NEW YORK, July 5, 2022 /PRNewswire/ -- One of the key factors driving growth in the Speakers Market is the increasing adoption of smart speakers. Smart speakers are emerging as one of the key enablers of home automation and smart home concepts. They provide control of a few or several connected device functionalities based on the voice commands of users. Such speakers are voice-controlled and are equipped with smart assistants, which take inputs from users and perform the required actions. The smart assistants equipped in smart speakers are also designed to deliver content related to weather forecasts, news, meeting updates, security alerts, and notifications related to the appliances used by the users. These features of smart speakers have significantly increased their demand from end-users. Hence, vendors have been compelled to develop new products. Several start-ups have also been attracted to the market, and some of them are adopting crowdfunding strategies to enter the market. All these factors drive the growth of the global speakers market.
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The Speakers Market Share is expected to increase by USD 28.37 billion from 2020 to 2025, with an accelerated CAGR of 14%- according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
The speakers market report also offers information on several market vendors, including Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp. among others. Moreover, the market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
Alphabet Inc.- The company offers smart speaker designed by Google, which enables users to interact with services through Google Assistant, which is a personal assistant software, through voice commands.
Bose Corp.- The company delivers wall to wall stereo sound and has built-in Amazon Alexa, which can be connected through home Wi-Fi network or Bluetooth.
Koninklijke Philips NV- The company offers Bluetooth speaker that delivers high-powered sound. It also lights up in sync with the beats and is available in a splash-proof design with wide range of setting. It can also be connected to SD Card and has a radio connectivity.
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Regional Market Outlook
The speakers market is segmented by technology (wireless speakers and wired speakers), product (stereo speakers and smart speakers), and geography (APAC, North America, Europe, South America, and MEA). 45% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for speakers in APAC. Market growth in this region will be faster than the growth of the market in other regions. The adoption of speakers in APAC is increasing with the rising emergence of communication infrastructure comprising high-speed networks. Also, the buying power of end-users is increasing in countries such as India and China, which can create a potential demand for new technologies such as smart homes. This will facilitate the speakers market growth in APAC over the forecast period.
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Speakers Market Trend:
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Smart Home Speaker Market in US by Platform, Distribution Channel, and Geography - Forecast and Analysis 2022-2026: The smart home speaker market share in US is expected to increase to USD 3.93 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 18.45%. The market is fragmented and the vendors are deploying growth strategies such as new product launches to compete in the market. Find More Exclusive Research Insights Here
Speakers Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 14%
Market growth 2021-2025
$ 28.37 billion
YoY growth (%)
North America, Europe, APAC, South America, and MEA
Performing market contribution
APAC at 45%
Key consumer countries
China, US, Germany, Japan, and UK
Leading companies, competitive strategies, consumer engagement scope
Alphabet Inc., Amazon.com Inc., Apple Inc., Bose Corp., Koninklijke Philips NV, LG Electronics Inc., Panasonic Corp., Samsung Electronics Co. Ltd., Sony Corp., and Xiaomi Corp.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Table of Contents
1 Executive Summary
2 Market Landscape
2.1 Market ecosystem
2.2 Value chain analysis
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2020
3.4 Market outlook: Forecast for 2020 - 2025
4 Five Forces Analysis
4.1 Five Forces Summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Product
5.1 Market segments
5.2 Comparison by Product
5.3 Stereo speakers - Market size and forecast 2020-2025
5.4 Smart speakers - Market size and forecast 2020-2025
5.5 Market opportunity by Product
6 Market Segmentation by Technology
6.1 Market segments
6.2 Comparison by Technology
6.3 Wireless speakers - Market size and forecast 2020-2025
6.4 Wired speakers - Market size and forecast 2020-2025
6.5 Market opportunity by Technology
7 Customer landscape
8 Geographic Landscape
8.1 Geographic segmentation
8.2 Geographic comparison
8.3 APAC - Market size and forecast 2020-2025
8.4 North America - Market size and forecast 2020-2025
8.5 Europe - Market size and forecast 2020-2025
8.6 South America - Market size and forecast 2020-2025
8.7 MEA - Market size and forecast 2020-2025
8.8 Key leading countries
8.9 Market opportunity by geography
9 Drivers, Challenges, and Trends
9.1 Market drivers
9.2 Market challenges
9.3 Market trends
10 Vendor Landscape
10.2 Landscape disruption
10.3 Competitive Scenario
11 Vendor Analysis
11.1 Vendors covered
11.2 Market positioning of vendors
11.3 Alphabet Inc.
11.4 Amazon.com Inc.
11.5 Apple Inc.
11.6 Bose Corp.
11.7 Koninklijke Philips NV
11.8 LG Electronics Inc.
11.9 Panasonic Corp.
11.10 Samsung Electronics Co. Ltd.
11.11 Sony Corp.
11.12 Xiaomi Corp.
12.1 Scope of the report
12.2 Currency conversion rates for US$
12.3 Research methodology
12.4 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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