Wireless Speaker Market - Global Outlook and Forecast 2018-2023
This market research report on global wireless speaker market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by connectivity type (Bluetooth speaker and wifi-speakers), by price range (low-end, mid-range, and premium), by end users (residential and commercial end-users), by distribution (retail and online), and by geography (North America, Europe, APAC, Latin America, and MEA).
Wireless Speaker Market - Overview
The development of wireless connectivity technologies such as Bluetooth and Wi-Fi to connect to smartphones, tablets, PCs, or any other dedicated wireless controller is propelling the growth of the global wireless speaker market. The introduction of Bluetooth speakers and Wi-Fi speakers is changing the technological landscape in the global market. The growing demand for innovative audio equipment is encouraging the leading players to launch new products in the market to attract new consumers. The introduction of sound reinforcement equipment that supports various technologies such Bluetooth Low Energy (BLE), and Basic Rate/Enhanced Data Rate (BR/EDR) will enable vendors to manufacture products that are flexible to the needs of the consumers in the global market. The launch of smart speakers that provide ease-of-use along with a taste of innovation is transforming the market. The development of Europe, North America, and APAC economy is boosting the demand for consumer durable products, thereby driving the requirement for improved products in the global market. The rising awareness of wireless and remote speakers in the residential sectors of emerging nations will have a positive impact on the global market. The increasing per capita income, rising number of dual-income households, and growing spending on innovative devices are some of the factors augmenting the growth of the global wireless speaker market.
The increasing adoption of smart homes and implementation of connected devices is contributing to the revenues in the global market. The proliferation of online retailers such as Amazon, JD.com, and eBay offering products from several key vendors will result in the evolution of the global market. The global wireless speakers market is projected to reach revenues of more than $27 billion by 2023, growing at a CAGR of approximately 17% during the forecast period. The report also provides market size details in terms of unit shipment during the forecast period.
Wireless Speaker Market - Dynamics
The growing prominence of voice searches is propelling the growth of the global wireless speaker market. The usage of voice search is witnessing an unprecedented growth among consumers worldwide, and it is estimated that about 25% of the mobile queries and searches on Google’s mobile application and Android devices were voice searches in 2017. This increasing adoption of this technology is driving the development of voice assistant technology in the global market. Voice searches are gaining traction in advertising, payment, and processing activities thereby driving the demand for innovative speakers in the global market. Some of the most popular voice assistant technology available in the market is Apple’s Siri, OK Google, and Amazon’s Alexa. The use of voice assistant technology as a personal assistant, fun and entertainment, general information, and local information provider will attribute to the development of the global wireless speaker market during the forecast period.
Wireless Speaker Market - Segmentation
This market research report includes a detailed segmentation of the market by connectivity type, price range, end-user type, distribution channels, and geography.
Wireless Speaker Market – By Connectivity Type
Introduction of smart Wi-Fi speakers will revolutionize the global wireless speaker market during the forecast period
The global wireless speaker market by connectivity type is segmented into (Bluetooth speaker (traditional Bluetooth speaker, waterproof Bluetooth speaker, and rugged Bluetooth speaker) and Wi-Fi speaker (Wi-Fi only speaker, hybrid speaker, smart speakers, non-smart speakers, singleroom speaker, and multiroom speaker). The Wi-Fi speaker segment dominated largest market share in 2017, growing at a CAGR of around 20% during the forecast period. The growing demand for the smart speaker is boosting the growth of this segment both in terms of unit shipment as well as revenue in the global market. The increasing popularity of multiroom speakers will augment the growth of the wifi wireless speakers in the global market. Various futuristic inventions in the mainstream voice-first and complementary technologies are expected boost investors’ confidence and boost VC funding in the global market during the forecast period. The leading vendors are focusing on integrating advanced features and developing their product portfolio with upgrades to gain a larger global wireless speaker market size over the next few years.
Wireless Speaker Market – By End-Users
Commercial end-users to adopt multi-room speakers in the global wireless speaker market during the forecast period
The end-user segment in the global wireless speaker market is categorized into residential and commercial end-users. Commercial end-user segment occupied a significant portion of the market share in 2017, growing at a CAGR of around 9% during the forecast period. The extensive use of these speakers by various offices, small retail stores, home offices, educational institutions, and others is contributing to revenues in this segment in the global market. The use of these devices is gaining immense popularity among smart offices, small home offices, and educational institutions in the global market. The top companies are adopting innovative technologies to reduce price range of these speakers in the global market. These speakers are designed to have a high battery backup to attract new consumers in the global wireless speaker market.
Wireless Speaker Market – By Distribution Channels
Specialty retail stores to gain popularity in the global wireless speaker market during the forecast period
The global wireless speaker market by distribution channels are classified into retail (specialty stores, supermarkets, and hypermarkets or mass market players, and electronic stores) and online stores. Retail stores dominated the majority of the market share in 2017, growing at a CAGR of approximately 18% during the forecast period. The establishment of specialty stores such as Bose Stores, HARMAN Lifestyle Showrooms, and Mi stores is augmenting the growth of this segment in the global market. The retail stores offer easy accessibility that helps satisfy the customer's immediate need in the global market. These stores specialize in selling various kind of speakers and other electronic gadgets and accessories that meet consumer requirements in the global market. The staff in the retail segment are trained to educate customers about new products and help them in the selection of these devices. Expansion of distribution network will result in increased sales in the global wireless speaker market.
Wireless Speaker Market – By Geography
Smart speaker penetration in the US to boost sales in the global wireless speaker market during the forecast period
The geographical segment in the global wireless speaker market is divided into North America, Europe, APAC, Latin America, and MEA. North America occupied the majority of the market share in 2017, growing at a CAGR of approximately 14% during the forecast period. The increasing penetration of smart devices across North America will attribute to the growth of the market in this region. Amazon, Google, Apple, Sonos, and HARMAN Kardon are the leading companies operating in the North American market. The growing popularity of ease and convenience to listen to music on-demand has led to the rise of numerous music applications resulting in the growing demand for innovative devices in North America. The launch of innovative products such as waterproof Bluetooth speakers and rugged models will boost the development of the North American wireless speaker market during the forecast period.
Key Countries Profiled
The key countries profiled in the report are:
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