“For better sound quality, individuals had to buy woofers, tweeters, and sound systems separately. These devices were expensive and occupied lot of space. Advances in technology and continuous research by vendors have led to these sound systems being merged into one single audio device to offer premium sound quality”
The research study covers the present scenario and growth prospects of the global speaker market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of speakers.
Customer preferences are changing with the increase in technological developments. As a result of increased disposable income, the spending capability of the population has increased. People in developing and developed countries such as the US, the UK, France, Germany, China, and India are increasing their spending on leisure activities and entertainment. The availability of advanced surround sound technology has led to the increased demand for speakers worldwide.
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Technavio media and entertainment analysts highlight the following four factors that are contributing to the growth of the global speaker market:
- Rise in number of smart homes
- Wireless streaming of audio content
- Growing innovation and advances in technology
- High preference for wireless technology
Rise in number of smart homes
Many homes in developed nations such as the US and the UK are being remodeled to smart homes. A smart home consists of media and entertainment gadgets, consumer electronic devices, and other smart electronics that interact with each other through a home network. The demand for smart homes is driven by factors such as the go green policy, energy saving requirements, need for convenience, and connectivity between various devices.
Ujjwal Doshi, a lead consumer electronics analyst at Technavio, says, “The demand for smart homes is also driven by government initiatives that promote smart homes for better living. Some of the solutions include the assistance of power line communication and the adoption of smart meters to conserve energy.”
Wireless streaming of audio content
One of the major factors driving the sales of wireless speakers globally is the ability of speakers to easily stream audio content wirelessly. Wireless speakers consume less space compared with home theater systems and use no wiring. These portable speakers are available in various sizes and designs to suit consumer requirements. Most of the portable devices such as laptops, smartphones, and tablets are equipped with Wi-Fi and Bluetooth connectivity, allowing users to stream content wirelessly.
Growing innovation and advances in technology
There has been a tremendous growth in technology over the past decade. Vendors are upgrading their existing products with new technologies to improve sound quality and to provide users with a good audio experience. Technologies such as noise cancelation, extra bass, sound retrieval system (SRS), and Dolby Digital sound provide an enhanced listening experience to consumers.
“For better sound quality, individuals had to buy woofers, tweeters, and sound systems separately. These devices were expensive and occupied lot of space. Advances in technology and continuous research by vendors have led to these sound systems being merged into one single audio device to offer premium sound quality,” says Ujjwal.
High preference for wireless technology
Consumers are increasingly demanding for wireless technology for hassle-free maintenance and fast functionality. In 2015, wireless speakers accounted for a revenue share of 80.81% of the global speaker market, contributing revenue of USD 4.58 billion. Technavio analysts expect its revenue share to increase to USD 14.75 billion by 2020, growing at a CAGR of 26.35%. Bluetooth speakers are wireless, and most of the standard models run on AA batteries.
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- LG Electronics
- Samsung Electronics
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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