Home Automation & Process Control Speaker Market Trend Size, Growth to 2022-2030

Speaker Market

Speaker Market Size, Share & Trends Analysis Report By Product Type (Smart speakers, Home audio speakers, Portable Speakers, True Wireless Stereo (TWS)), By Size (Small, Medium, Large), By Technology (Wireless, Wired), By End Use (Personal, Commercial), By Sales Channel (Online, Offline), By Price (Less than $50, $50 to $100, $100 to $200, More than $200) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2022-2030

Report Code: SRAP2775DR
Study Period 2018-2030 CAGR 30.7%
Historical Period 2018-2020 Forecast Period 2022-2030
Base Year 2021 Base Year Market Size USD 68 Billion
Forecast Year 2030 Forecast Year Market Size USD 756 Billion
Largest Market Europe Fastest Growing Market Asia-Pacific
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Market Overview

The global speaker market size was valued at 68 billion in 2021 and is estimated to reach an expected value of USD 756 billion in 2030, growing at a CAGR of 30.7% during the forecast period (2022 – 2030).

Electroacoustic transducers, such as speakers, transform audio signals into sound. Electric audio signals are received by speakers, transforming them into sound waves while boosting the sound's volume and quality. The report considers virtual assistants, smart speakers, portable speakers, home audio speakers, and true wireless stereo (TWS) hearables. At the moment, the major players in the speaker market are focused on creating new products that meet changing consumer demands while also producing high-quality audio.

Since their inclusion in smartphones in 2011, virtual assistants have grown in popularity. This has given rise to a brand-new category of voice technologies and numerous opportunities for innovative goods and services, such as smart speakers, earphones, and home audio equipment. As a result, as virtual assistants powered by artificial intelligence (AI) advance, consumer demand for smart speakers drives the market for speakers to grow.

Market Dynamics

Global Speaker Market Drivers

Development in AI Virtual Assistant Technologies

True wireless stereo (TWS), smart soundbars, and a few portable speakers are products that can work with virtual assistants, which rely on artificial intelligence technologies. Virtual assistants like Alexa from Amazon, Siri from Apple, Cortana from Microsoft, and Google Assistant from Alphabet Inc. offer a user-friendly platform. They can perform thousands of tasks, such as playing music and integrating home automation products. Moreover, virtual assistant technology developers keep upgrading their virtual assistant devices' features, enabling smart speakers to do more functions. For instance, the Amazon Alexa AI assistant has surpassed more than 100,000 skills globally. The skills are rapidly upgraded as the Alexa product had 5,000 skills in 2016, 10,000 skills in 2017, 50,000 in September 2018, and 100,000 in July 2019. In 2019, the

U.S. customers using Amazon Alexa used 65,901 skills, whereas Amazon Alexa users in the UK used 34,771 skills. These rapid developments increase consumer demand for speakers equipped with AI virtual assistant technologies, propelling the speaker market's expansion.

Advancements in Battery Technologies

Portable speakers and true wireless stereo systems both require batteries (TWS). The advancement of battery technologies helps lower overall product costs while improving product quality. Rechargeable lithium-ion batteries with an average battery backup of up to 8 hours are typically used in portable speakers. Due to advancements in battery technologies, major industry players are concentrating on creating high-end products with superior battery life. For instance, the Fugoo Bluetooth Speaker developed by Bluelink Ltd., based in Australia, features 40 hours of battery life and consists of four active drivers and two tweeters, enhancing the product's audio quality.

Furthermore, major players in the true wireless stereo (TWS) industry are offering products with better batteries to sustain the market competition. For instance, Samsung Corporation launched Galaxy Buds, in February 2020, with a playtime of 11 hours between two consecutive recharges, which is much higher than its competitor Apple, which offers AirPod Pro with five hours of playtime. Such battery-related product upgrades are expected to drive the growth of the speaker market globally.

