to cyber-attacks and creates threat of data thefts. Such instances hinder the adoption of smart speakers, which hampers the market growth. In addition, COVID-19, has directly impacted the global speakers market. The pandemic which originated in China and China being the largest exporter of the electronic goods globally, there was direct impact on production and sales of the speakers. Furthermore, due to the lockdown imposed by the China’s government, the production facilities of these electronics components were stopped, moreover there was unavailability of the workforce when the production was to begin. Also e-commerce companies had to discontinue the delivery of non-essential items like speakers to its consumers. Retail stores were also closed during certain period of time due to lockdown. This has affected the overall sales of speakers globally. However, recovery is likely to be slow as the consumers will restrict their spending on the electronic goods due to the uncertainty of the economy and possibility of a recession.
By Size
Medium segment holds dominant position in 2019
On the contrary, commercial applications such as use of speakers in healthcare centers, hotels, and commercial offices provide various opportunities for the implementation of smart speakers for daily operations. Numerous capabilities of smart speakers can assist healthcare providers to offer proper care to patients by scheduling their medications on the AI platform. In addition, patients in intensive care can call for assistance at any time by voice commands, which saves time in the treatment and may reduce accidental fatalities. These factors promote the use of smart speakers in commercial applications, thereby, creating lucrative opportunities for the growth of the speaker market.
By End Use
Personal segment holds dominant position in 2019
The global speaker market is segmented into product type, size, end use, sales channel, price, and region. By product type, it is categorized into smart speakers, home audio speakers, portable speakers, and true wireless stereo (TWS). By size, it is classified into small, medium, and large. By end use, it is categorized into personal and commercial. By sales channel, it is bifurcated into online and offline. On the basis of price, the market is analyzed in the price range of less than $50, $50 to $100, $100 to $200, and more than $200.
By Sales Channel
Online segment holds dominant position in 2019
The global speaker market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific held the largest market share during 2019 and is expected to grow at the fastest rate throughout the forecast period.
By Price
$100 to $200 segment holds dominant position in 2019
Competition Analysis
The key market players profiled in the report include 3nod Group, AAC Technologies Holdings Inc., Alphabet Inc., Amazon.com, Inc., Bose Corporation, Fortune Grand Technology Inc., Foster Electric Company, Limited, Guoguang Electric Company Limited, Koninklijke Philips N.V., Guangzhou Merry Audio Equipment Co. Ltd., Premium Sound Solutions, Samsung Electronics Co., Ltd., Sony Corporation, Tonly Electronics Holdings Limited, and Tymphany HK Limited.
By Region
Asia-Pacific holds a dominant position in 2019 and is expected to grow at a highest rate during the forecast period.
Many competitors in the speaker market adopted product launch as their key developmental strategy to expand their product portfolio. For instance, in October 2019, the company Alphabet Inc., through its brand Google launched Nest Mini product in its smart speaker portfolio. The speaker is supported by Google Assistant and provides powerful sound at a lower price. Similarly, in May 2020, Samsung Electronics, Co., Ltd., through its brand JBL, launched the Flip 5 portable Bluetooth speaker, which is manufactured using recycled plastic. It is delivered in bio-degradable eco-friendly packaging to promote sales of the product.
Key Benefits For Stakeholders
The report provides an extensive speaker market analysis of the current and emerging global speaker market trends and dynamics.
In-depth analysis of the market is conducted by constructing market estimations for the key market segments between 2019 and 2027.
Extensive analysis of the market is conducted by following the key product positioning and monitoring of the top competitors within the market framework.
A comprehensive speaker market opportunity analysis of all the countries is also provided in the report.
The global speaker market forecast analysis from 2020 to 2027 is included in the report.
The key market players within the market are profiled in this report and their strategies are analyzed thoroughly, which helps understand the competitive outlook of the industry.
Global Speaker Market Segments
By Product Type
- Smart speakers
- Home audio speakers
- Portable speakers
- True wireless stereo (TWS)
By Size
- Small
- Medium
- Large
By End Use
- Personal
- Commercial
By Sales Channel
- Online
- Offline
By Price
- Less than $50
- $50 to $100
- $100 to $200
- More than $200
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Players
- 3nod Group
- AAC Technologies Holdings Inc.
- Alphabet Inc.
- Amazon.com, Inc.
- Bose Corporation
- Fortune Grand Technology Inc.
- Foster Electric Company Limited
- Guoguang Electric Company Limited
- Koninklijke Philips N.V.
- Guangzhou Merry Audio Equipment Co. Ltd.
- Premium Sound Solutions
- Samsung Electronics Co., Ltd.
- Sony Corporation
- Tonly Electronics Holdings Limited
- Tymphany HK Limited
Speakers Market Report Highlights
| Aspects | Details |
 By Product Type |
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 By Size |
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 By End Use |
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 By Sales Channel |
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 By Price |
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 By Region |
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 Key Market Players | Samsung Electronics Co., Ltd., Sony Corporation, Fortune Grand Technology Inc., Tymphany HK Limited, Koninklijke Philips N.V., AAC Technologies Holdings Inc., 3nod Group, Amazon.com, Inc., Bose Corporation, Premium Sound Solutions |
Analyst Review
The global speaker market accounts for high potential in the true wireless stereo (TWS) and smart speaker segment. These products are relatively new and feature numerous functions including voice control, portability, high-definition audio, and others. The manufacturing giants in the industry, including Amazon.com, Inc. and Apple, Inc. have a strong foothold and provide high contribution in the smart speaker and TWS product industries respectively.
Moreover, use of artificial intelligence through virtual assistants is changing the speaker industry by making these products more feasible for personal use. The application of speakers has been diversified and the technologies are constantly upgraded for inclusion of new programs, better audio quality, and high-end battery backup. For instance, the Amazon Echo product featuring Alexa virtual assistant can perform thousands of functions and is available in varied price ranges including less than $50, $50 to $100, and even more than $200 for the high-end models with better sound qualities. This consumer-based product development promotes growth of speakers with smart technologies, which, in turn, drives the growth of the speaker market globally.
Key players in the market focus on product launch and product development to strengthen their foothold in the speaker industry. For instance, in April 2020, Harman International, a subsidiary of Korea based Samsung Electronics, launched JBL Flip 5 Eco portable speaker, on the occasion of International Mother Earth day. The speaker is manufactured using 90% recycled plastic parts and is packed using environment friendly material. In addition, it also includes a protective case constructed using biodegradable materials. Such factors surge the popularity of these products and propel the growth of speaker industry.
The speaker market size was $39,576.5 million in 2019 and is projected to reach $233,274.5 million in 2027, growing at a CAGR of 30.5% from 2020 to 2027.
The forecast period considered for the speaker market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
The base year considered in the speaker market is 2019.
No, the report does not provide valve chain analysis. However, it includes the market share analysis of top speaker testing software companies.
On the basis of product type, the true wireless stereo (TWS) segment is expected to be the most influencing segment growing in the speaker market report.
Based on the end use, in 2019, the personal segment generated the highest revenue, accounting for 99.0% of the market, and is projected to grow at a CAGR of 30.6% from 2020 to 2027.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically covers company overview, geographical presence, and market dominance (in terms of revenue and volume sales).
The market value of speaker market is $36,183.8 million in 2020.
High population growth, and increasing disposable income of people is driving the demand for speakers in the Asia-Pacific region. Also, the growing popularity for smart speakers foster the growth of overall speaker industry.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
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