Dublin, Feb. 11, 2021 (GLOBE NEWSWIRE) -- The "Wireless Speaker Market - Global Outlook and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The wireless speaker market by revenue is expected to grow at a CAGR of over 14% during the period 2021-2026.
The global wireless speaker market size by revenue is expected to pose an absolute growth of 150% during the forecast period. The market is likely to witness an increase in revenue during the period 2021-2026. However, YOY growth will slow down continuously afterward. The major reasons are the increased penetration of smart speakers across the globe and a short repurchase cycle, leading to technological disruptions.
In 2021-2024, in terms of unit shipments, the YOY growth of wireless speakers will be in the double-digit due to the high demand for smart devices from Europe, North America, and APAC, coupled with the rise in awareness of wireless audio devices in developing countries. The increasing demand from developed markets, the integration of voice-assistance technology in household appliances, and enhanced marketing and visibility of smart products online are other major factors contributing to the growth of the market.
Global Wireless Speaker Market Segmentation
The global wireless speaker market research report includes a detailed segmentation by connectivity type, price range, distribution channel, end-user, product type, geography. Based on connectivity, the global wireless speaker market is categorized into Bluetooth and wireless. While Bluetooth speakers are getting laced with new features, the inclusion of rugged and waterproof features is expected to drive the demand for these devices during the forecast period.
In addition, increased battery life, 360-degree surround sound, customizable led lights, app sync feature, and smart assistant are likely to make the product attractive to a wide variety of audience, thereby influence the market growth. Traditional speakers are attaining maturity in developed countries on account of lack of innovation and feature enchantment. However, waterproof Bluetooth speakers are gaining traction in the US and Western European countries. Rugged speakers have gained immense popularity among end-users worldwide as they are shockproof, dirtproof, and waterproof.
In 2020, the low-end segment by unit shipment dominated the market with a share of over 49% share. However, as these devices are priced at a low price in the market, the overall revenue generation is less despite high unit shipment. These devices are portable and offer excellent sound quality. The low price of these models is expected to attract more consumers from the residential segment since these models offer ease and convenience.
In 2020, standard speakers dominated the market with a share of over 44%. Concentrated demand from APAC and Latin America has been a major factor for market growth. The APAC region is expected to generate incremental revenue of approx. $4 billion during the forecast period. Moreover, easy accessibility, affordability, and the presence of several domestic vendors are expected to influence the market. However, the growing popularity of smart speakers has cannibalized the market share of standard sound devices.
Wireless speakers are experiencing high application in the residential segment. These devices are used for music streaming via smartphones or other hand-held devices at home. Multi-room types are gaining popularity and boosting the market growth. With a high number of consumers recognizing the benefits of hybrid devices, including portability, power-saving options, easy installation, and high sound quality, they are gaining prominence in the residential segment.
Over 375 million units of wireless speakers are expected to be sold by 2026 via offline distribution channels, which include specialty stores, supermarkets and hypermarkets, and electronic stores. The entry of Wi-Fi and Bluetooth speaker manufacturers in the traditional market has increased the sale of smart speakers through retail stores worldwide. Online distribution channels are likely to account for approx. $38 billion by 2026.
Compared to retail stores, online stores offer a variety of options to choose from, which is one of the major factors contributing to the growth. Online retailers offer devices at discounted prices rather than list prices that could apply to electronic stores and other brick-and-mortar distribution channels. However, the online segment could face strong competition from the retail segment in the future due to the expected entry of traditional speaker manufacturers and other electronic device vendors in the market.
INSIGHTS BY GEOGRAPHY
A growing concept of smart home technology in the APAC region is likely to influence the wireless speaker market. Over 88% of consumers in China have some knowledge of smart homes, which is expected to emerge as a strong driver for smart home technology. China and India are the fastest-growing economies in the APAC region.
The smart home market in China is expected to reach over $21 billion by 2023. The influence of Bluetooth in Chinese homes has been remarkable, where the adoption of automation solutions and IoT-based products is expected to grow 3X times during the forecast period. The consumer awareness about smart home technology in Japan stands at over 50%. The awareness of smart homes is also high in South Korea with about 90% of people stating their awareness of the technology.
INSIGHTS BY VENDORS
The global wireless speakers market is witnessing intense competition as players are competing for market shares. The market would witness growing consolidation due to the intensely competitive environment. These factors make it imperative for vendors to distinguish their products and service offerings through a clear and unique value proposition, or else they will not survive the highly competitive environment.
In addition, they must develop high functionalities and continue upgrading their products to keep pace with the latest technological developments, failing which they might lose relevance in the market.
KEY QUESTIONS ANSWERED
What is the market size and growth of the global wireless speaker market by 2026?
What is the impact of COVID-19 on the global wireless speaker market shares?
What are the key growths and new technological developments in the wireless speaker market?
Which regions are likely to contribute significant revenues to the wireless speaker market?
Who are the major players in the speaker industry?
Key Topics Covered:
Working Mechanism Of A Bluetooth Speaker
Macroeconomic Factors Enabling Market Growth
Market Opportunities & Trends
Popularity Of Voice-First Technology
Increase In IoT Investment
Increased Influence Of Internet In Purchasing Behavior
Market Growth Enablers
Growing Online Music Streaming
Prominence Of Voice Searches
Rise In The Internet Penetration
Increasing Popularity Of Smart Homes
Low Internet Penetration In Developing Economies
Volatility In Raw Material Prices And Increasing Labor Costs
Security And Ethical Concerns
Other Major Vendors
Bang & Olufsen
Sound United (Denon)
Edifier International Limited
Forcovr (Shenzhen Guowei Security)
KitSound by Kondor
Onkyo & Pioneer
Shenzhen Renqing Excellent Technology Co. Ltd. (Rock Space)
TAGG Digital Strategies Pvt. Ltd.
The House of Marley
For more information about this report visit https://www.researchandmarkets.com/r/8ris7k
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