Global Speaker Market Restraint

Data Privacy and Security Concerns

Voice assistants are examples of artificial technologies that primarily collect data for analysis and turn it into information. The majority of this data is kept in cloud storage, which is vulnerable to hacker attacks and raises the possibility of data theft. Additionally, there is a chance that smart speakers could be compromised for malicious purposes; for instance, a cybercriminal could create a carefully crafted audio or music signal that the smart speaker would interpret as a command. This enables an attacker to unlock a door or purchase something. This fear restricts consumers from adopting speakers using smart technologies.

Moreover, a report published on Smart Speakers and Virtual Assistants by European Data Protection Supervisor in July 2019 shows smart speakers lack appropriate consent management mechanisms. The smart speaker can detect a spoken expression as its wake-up expression, which may lead to unconsented data processing. In addition, there are several instances of data breaches by companies of smart speaker providers. For example, in 2019, Amazon.com, Inc. employees were accused of collecting voice recordings and medical records and processing this information to improve voice recognition software in the virtual assistant Alexa. Such instances hinder the adoption of smart speakers, which hampers market growth.

Global Speaker Market Opportunities

The Emergence of Smart Speakers in Commercial Applications

Commercial applications such as healthcare centers, hotels, and commercial offices provide various opportunities to implement smart speakers for daily operations. Numerous capabilities of smart speakers can assist healthcare providers in delivering proper patient care 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. For instance, in March 2020, Apollo Hospitals, a hospital chain in India, launched the Ask Apollo Alexa skill to upgrade its appointment-making process. Similarly, in 2019, Boston Children’s Hospital, Cedars-Sinai Medical Center, and other medical centers in the U.S. initiated using voice-enabled smart speakers in patient wards to increase their comfort level. The Cedars-Sinai Medical Center is expected to install more than 100 Amazon Echo products in private patient rooms, which can perform specific skills such as changing television channels, playing music, and alerting nurses. These factors promote the use of smart speakers in commercial applications, thereby creating lucrative opportunities for the speaker market growth.

Regional Analysis

By region, the global speaker market is analyzed across North America, Asia-Pacific, Europe,  and LAMEA.

Asia-Pacific was the highest revenue contributor and is estimated to grow at a CAGR of 33.2%. Asia-Pacific, China, India, Japan, South Korea, and the rest are analyzed. China accounted for a significant market share in 2021, and India is expected to experience rapid growth during the forecast period. There has been rapid growth in manufacturing activities in countries such as China and India. This region has the highest population and, thus, the highest number of speaker users. Further, the increased expenditure capacity of people in the region has increased the use of speakers, boosting market growth.

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 developed countries such as the U.S. and Canada usually adopt advanced technologies immediately after their introduction to the market. Multinational speaker brands such as Google, Amazon, Sonos, Harman (JBL), and Bose have their headquarters in the U.S. These companies offer products in different price ranges with various advanced features in North America. In addition, due to the high per capita income in the U.S. and Canada, people tend to buy advanced and high-quality speakers. Therefore, such factors are expected to boost the market growth in the region.

Europe is the third largest region. The speaker market has witnessed steady growth in Europe, especially for smart speakers. Initially, smart speakers used to support only the English language for communication. However, with the rise in demand from users for local languages, leading brands started offering their products with the feature to support communication in languages such as German, Spanish, and French for user convenience. For instance, all prominent smart speakers like Amazon, Apple, JBL, and Sonos have French, German, and Italian voice assistance technology for local European users. Such product offerings by key players are expected to boost market growth.

Report Scope

Report Metric Details
By Product Type
  1. Smart speakers
  2. Home audio speakers
  3. Portable Speakers
  4. True Wireless Stereo (TWS)
By Size
  1. Small
  2. Medium
  3. Large
By Technology
  1. Wireless
  2. Wired
By End Use
  1. Personal
  2. Commercial
By Sales Channel
  1. Online
  2. Offline
By Price
  1. Less than $50
  2. $50 to $100
  3. $100 to $200
  4. More than $200
Company Profiles 3nod Group AAC Technologies Holdings 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.
Geographies Covered
North America U.S. Canada
Europe U.K. Germany France Spain Italy Russia Nordic Benelux Rest of Europe
APAC China Korea Japan India Australia Taiwan South East Asia Rest of Asia-Pacific
Middle East and Africa UAE Turkey Saudi Arabia South Africa Egypt Nigeria Rest of MEA
LATAM Brazil Mexico Argentina Chile Colombia Rest of LATAM
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
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Segmental Analysis

The global speaker market is divided based on product type, size, end-use, sales channel, price, and region.

By product type, the global 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. End users use true wireless stereo (TWS) as they are light in weight and comfortable to wear. In addition, its wireless feature allows users the freedom and convenience of movement. Hence, there is growth in the adoption of these devices

By size, the global 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. The drivers of sizes ranging from 20 to 50mm are commonly installed in portable speakers and operated through Bluetooth, smart speakers, and home audio systems. There is a massive demand for such speakers in the market, owing to the change in music listening habits of people. For instance, users prefer portable speakers, which can be easily carried from one place to another and produce great quality sound.

Further, JBL, a brand of Harman, a subsidiary of Samsung, held the largest share in the portable speakers market. Additionally, home audio systems are also preferred by users to enhance the television's sound, especially to create a theatrical atmosphere, while watching movies at home. In addition, smart speakers are generally manufactured using drivers ranging between 20 to 50mm. Therefore, such factors are expected to boost market growth during the forecast period.

 By end use, the global 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. TWS is used to listen to music or audio without disturbing others in the surroundings. Smart speakers listen to music, news, and traffic updates. Home audio systems are connected to television sets to enhance the audio of the television set, and portable speakers are used to listening to music while carrying them around, which can also be used as smart speakers. In addition, smart speakers are changing the way of living for people by assisting them in various personal daily activities. Moreover, growth in per capita income has given rise to sales of speakers for personal use over the past few years. All the factors mentioned above are expected to boost the speaker market growth.

By sales channel, the global market is bifurcated into 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. E-commerce retail platforms have made it easy for manufacturers to reach customers and offer various products. Moreover, e-commerce websites allow manufacturers to directly sell their products to consumers, bypassing distributors and dealers, which enables them to provide products at a lower price. In addition, the availability of smartphone e-commerce applications makes it convenient for consumers to order products online.

Moreover, e-commerce sites offer enormous discounts during festivals and special occasions. This gives opportunities to consumers to buy the product online at a comparatively lower price than in retail or offline shops. In addition, consumers get doorstep delivery of products and can even return them or get the product exchanged in case they do not like the products or if the products are damaged. Hence, the advantages mentioned above lead to the growth in the trend of buying speakers online, which, in turn, boosts the market growth.

Based on price, the global 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. Speakers in this category cover a range of speaker types, such as smart speakers, home audio speakers, true wireless stereos, and portable speakers. This category offers a large variety of products across various recognized brands. Further, manufacturers prefer to deliver products to target buyers in every price range. For instance, Samsung offers SWA-8500S/ZA below $100, whereas SWA-9000S/ZA above $100. Thus, by introducing different variants of the same series with better performance and enhanced features, companies try to place their products in every price range, which, in turn, is expected to boost the speaker market during the forecast period.

Market Size By Product Type

Market Size By Product Type
  • Smart speakers
  • Home audio speakers
  • Portable Speakers
  • True Wireless Stereo (TWS)
  • 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.

    Key Players

    Speaker Market Share of Key Players

    Speaker Market Share of Key Players
    3nod Group AAC Technologies Holdings 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. Others

    Frequently Asked Questions (FAQs)

    What is the growth rate for the Speaker Market?
    Speaker Market size will grow at approx. CAGR of 30.7% during the forecast period.
    Some of the top industry players in Speaker Market are, 3nod Group, AAC Technologies Holdings 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., etc.
    Europe has held a dominant position in the Speaker Market, with the largest market share.
    The Speaker Market has seen the most substantial growth rate in Asia-Pacific.
    The global Speaker Market report is segmented as follows: By Product Type, By Size, By End Use, By Sales Channel, By Price

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