LONDON--(BUSINESS WIRE)--The global micro speaker market size is projected to reach 15.16 billion units by 2021, growing at a CAGR of close to 10% over the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global micro speaker market for 2017-2021. By end-users, the market research report divides micro speakers into embedded systems and consumer devices segments.
A micro speaker also referred as micro-loudspeaker, is a thin and small speaker mainly used in electronic devices such as smartphones, laptops, and tablets. The rise in adoption of e-commerce platforms is one of the most important drivers of the market, as it has enabled users to make informed purchases online.
Technavio’s research study segments the global micro speaker market into the following regions:
- North America
APAC: largest micro speaker market segment
“APAC is the largest micro speaker market segment, generating close to 40% of the overall revenue. The rising disposable income and purchasing power of consumers in countries such as China, Japan, and India from the region are driving the dominance of the segment,” says Abhay Sinha, one of the lead analysts at Technavio.
Even though the market segment was a late adopter of the technology, the presence of big vendors such as Samsung, Pioneer, and Panasonic are increasing consumer awareness and swiftly increasing market penetration of the product.
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North America: quick adoption of latest technologies driving market segment
North America is one of the leading adopters of the latest technologies, with the US generating over 92% of the overall revenue for the micro speakers market in the region. The market in North America witnesses significantly higher revenue share due to higher average selling price (ASP) for smartphones and other related products, due to the consumer demand for high for the end-segments of these devices. The rising adoption of smartphones over the forecast period will impact the growth of the market segment.
Europe: fastest growing micro speakers market segment
“The micro speakers market in Europe will grow at a CAGR of 10.24%, the highest among all regional segments. The increase in the spending capability of the population in the Western European countries is the prime driver of the market in the region,” says Abhay.
The recovery from the Eurozone debt crisis is leading to the current growth trend of the market. Additionally, Eastern Europe is forecast to show very high growth levels, giving the market segment a healthy growth curve.
ROW: high demand expected from Latin American and African countries
High growth in shipments is expected in the ROW during the forecast period, driven by the rising disposable incomes in Latin American and African countries. The technologically advancing population in the region is expected to increase the demand and generate revenue for micro speakers. The great diversity in the type of consumers in the region creates similar demands for both low-end and premium products. Many vendors have launched low-priced smartphones in African countries, and they are expected to boost the demand for micro speakers in the region during the forecast period.
The top vendors in the global micro speaker market highlighted in the report are:
- AAC Technologies
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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, resellers, and end-users.
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