Portable Speaker Market By Connectivity (Bluetooth, Wi-Fi, Others) By End User (Residential, Commercial) By Distribution Channel (Online Store, Offline Store) By Price Range (Premium, Medium, Economy); By End-Use Application (Indoor, Outdoor); By Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Market Analysis, Trends, Opportunity and Forecast, 2022-2032
Portable Speaker Market Insights
The global portable speaker market size was valued at around USD 6.8 billion in 2022 and is projected to grow at a compound annual rate of growth (CAGR) of around 5.3% from 2022 to 2032.The market size is projected to succeed in USD 11.5 billion by 2032.Factors such as growing inclination of people towards smart home and continuous innovations are expected to foster the growth of portable speaker market.
Increasing demand for portable entertainment: Consumers are increasingly seeking portable devices that allow them to enjoy music and other audio content on the go.
Growing popularity of outdoor activities: More people are participating in outdoor activities such as hiking, camping, and cycling, which creates a need for portable speakers.
Technological advancements: Manufacturers are constantly developing new features and technologies for portable speakers, such as waterproofing, dustproofing, and improved sound quality.
Rising disposable income: As disposable income levels increase, consumers are more likely to spend money on non-essential items such as portable speakers.
Portable Speakers Market Growth Drivers
Technological Advancements in Audio Industry
Continuous innovation and technological advancements have resulted in launch of various new and innovative speakers including wireless, Bluetooth, sound bars, among others. Further, it is anticipated that innovative categories such as smart speakers and Bluetooth speakers are likely to enjoy fastest growth in ownership as compared to other potable speakers. However, smart speakers are being extensively adopted in English speaking countries. Companies are focusing to spread their linguistic wings and it is anticipated that sales of smart speakers would also take place in regions where majority of population speaks Chinese, French, Spanish, Italian, and Japanese. In these geographies, smart speaker category is likely to witness substantial growth in the years ahead.
Increasing Adoption of Portable Speakers in Casual Users
Increasing spending of people on portable speakers is also signaling growth of the portable speaker market in the years ahead. Price promotion strategy is also acting as a potential growth driver of global portable speaker market. Initially, the demand for portable speakers has been driven intensively by low pricing of product. Moreover, the launch of entry-level devices is resulting in increased number of ownerships of portable speakers. Addition to this, new product launches is anticipated to remain a key market trend in years ahead.
Rising proliferation of connected devices have surged the demand for wireless connectivity in urban households. Further, leading companies has been focusing on quality and innovation to increase their market share.
Portable Speaker Market Segmentation
The research offers a comprehensive analysis of portable speaker market with respect to following sub-markets:
On the basis of connectivity, the report has been segmented into Bluetooth, Wi-Fi and others. In 2019, Bluetooth segment accounted for a significant share of global portable speaker.
By End User
By end user, the portable speaker market has been segmented into residential and commercial. Residential sector was the leading end user in global portable speaker market. Factors such as rising adoption of connected products and increasing preference for smart homes have led to increased sales of portable speaker in residential sector.
By Distribution Channel
In distribution channel segment, offline store segment accounted for highest percentage of market share in 2019. However, online stores are believed to propel at a higher growth rate during the forecast period. Rising number of e-commerce stores and increasing internet penetration are envisioned to bolster the growth of online retailing of portable speaker market.
By Price Range
On the basis of price range, the market is segregated into premium range, medium range and economy range of portable speaker.
- North America (U.S. & Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Argentina and Rest of Latin America)
- Middle East & Africa (GCC, North Africa, South Africa and Rest of Middle East & Africa)
Portable Speaker Market Competitive Landscape
The report profiles various major market players such as;
- Sony Corporation
- Koninklijke Philips N.V.
- Harman International Industries
- Bose Corporation
- Shure Incorporated
- Samsung Group
- Beats Electronics
- LG Electronics Inc.
- Other Major & Niche Players
Competitive landscape analysis provides detailed strategic analysis of the company’s business and performance such as financial information, revenue breakup by segment and by geography, SWOT Analysis, risk analysis, key facts, company overview, business strategy, key product offerings, marketing and distribution strategies, new product development, recent news (acquisition, expansion, technology development, research & development expansion and other market activities.
The study also provides company’s positioning and market share in Portable Speaker market.
Timeline Considered for Analysis:
- 2021: Base Year
- 2022: Estimated Year
- 2022 to 2032: Forecasted Year
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global Portable Speaker market by the following segments:
- End User
- Distribution Channel
- Price Range
Geographical Market Analysis:
The report offers separate analysis of North America, Europe, Asia Pacific, Latin America and Middle East & Africa. In addition, further breakdown of market data and analysis of region into countries is covered in the report.
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Portable Speaker Industry Report
- What is the overall market size in 2021? What will be the market growth during the forecast period i.e. 2022-2032?
- Which region would have high demand for product in the upcoming years?
- What are the factors driving the growth of the market?
- Which sub-market will make the most significant contribution to the market?
- What are the market opportunities for existing and entry-level players?
- What are various long-term and short-term strategies adopted by the market players?