Wireless Speaker Market in US - Industry Outlook and Forecast 2018-2023
This market research report on US 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), and by distribution (retail and online).
US Wireless Speaker Market - Overview
The exponential proliferation of smartphones, tablets, PCs, or other dedicated wireless controllers is propelling the requirement of smart devices and boosting the growth of US wireless speaker market. The focus on developing the connectivity technology is leading to the introduction of the Bluetooth speakers and Wi-Fi speakers in the US market. The growing demand for advanced audio equipment will augment the growth of the US market. The launch and commercialization of smart and connected devices will help vendors meet the consumer preferences and requirements in the market. The introduction of new product models with innovative features that increases the convenience of using these devices will revolutionize the US market over the next few years. The increasing in consumer spending limits and the economic recovery is creating lucrative prospects for smart speaker companies operating in the US market. The increasing adoption of highly durable consumer appliances will drive the demand in the market. The launch of waterproof Bluetooth speakers and rugged Bluetooth speakers will transform the US market. The continuous product innovation has led to the introduction of smart speakers with voice assistant technology in the US market. Additionally, the integration of voice-assistance technology in household appliances, enhanced marketing, and growing visibility of these products through online retail channels will led to the development of the US wireless speaker market.
The growing presence of online retailers such as Amazon and eBay offering a wide range of products from several vendors will boost the sales and revenues in the US market. The leading manufacturers are investing in the R&D of innovative products that can add value, enhance home experience, and offer the ease of convenience to attract maximum number of consumers in the market. The US wireless speaker market is anticipated to reach revenues of approximately $12 billion by 2023, growing at a CAGR of more than 13% during 2018-2023. The report also provides market size details in terms of unit shipment during the forecast period.
US Wireless Speaker Market at a Glance
US Wireless Speaker Market - Dynamics
The increasing adoption of smart homes that increase connectivity of household applications will contribute to the growth of the US wireless speaker market. The use of automation of systems that provides integrated, centralized control of individual systems such as small appliances, consumer electronics, environmental control systems, and building components is an integral part of smart home environment. The top players are thereby, identifying the need to launch and innovate smart speaker systems that are compatible with the concept of smart homes to boost their revenues in the US market. The launch of systems that offer enhanced connectedness and the ability to converge voice-assistance technology with the smart home concept will fuel the development of the market during the forecast period. Additionally, the efforts to digitalize home and home applications will have a positive impact on the US wireless speaker market.
US Wireless Speaker Market - Segmentation
This market research report includes a detailed segmentation of the market by connectivity type, price range, end-user type, and distribution channels.
Segmentation of US Wireless Speaker Market
US Wireless Speaker Market – By Connectivity
Advanced battery technology for Bluetooth Speaker will boost sales in the US wireless speaker market during forecast period
The US wireless speaker market by connectivity 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). Bluetooth speakers dominated a significant portion of the market share in 2017, growing at a CAGR of around 11% during the forecast period. The increasing focus on production innovation and launch of systems with a unique design and latest technology is fueling the growth of this segment in the US market. The increasing investment in battery technology will help manufactures boost the battery backup in Bluetooth speakers in the US market. These innovations have led to the improvement of battery capacity that can run continuously up to 16 to 24 hours in a single charge. Moreover, the innovations in Bluetooth technology, introduction of new models, and decreasing ASP are some of the major factors augmenting the growth of this segment in the US wireless speaker market.
US Wireless Speaker Market – By End-Users
Residential segment are the largest end-users in the US wireless speaker market
The end-users segment in the US wireless speaker market is classified into residential end-users and commercial end-users. The residential end-user occupied the largest market share in 2017, growing at a CAGR of approximately 14% during the forecast period. This end-user segment consists of individuals who buy speakers for their home use or residential purposes. The smart home users form the largest users of these innovative systems in the residential segment. These speakers are widely used as home entertainment systems by individuals in the US market. These find applications for music streaming via smartphones or PCs among end-users in the US market. Some households may have more than one speaker installed thereby, driving the demand for these sound reinforcement devices in the market. Multi-room speakers are gaining massive popularity and boosting growth of the US wireless speaker market.
US Wireless Speaker Market – By Distribution Channel
Emergence of various online retail giants will propel growth of the US wireless speaker market during forecast period
The US wireless speaker market by distribution channel is categorized into retail (specialty stores, mass market players, and electronic stores) and online channels. The online channel dominated the majority market share in 2017, growing at a CAGR of over 11% during the forecast period. The increasing proliferation of online retail giants such as Amazon, eBay, and Best Buy that offer a wide range of products will attribute to the growing sales in this segment in the US market. The increasing number of online OEMs’ e-commerce portals and online direct-to-consumer stores will boost revenues in the US market. Factors such as ease-of-accessibility, convenience, and affordability is promoting the popularity of these channels among consumers in the market. Many vendors are offering YouTube tutorial videos that help beginners get knowledge of the working and setting-up voice-assistant speakers. These benefits will augment the growth of this segment in the US wireless speaker market during the forecast period.
Key Vendor Analysis
The US wireless speaker market is very concentrated and the top players control over 90% of the market share. The rapid changes in technological environment is boosting consumer expectations and intensifying the competition in the US market. The manufacturers focus on continual innovations and upgrades will help them sustain the level of competition in the market. The increasing investment in the development of Bluetooth-only based, Wi-Fi-only based devices, and hybrid systems will help vendors gain a larger market share. The introduction of systems with high functionality and innovative designs will lead players attract larger group consumers in the US wireless speaker market during the forecast period.
The major vendors in the US market are:
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