Global Speaker Market to Grow at a CAGR of 30.7% by 2030.

Introduction

Speakers are electroacoustic transducers that convert audio signals into sound. Speakers receive music through electric audio impulses and turn it into sound waves while improving the loudness and quality of the sound. The paper includes smart speakers, portable speakers, home audio speakers, and true wireless stereo (TWS) hearables, which combine the newest technology, such as virtual assistants. Currently, leading companies in the speaker market are inclined toward developing new products complying to change in consumer wants and offering high-quality audio output.

Virtual assistants have gained popularity since their launch on smartphones in 2011. This has generated a new genre of speech technology, which has led to countless prospects for new products and services, including smart speakers, headphones, and home audio devices. Thus, advancement in artificial intelligence (AI) virtual assistants raises the demand for smart speakers, which, in turn, boosts the growth of the speaker market.

Market Dynamics

Development in AI Virtual Assistant Technologies to Drive the Global Speaker Market

Smart speakers, true wireless stereo (TWS), smart soundbars, and a few portable speakers are compatible with virtual assistants powered by artificial intelligence. Virtual assistants such as Alexa by Amazon, Siri by Apple, Cortana by Microsoft, and Google Assistant by Alphabet, Inc. provide a user-friendly platform. They can perform hundreds of jobs, such as radio playing and connect with home automation devices. In addition, virtual assistant technology developers are continuously enhancing the capabilities of their virtual assistant devices, allowing smart speakers to do a greater variety of tasks. Globally, the number of talents possessed by the Amazon Alexa AI assistant has topped one hundred thousand. The Alexa product had 5,000 skills in 2016, 10,000 skills in 2017, 50,000 skills in September 2018, and 100,000 skills in July 2019. In 2019, Amazon Alexa users in the United States utilized 65,901 talents, while Amazon Alexa users in the United Kingdom utilized 34,771 skills. These rapid developments increase the demand for speakers with artificial intelligence virtual assistant technologies, consequently fostering the expansion of the speaker market.

The Emergence of Smart Speakers in Commercial Applications to Provide Opportunities for the Global Speaker Market.

Commercial applications such as healthcare facilities, hotels, and offices offer a variety of opportunities for implementing smart speakers for daily operations. By arranging a patient's meds on an AI platform, numerous capabilities of smart speakers can aid healthcare professionals in providing optimal patient care. Additionally, intensive care patients can call for help at any moment via voice commands, which saves time during treatment and may minimize unintentional deaths. In March 2020, Apollo Hospitals, an Indian medical network, unveiled the Ask Apollo Alexa skill to improve its appointment scheduling system. In 2019, Boston Children's Hospital, Cedars-Sinai Medical Center, and other U.S. hospitals began implementing voice-enabled smart speakers in patient wards to boost patients' comfort levels. The Cedars-Sinai Medical Center is expected to install more than one hundred Amazon Echo devices in private patient rooms. These devices can perform everyday tasks such as changing television channels, playing music and notifying nurses. These features encourage the usage of smart speakers in business applications, consequently fostering the expansion of the speaker market.

 

Regional Insights

By region, the global speaker market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 33.2%. China, India, Japan, South Korea, and the rest of Asia-Pacific are analyzed. China dominated this market in 2021, while India is anticipated to experience rapid growth over the forecast period. In the region, manufacturing activities have expanded rapidly in countries such as China and India. This region has the most inhabitants and, consequently, the most speaker users. Moreover, an increase in the region's population's purchasing power has led to a rise in the use of speakers, which in turn stimulates market expansion.

North America is the second largest region. It is expected to reach an estimated value of USD 106 billion in 2030, growing at a CAGR of 29%. People in industrialized nations such as the United States and Canada typically accept cutting-edge technologies as soon as they are introduced to the market. The headquarters of international speaker manufacturers like Google, Amazon, Sonos, Harman (JBL), and Bose are located in the United States. In North America, these companies offer goods in various pricing ranges and with a variety of advanced features. In addition, due to the high per capita wealth in the United States and Canada, consumers like to purchase sophisticated, high-quality speakers. Therefore, these factors are anticipated to stimulate market expansion in the region.

Europe is the third largest region. The speaker market in Europe has grown steadily, notably for smart speakers. Initially, only English was supported for communication via smart speakers. However, as user demand for local languages increased, top businesses began delivering their devices with the ability to communicate in languages such as German, Spanish, and French for the convenience of their customers. For European customers, all prominent smart speakers, including Amazon, Apple, JBL, and Sonos, have voice assistance technology in French, German, and Italian. These product launches by market leaders are anticipated to stimulate market expansion.

Key Highlights

• The global speaker market size was valued at 68 billion in 2021 and is expected to reach an estimated value of USD 756 billion in 2030, growing at a CAGR of 30.7% during the forecast period (2022 – 2030).
• By product type, the global speaker market is categorized into smart speakers, home audio speakers, portable speakers, and true wireless stereo (TWS). The true wireless stereo segment was the highest contributor to the market and is estimated to grow at a CAGR of 40.8% during the forecast period.
• By size, the global speaker market is classified into small, medium, and large. The medium segment was the highest contributor to the market and is estimated to grow at a CAGR of 14.1% during the forecast period.
• By end use, the global speaker market is categorized into personal and commercial. The personal segment was the highest contributor to the market and is estimated to grow at a CAGR of 30.8% during the forecast period.
• By sales channel, the global speaker market is bifurcated online and offline. The online segment was the highest contributor to the market and is estimated to grow at a CAGR of 31.6% during the forecast period.
• Based on price, the global speaker market is analyzed into a price range of less than $50, $50 to $100, $100 to $200, and more than $200. The 100 to 200 segment was the highest contributor to the market and is estimated to grow at a CAGR of 32.8% during the forecast period.

Competitive Players

1. 3nod Group
2. AAC Technologies Holdings Inc.
3. Bose Corporation
4. Fortune Grand Technology Inc.
5. Foster Electric Company Limited
6. Guoguang Electric Company Limited
7. Koninklijke Philips N.V.
8. Guangzhou Merry Audio Equipment Co. Ltd.
9. Premium Sound Solutions
10. Samsung Electronics Co. Ltd.
11. Sony Corporation
12. Tonly Electronics Holdings Limited
13. Tymphany HK Limited.

Recent Developments

• September 2022 - Bose announces its next generation of truly wireless noise canceling earbuds — the Bose QuietComfort® Earbuds II. With Bose CustomTune™ sound calibration technology, QC Earbuds II intelligently personalizes audio and noise cancellation performance to the unique shape of every ear — resulting in an unprecedented listening experience and the world’s best noise cancellation from any headphone — banded or in-ear.
• July 2022 - Bose Corporation and Lexie Hearing, a direct-to-consumer hearing aid provider in the United States, announced a partnership to bring Bose’s self-fitting hearing aid technology to the Lexie Hearing product line. The new Lexie B1 Hearing Aids will be Powered by Bose, allowing wearers to fit, program, and control their hearing aids with clinically proven, audiologist-quality results — without a doctor visit, hearing test, or prescription.

Segmentation

1. By Product Type
   1. Smart speakers
   2. Home audio speakers
   3. Portable Speakers
   4. True Wireless Stereo (TWS)
2. By Size
   1. Small
   2. Medium
   3. Large
3. By Technology
   1. Wireless
   2. Wired
4. By End Use
   1. Personal
   2. Commercial
5. By Sales Channel
   1. Online
   2. Offline
6. By Price
   1. Less than $50
   2. $50 to $100
   3. $100 to $200
   4. More than $200