LONDON--(BUSINESS WIRE)--The global portable speaker market size is expected to grow by USD 28.64 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Vendors are constantly upgrading their existing products with new technologies to improve the product quality and user experience. Technological innovations have resulted in woofers, tweeters, and separate sound systems being merged into one single unit to offer premium sound quality and incredible audio experience. Sony launched the latest range of Bluetooth speakers that allow streaming via NFC, AirPlay, and Wi-Fi. It also introduced the LED bulb speaker that plays music when it is connected to an E26 light bulb socket and does not require batteries, chargers, or cables for power. The music can be controlled from a smartphone, using the SongPal app. The introduction of wearable Bluetooth speakers, such as WristBoom, is likely to attract more customers. Such innovations are likely to contribute to the global portable speaker market growth.
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As per Technavio, the rise in number of smart homes 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.
Portable Speaker Market: Rise in Number of Smart Homes
Many homes in developed countries such as the US and the UK are leveraging the Internet of Things technology and upgrading to smart homes. These smart homes connect all consumer electronic devices, media and entertainment gadgets, and other smart electronics to the home network. The devices interact with each other through the home network. The demand for smart homes is driven by energy-saving requirements, the need for convenience, and rising connectivity between various devices. The demand is also driven by government initiatives that promote smart homes for better living. The smart home market has already established its presence in developed markets, and it is expected to have significant growth in developing countries during the forecast period. This is expected to support the growth of the wireless Bluetooth speaker market during the forecast period.
“Other factors such as the growth in the travel industry and the increased adoption of wireless audio systems will have a significant impact on the growth of the portable speaker market value during the forecast period,” says a senior analyst at Technavio.
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Portable Speaker Market: Segmentation Analysis
This market research report segments the portable speaker market by technology (wireless and wired) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the portable speaker market share 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 the purchase of portable speakers through online 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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