Speaker Market: Technical Innovation Growing at a CAGR of 30.5% by 2027

 The global speaker market size is expected to reach $233,274.6 million in 2027 from $39,576.5 million in 2019, growing at a CAGR of 30.5% from 2020 to 2027. In 2019, Asia-Pacific dominated the market, in terms of revenue, accounting for 42.8% share of the global speaker market.

Speakers are transducers, which convert electric audio signals into sound waves, while enhancing the sound quality and volume of the audio. With advancements in speaker technologies, speakers now include virtual assistants, Wi-Fi connectivity, Bluetooth connectivity, water resistance properties, and others. In addition, speakers include hardware with in-built sound amplifiers, bass boosting drivers, and are available in nearly all sizes complying to consumer demands.

Moreover, introduction of smart speakers has revolutionized the speaker industry by providing innumerable features such as active voice control, integration with home automation devices, artificial intelligence features, and data analyses. For instance, the virtual assistant Alexa provided by Amazon’s smart speaker series, namely, Amazon Echo, allows consumers to buy products from Amazon e-retail platform by using voice control. In addition, products such as soundbars, portable speakers, and true wireless stereo (TWS) devices can also integrate internet connectivity, which upgrades their basic feature of playing audio.

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Leading Players:

The major players operating in the speaker industry 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

The global speaker market analysis is conducted 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 is held the largest market share in 2019 and is expected to grow at the fastest rate throughout the study period.

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Key Findings Of The Study

  • By product type, the true wireless stereo (TWS) segment dominated the speaker market share in 2019.
  • On the basis of size, the medium segment is expected to generate high revenue, globally.
  • Depending on end use, the personal segment garnered major share of the speaker market in 2019.
  • Based on sales channel, the online segment is expected to grow significantly during the forecast period.
  • By price, the $100 to $200 segment is expected to generate high revenues during 2019.
  • Region wise, Asia-Pacific dominated the market in 2019.  

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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