LONDON--(BUSINESS WIRE)--The multimedia speakers market is expected to grow by USD 15.61 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
In-home entertainment options are rapidly gaining popularity owing to the changing consumer preference and easy availability of in-home entertainment systems. In addition, in-home entertainment systems prove to be an economic option in comparison to expensive outdoor leisure pursuits such as vacations, movie theaters, and sports events. These factors have directly boosted the purchase for multimedia speakers that are finding extensive use for enhancing the audio experience while playing music and games as well as watching digital movies. Vendors are also constantly enhancing the design of speakers used in home theater systems to make them more compact and easier to mount/place. For instance, vendors are now offering wall mounting options, satellite mounting options, and soundbar speakers. Thus, the rising preference for in-home entertainment systems is expected to drive the multimedia speakers market growth during the forecast period.
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As per Technavio, the increasing demand for built-in wireless and smart portable speakers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Multimedia Speakers Market: Increasing Demand for Built-in Wireless and Smart Portable Speakers
Rapid developments in multimedia speakers have resulted in innovations such as built-in-wireless connectivity and smart feature integration. The increase in the penetration of smartphones and tablets has, in addition, resulted in a surge in demand for smart connectivity solutions using Bluetooth, near field communication (NFC), and Wi-Fi technologies. Consumers are increasingly using wireless streaming features to listen to music and audio files. This has led vendors to constantly improve connectivity features in multimedia speakers by integrating their products with advanced wireless solutions. In addition, the adoption of smart and portable multimedia speakers is increasing among consumers as they are integrated with advanced features such as voice command and assistance, smart paring, and home automation. Thus, the rising demand for built-in wireless and smart portable speakers will drive the growth of the market.
“Factors such as the rise in purchase of multimedia speakers through online platforms, and the growing focus of vendors on quality certifications will have a significant impact on the growth of the multimedia speakers market value during the forecast period,” says a senior analyst at Technavio.
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Multimedia Speakers Market: Segmentation Analysis
This market research report segments the multimedia speakers market by type (wireless multimedia speakers and wired multimedia speakers) and geographic landscape (APAC, Europe, MEA, North America, and South America).
The APAC region led the multimedia speakers market in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth in disposable income and the rise in purchase of multimedia speakers through online sales channels.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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