Speaker Market Opportunities and Growth Forecast from 2024 to 2030

The Speaker Market analysis provides a comprehensive picture of competition, including the market share and company profiles of the worldwide industry’s top rivals. The research scope covers a complete analysis of the Speaker Market, as well as the causes for variances in the industry’s growth in various places

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Speaker Market Scope:

To identify and collect material suitable for this study, this research study makes considerable use of secondary sources, directories, and databases, such as annual reports, press releases, journals, corporate websites, and databases.

Speaker Market Drivers:

Voice assistants are driving speaker sales for various reasons. They are simplify controlling the speaker. Voice commands allow hands-free speaker control. This function helps people who’re busy and occupied most of the time; and like to use voice commands just as "Alexa, play music" or "Google, turn up the volume" which can start music playback on a speaker.

Voice assistants go beyond music control. They enable speakers' many functionalities. Voice assistants can play music, set alarms, check the weather, and control smart home devices. This adaptability improves the user experience hence it boosts the demand of the smart speaker in the market.

The inbuilt voice assistant gadgets also help boost the smart speaker market. Voice assistants are helping businesses improve customer service, answer questions, and sell products. Thus, voice assistant-compatible speakers are needed to help businesses use this technology. Numerous statistics corroborate these statements. Smart speaker sales rose to 157 million in 2021 from 53 million in 2017. This shows their growing popularity. From 2022 to 2025, the worldwide voice assistant market is expected to expand by 21.8%. Voice assistants in smartphones and autos drive this trend. The report shows that 52% of consumers would buy a voice assistant-compatible speaker. Voice assistants strongly impact speaker buyers.

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Speaker Market Segmentation:

By Product Type

Smart speakers
Home audio speakers
Portable Speakers
True Wireless Stereo (TWS)

By Technology

Wireless
Wired

By Size

Small
Medium
Large

By Price

Less than $50
$50 to $100
$100 to $200
More than $200

By End Use

Personal
Commercial

By Distribution Channel

Offline
Online

Speaker Market Key Players: The key players are

1. Sony Corporation (Tokyo, Japan)
2. JBL (Stow, MA, USA)
3. Harman Kardon (Worthington, OH, USA)
4. Polk Audio (Baltimore, MD, USA)
5. Ultimate Ears (Los Angeles, CA, USA)
6. Sennheiser (Wedemark, Germany)
7. Klipsch (Indianapolis, IN, USA)
8. Bang & Olufsen (Struer, Denmark)
9. Bowers & Wilkins (Worthing, West Sussex, England)
10. Yamaha Corporation (Shibuya, Tokyo, Japan)
11. Pioneer Electronics (Tokyo, Japan)
12. LG Electronics (Seoul, South Korea)
13. Samsung Electronics (Suwon, South Korea)
14. Sonos (Santa Barbara, CA, USA)
15. Marshall (London, England)
16. Edifier (Shenzhen, Guangdong, China)
17. Krell (Santa Monica, CA, USA)
18. Devialet (Paris, France)
19. Focal (Sainte-Anne-d'Auray, France)
20. Teufel (Berlin, Germany)
21. Naim Audio (Salisbury, England)
22. Cambridge Audio (Cambridge, England)

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Regional Analysis:

Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Speaker Market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.

Key Questions Answered in the Speaker Market Report are:

1. What are the growth drivers for the Market?
Ans: The increasing adoption of voice assistance and smart speakers is driving the Speaker Market.

2. What is the major restraint for the Market growth?
Ans: The high market saturation is one of the concerning restraints for the Speaker Market

3. Which region is leading the global Market during the forecast period?
Ans: Asia Pacific is currently leading the global Speaker Market.

4. What is the projected market size & growth rate of the Market?
Ans: The Global Speaker market is forecasted to reach from USD 61.40 billion in 2023 to USD 395.77 billion by 2030, at a CAGR of 30.5%.

5. What segments are covered in the Market report?
Ans: Product type, size, technology, price, end use, distribution channel and region are some of the segments covered in the Speaker Market report.

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