Wireless Speaker Market Size to Reach Revenues of over USD 63 Billion by 2026 - Arizton

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Jan 21, 2021, 11:00 ET

CHICAGO, Jan. 21, 2021 /PRNewswire/ -- In-depth analysis and data-driven insights on the impact of COVID-19 included in this global wireless speaker market report.

The wireless speaker market is expected to grow at a CAGR of around 14% during the period 2020−2026.

Key Highlights Offered in the Report:

With the growing popularity of voice-first technology, the smart speakers are expected to witness high traction, growing at a CAGR of over 18% in terms of revenue by 2026.
With a scope for residential application and opportunity for voice integration technologies, the sound bars segment is expected to surpass 95 million units of sales by 2026
In terms of pricing, the low-end segment witnessed highest shipments, contributing to over 50% of the total market share in 2020.
The residential segment is expected to generate an incremental sale of over 370 million units, majorly driven by APAC and Latin America during the forecast period.
The Bluetooth-only speakers are ex pected to be replaced by the hybrid versions, where the hybrid segment is expected to surpass USD 44 billion by 2026.
The smart speaker sales in China are expected to grow at a CAGR of over 25% in terms of revenue with major players such as Alibaba and Baidu during the forecast period.
The rising smartphone penetration and growing music streaming services are expected to create new opportunities in the Middle East & African market.

Key Offerings:

Market Size & Forecast by Revenue | 2020−2026
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Market Segmentation – A detailed analysis by connectivity type, price range, distribution channel, end-user, product type, and geography
Competitive Landscape – 8 key vendors and 51 other vendors

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Wireless Speaker Market – Segmentation

Based on connectivity, the global wireless speaker market is categorized into Bluetooth and wireless. While Bluetooth speakers are getting laced with new features, the inclusion of rugged and waterproof features is expected to drive the demand for these devices during the forecast period.
Mid-range models priced at $50–200 are witnessing adoption in commercial and residential segments. Portable mid-range Bluetooth speakers are not only limited to home but also during celebrations and festivities in backyards, at pools, at beaches, and parks.
In 2020, standard speakers dominated the market with a share of over 44%. Concentrated demand from APAC and Latin America has been a major factor for market growth. The APAC region is expected to generate incremental revenue of approx. $4 billion during the forecast period.

Wireless Speaker Market by Connectivity Type

Bluetooth

Traditional
Waterproof
Rugged

Wi-Fi

By Connectivity

Wi-Fi only
Hybrid

By Room Placement

Single Room
Multi Room

Wireless Speaker Market by End-user Type

Residential
Commercial

Wireless Speaker Market by Distribution Channel Type

Online
Offline

Wireless Speaker Market by Product Type

Standard
Soundbars
Smart

Wireless Speaker Market by Price Range

Low-end
Mid-range
Premium

Wireless Speaker Market – Dynamics

Voice-assistance technology such as Amazon's Alexa, Microsoft's Cortana, Apple's Siri, and Google's Assistant have potentially disrupted the traditional way of communication between the user and the designer (who used to communicate and converse with the user to understand its needs and create solutions for the same) and has taken the conversation to a new level - communication between the user and the device. In the upcoming days, consumer technology products are estimated to be designed around voice-first interfaces. Voice-first technology is making a significant impact on consumers across the world, especially in developed parts such as the US and other European countries. Moreover, in the current scenario, it is finding its application among the consumers and becoming the mainstream technology to be used in several consumer devices. One such embedment has been observed in various product segments of consumer devices such as speakers.

Key Drivers and Trends fueling Market Growth:

Increase in IoT Investment
Increased Influence of Internet in Purchasing Behavior
Growing Online Music Streaming
Prominence of Voice Searches

Wireless Speaker Market – Geography

The growing penetration of smartphones is rapidly increasing due to urbanization in the region. This, in turn, has boosted the addressable market for smart speakers. When smartphones were launched, their price premium made them unaffordable for the middle-class population. However, with the availability of budgeted smartphones, high disposable income, and increased purchasing power of the middle-class population, especially in developing countries, the sale of smartphones has increased. APAC is majorly a manufacturing center for several electronic products. The region is witnessing an increase in the expansion of manufacturing industries, which has led to the establishment of new manufacturing plants followed by the implementation and adoption of new technologies by manufacturers.

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Wireless Speaker Market by Geography

North America

US
Canada

Europe

UK
Germany
France
Spain
Italy

APAC

China
Japan
South Korea
Australia
India

Latin America

Brazil
Mexico

Middle East & Africa

Saudi Arabia
UAE
South Afric

Major Vendors

Alibaba Group
Alphabet (Google)
Amazon
Apple
Bose Corporation
Samsung Electronics
Sonos Inc.
Sony

Other Major Vendors

Altec Lansing
Anker Innovations
Aomais
Artis
Axess
Baidu
Bang & Olufsen
boAt Lifestyle
Braven
Creative Technology
DOSS Audio
Sound United (Denon)
Edifier International Limited
FABRIQ
Forcovr (Shenzhen Guowei Security)
iBall
iClever
ION Audio
Invoxia
Jam Audio
Jonter
Kakao Corp
KitSound by Kondor
Klipsch Group
Koninklijke Philips
Lenovo
LG Electronics
Libratone
Logitech
Micromax
Mobvoi
Monster Store
MPOW
Onkyo & Pioneer
Panasonic
Photive
Polk Audio
Shenzhen Renqing Excellent Technology Co. Ltd. (Rock Space)
SHARKK
Sharp
Skullcandy
SoundBot
SuperSonic Inc.
TAGG Digital Strategies Pvt. Ltd.
The House of Marley
TIBO
Tribit Audio
VicTsing
Xiaomi
Yamaha
Zebronics

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About Arizton:

Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.

We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.

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SOURCE Arizton Advisory & Intelligence