Speakers Market: 45% of Growth to Originate from APAC | Increasing Adoption of Smart Speakers to Boost the Market Growth | By Technology, Product, Geographic Scope and Forecast

NEW YORK, March 2, 2022 /PRNewswire/ -- The Speakers Market value is set to grow by USD 28.37 billion, progressing at a CAGR of 13.37% from 2020 to 2025, as per the latest report by Technavio.

Moreover, increasing adoption of smart speakers coupled with popularity of multi-room streaming speakers will drive the market growth during the forecast period.

Resulting in Y-O-Y growth rate of 13.37% in 2021, read additional information about the market, Get FREE sample report.

Latest Drivers & Trends of the Global Speakers Market

• Market Driver:
• 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.

• Market Trend:
• Popularity of multi-room streaming speakers:

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.

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Regional Market Outlook

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.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Vendor Landscape

The speakers market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

• Alphabet Inc.- The company offers smart speaker designed by Google, which enables users to interact with services through Google Assistant, which is a personal assistant software, through voice commands.
• Bose Corp.- The company delivers wall to wall stereo sound and has built-in Amazon Alexa, which can be connected through home Wi-Fi network or Bluetooth.
• Koninklijke Philips NV- The company offers Bluetooth speaker that delivers high-powered sound. It also lightsup in sync with the beats and is available in a splash-proof design with wide range of setting. It can also be connected to SD Card and has a radio connectivity.

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Key Market Segmentation

• Segmentation by Technology:
• Wireless speakers:

The speakers market share growth by the wireless speakers segment will be significant during the forecast period.

• Wired speakers

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Our Speakers Market Report Covers the Following Areas:

• Speakers Market Size
• Speakers Market Trends
• Speakers Market Analysis

Speakers Market 2021-2025: Key Highlights

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist speakers market growth during the next five years
• Estimation of the speakers market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the speakers market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of the speakers market vendors

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Wireless Microphone Market by Type and Geography - Forecast and Analysis 2022-2026: The wireless microphone market share is expected to increase by USD 3.36 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.55%. To get more exclusive research insights: Download FREE Sample Report

Table of Contents

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five forces summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Product

• Market segments
• Comparison by Product
• Stereo speakers - Market size and forecast 2019-2024
• Smart speakers - Market size and forecast 2019-2024
• Market opportunity by Product

Market Segmentation by Technology

• Market segments
• Comparison by Technology
• Wireless speakers - Market size and forecast 2019-2024
• Wired speakers - Market size and forecast 2019-2024
• Market opportunity by Technology

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2019-2024
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• 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.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio