Market Overview
The portable Speakers Market Size was valued at USD 6.2 billion in 2022. The Portable Speakers market industry is projected to grow from USD 6.9 Billion in 2023 to USD 17.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.50% during the forecast period (2023 - 2032).
Market Dynamics
Consumers can use portable speakers more easily and conveniently thanks to the widespread popularity of online streaming services and the widespread availability of large data storage on tablets, laptops, and phones. Small and medium-sized portable speakers can be easily transported to any location, whereas large-sized speakers are suitable for use with stationary devices at home.
The growing popularity of Wi-Fi-based networks, as well as the proliferation of connected devices, has increased the use of wireless connectivity, not only in urban households but also in rural areas. Aside from that, the capacity of portable speakers to provide wireless connectivity is a major driver of market expansion. Smart speakers have exploded in popularity as a result of this trend.
Wireless connectivity features have become an essential part of every speaker category in recent years, including mobile docking speakers, wall units, and sound bars. In addition, as consumer lifestyles change and the demand for entertainment grows, high-end home theater systems are becoming more popular. As a result, in-wall speakers, sound bars, and subwoofer systems have a bright future ahead of them.
Competitive Landscape
The notable players of the market are Bose Corporation (US), Tribitaudio (China), Samsung Electronics (Harman Kardon and JBL) (South Korea), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), and Sony Corporation (Japan)
Segmentation
Product type, connectivity type, category, and distribution channel are the segments that make up the Portable Speakers Market Size.
The product type segment of the Portable Speakers Market is divided into mini, pocket, capsule, and others. The tiny segment is the largest among these since it is the most convenient to use and carry while traveling when compared to other sorts. The Portable Speakers Market Share is dominated by this sector.
Bluetooth, hybrid, and other connectivity types are included in the connectivity type segment. The hybrid sector is expected to be the most popular. It is equipped with Wi-Fi and Bluetooth connectivity. These are the segments that the majority of customers prefer. As a result, the segment accounts for the largest share of the Portable Speakers Market during the forecast period. The terms "pocket," "capsule," and "other" are all commonly used. Due to the introduction of advanced products with technological advancement features, the other segment will see the highest CAGR.
The Portable Speakers Market Size is classified into two categories: mass market and premium. Premium is the fastest-growing segment here, and its steady growth is expected to continue throughout the forecast term. The segment is being driven by consumer purchasing power and a preference for superior design and audio output.
The distribution channel refers to the channel via which products are delivered to clients. As a result, it is divided into two categories: store-based and non-store-based. Supermarkets and hypermarkets, specialty stores, and other stores make up the store-based component.
Region Overview
North America, Europe, and Asia Pacific are the three largest regions.
Because of the increased demand for music streaming in major countries such as the United States and Canada, the North American market has emerged as the dominant region in recent years. The regional market of this region is being driven by growing sales of items such as smartphones, tablets, laptops, and other portable devices.
Because of the rising awareness and adoption of technology-driven products among customers, Asia Pacific is believed to have the greatest CAGR. During the projection period, the rest of the world will also increase at a healthy rate.
Portable Speakers Industry Developments
February 2022:Tribit confirmed the launch of a sequel to their own StormBox Micro wireless speaker. The StormBox Micro 2 is the upgraded version of its portable StormBox Micro speaker that gives immersive 360-degree sound with rich deep bass and can also be paired with the brand's speaker to increase the volume in Party Mode. The portable speaker can also be paired with close to eight devices at the same time using Bluetooth 5.3.
March 2022:Beats, the Apple-owned audio device company, is introducing its limited-edition version of the Beats Pill Plus portable speaker in partnership with Stussy, the streetwear brand. The Beats Pill Plus Stussy is a limited-edition Bluetooth portable speaker.
September 2022:In China, the Meizu PANDAER Elvis Presley-branded Bluetooth speaker was released. The Platinum Unicorn Cyber Speaker features two 48mm loudspeakers and a full-frequency ultra-thin audio unit. Deep bass is generated by the new Meizu-Elvis Presley Bluetooth speakers using passive diaphragm sensor technology.
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