The MRFR report on the Mobile Phone Loudspeaker Market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.
The worldwide mobile phone loudspeaker market is estimated to attain USD 1679.0 mn by 2024. According to the study conducted by Market Research Future, the global mobile phone loudspeaker market is expected to expand at a CAGR of 6.32% over the forecast period.
COVID-19 Impact Analysis
The worldwide lockdown on account of the COVID-19 outbreak has led to an economic crisis that has hit various industries. While a number of business sectors are bearing the brunt of the pandemic, the smartphone manufacturing industry seems has been severely impacted. Post the SARS-CoV-2 outbreak, various companies were faced with tough decisions, in terms of finance and cost-cutting measures to ensure uninterrupted flow of operations. The lockdown situation was the short term impact that the novel coronavirus has had across manufacturing sectors, leading to plummeting demand from the smartphone and hyperscale cloud service providers. The weak demand has had a domino effect throughout the semiconductor industry, with the drop in the prices. The COVID-19 outbreak and the resultant lockdown has led to shutting down of operations, along with e-commerce and retail stores, which has made the supply chains fragile and created a larger gap between demand and supply.
Considering the long-term impact of COVID-19, governments are striving to handle the situation by implementing favorable initiatives as well as policies such as financial packages, lower interest rate and exceptions in tax. The work from home strategies have become the latest norm among companies coupled with the rising trend of the BYOD policies, which could mean better demand for connected devices, laptops, computers, and storage solutions in the post pandemic era. Even as the world is struggling to find a COVID-19 breakthrough, the demand for mobile phones and associated markets like mobile phone loudspeaker can expect some relief in the coming period.
Primary Boosters and Key Barriers
Massive amount spent on entertainment can open various new avenues for the market players in the coming years. Evolving consumer preference along with the changing lifestyle can also boost the demand for mobile phone loudspeaker over the appraisal period. The market also benefits from the boom in the e-commerce and m-commerce sectors, surging internet penetration, expanding urban population, and the worldwide presence of a strong distribution network.
The mobile speaker market growth can also be warranted by the rising penetration of Wi-Fi backed devices such as smartphones, tablets and laptops. It is projected that Bluetooth and Wi-Fi backed products can gain immense popularity in the years ahead in line with the widening consumption of online content and entertainment platforms. Technological innovations in terms of design, sound quality, size and power consumption are some of the aspects of the products that can benefit the industry participants in the long run. Apart from this, the rising sales of comprehensive speakers could be a lucrative opportunity in the mobile phone loudspeaker market.
The mobile phone loudspeaker market has been considered for product, type as well as sound output.
The types of mobile phone loudspeaker are piezoelectric speakers, electric speakers, plasma speakers and electromagnetic speakers. In 2018, the electric speakers segment led the market with the highest value out of all the segments.
The sound output-based segments in the market include 80–90 dB, more than 90 dB and less than 80 dB. In 2018, the largest share of the market belonged to the 80-90 dB segment and retained the highest value, while the second in lead was the less than 80 dB segment.
The region-wise segmentation of the mobile phone loudspeaker market comprises APAC or Asia Pacific, Europe, MEA or Middle East and Africa, South America as well as North America.
APAC could emerge as the most profitable market for mobile phone loudspeaker in the following years, thanks to the growing disposable income of the people and the expanding middle-class population. The mounting demand and production level of smartphones in India and China can be attractive opportunities for the leading vendors in the market. Moreover, the rising preference, particularly among youth, for sound and video games, alongside the increasing diversity in advanced music, supports the uptake of mobile phone loudspeakers in the region.
North America can be another formidable market in the approaching years, as a result of the strong financial conditions and the mounting popularity of in-home entertainment. The growing number of avid music listeners, expanding digital music sale, and the high popularity of audio and video entertainment can be favorable for the market in the next few years.
Top companies in the global market for mobile phone loudspeaker include Fortune Grand Technology Inc. (Taiwan), Changzhou Su Yang Electronics Co., Ltd. (China), Dain, Inc. (China), BSE Co., Ltd (South Korea), BeStar Electronics Co., Ltd (China), Gettop Acoustic Co., Ltd. (China), EM-Tech.CO., LTD (South Korea), CUI Inc. (US), Regal Electronics, Inc. (US), to name a few.
The Xiaomi Redmi K30i 5G smartphone has recently been released in China, which supports smart PA loudspeaker, Hi-Res audio support as well as 1217 ultra-linear speaker. The device also comes with a 3.5mm audio jack.
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