Global Portable Speakers Market enjoys enormous traction. The market growth attributes to the increasing market proliferation and popularity of portable speakers. Besides, rising advances in communication technologies, such as the internet and Bluetooth, boost the market growth. Moreover, the spurring increase in electronics devices defines the growth prospects the market is demonstrating globally. Emergence of popular voice assistants for portable speakers, such as Alexa, Google Assistant, and others influence the market growth. Additionally, the high sales of smartphones and growing preference for listening to music while traveling, escalate the market growth to furthered height. According to Market Research Future (MRFR), the global portable speakers market is projected to reach USD 16.91 BN by 2025, growing at a significant double-digit CAGR of 11.14% throughout the forecast period (2019-2025). Usages of portable speakers are growing among youths and in outdoor activities such as trekking and camping.
In its recent COVID 19 analysis of the global portable speakers market, MRFR states that portable speakers accounted for around 24.94% share of the overall speaker market, which was valued at USD 32.44 BN, in 2020. The market has witnessed high growth in recent years owing to the increasing popularity of portable products. Rising popularity of integrated music streaming platforms such as iTunes and Spotify influences the sales of portable speakers. Online streaming accounted for 75% of the recording industry revenue in 2020, increasing by 10% from 2020. These developments also presage the heydays the portable speakers market is to perceive soon. Rising competition among the market players in terms of price, functions, quality, and design has led to high investments in R&D. Manufacturers of portable speakers are launching innovative and elegant designs to attract consumers. Also, the popularity of smart devices has grown over the past few years due to the benefit of convenience, such as easy touch screen panel and voice control to connect with other smart gadgets using voice assistants.
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Highly competitive, the portable speakers market appears diversified with the presence of many popular brands. To gain a larger competitive share, players incorporate strategic initiatives such as collaboration, mergers & acquisition, expansion, and product/technology launch. Industry players make substantial investments locally as well as in the emerging countries to expand their production capacity and distribution network.
In such a scenario, obtaining strong financial support becomes the sole strategy of suppliers to sustain in the market. Manufacturers strive to minimize the cost of their products by adopting cost-effective manufacturing techniques.
Players leading the Global Portable Speakers Market include Bose Corporation (US), Samsung Electronics (South Korea), Tribitaudio (China), Sony Corporation (Japan), Logitech Europe SA (Switzerland), Bang & Olufsen (Denmark), SoundWorks, Inc. (US), Apple Inc. (US), Anker Technology Ltd (UK), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), LG Corporation (South Korea), and House of Marley, LLC (US), among others.
Industry/ Innovation/ Related News
June 30, 2020 – LG Electronics USA launched XBOOM Go PL Speaker Lineup. The latest addition to XBOOM Go portable Bluetooth speaker line-up with PL Series is developed with Meridian technology. Premium audio powered by meridian technology combines with unique design and lighting features to deliver a powerful and portable listening experience. Meridian is the world’s leading high-resolution audio brand that delivers enhanced bass, clearer vocals, and exceptional listening experience.
The report is segmented into five dynamics.
By Product Type: Mini, Pocket, Capsule, and others.
By Connectivity Type: Bluetooth, Hybrid, and others.
By Category: Mass-Market and Premium.
By Distribution Channel: Store-Based (Supermarkets & Hypermarkets, Specialty Stores, others) and Non-Store-Based.
By Regions: Americas, Europe, Asia Pacific, and Rest-of-the-World.
North America dominates the global Portable Speakers Market. The largest market share attributes to the vast popularity & preference for portable speakers and high per capita disposable income in the region. Besides, the growing trend of smart homes with appliances and electronics controlled by gestures or voice boost the market demand in the region. Also, large technological advances, alongside technology providers in the region, drive the regional market growth.
Europe stands second in the global portable speakers market. The market is predominantly driven by the steady growth of the electronics industry and economic growth. Moreover, factors such as a large consumer base and preference for portable speakers boost the regional market growth. Also, technical expertise rendered by existing key market players in the region, fuels the market sales. Besides, the contribution from the growing markets in the UK and Germany contribute to the regional market growth.
The portable speakers market is brisk in the Asia Pacific region. Factors such as the growing product awareness and rising adoption of technology-driven products drive the market demand considerably. Additionally, rapid economic growth in the region propels a large market share, improving the lifestyles of demographics. Simultaneously, rising numbers of electronics product industry, production plants, and growing manufacturing sectors in India and China bolster the regional market growth.
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