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WIRELESS SPEAKER MARKET SIZE TO CROSS $27 BILLION BY 2023, GROWING AT A CAGR OF OVER 17% DURING THE PERIOD 2018–2023
Wireless Speaker Market Size, Share, Trends, Analysis Report by Connectivity Type (Bluetooth and WiFi-Speakers), Price Range (Low-End, Mid-Range, and Premium), End Users (Residential and Commercial End-Users), Distribution (Retail and Online), and Geography (North America, Europe, APAC, Latin America, and Middle East and Africa) Industry Analysis Report, Regional Outlook, Growth Trends, Competitive Landscape, Share & Forecast, 2018–2023
The report also provides insights in terms of unit shipment during the forecast period.
GLOBAL WIRELESS SPEAKER MARKET REPORT SCOPE
|MARKET SIZE (REVENUE)||
Revenue (2023): $27 Billion
Compound Annual Growth Rate (CAGR): Over 17%
North America, Europe, APAC, Latin America, and Middle East & Africa
US Canada, UK, Germany, France, China, Japan, Australia, South Korea, and Brazil
The development of wireless connectivity technologies such as Bluetooth and Wi-Fi to connect to smartphones, tablets, PCs, or any other dedicated wireless controller is propelling the growth of the global wireless speaker market. The introduction of Wi-Fi and Bluetooth speakers is changing the technological landscape. The growing demand for innovative audio equipment is encouraging the leading players to launch new products to attract new consumers. The introduction of sound reinforcement equipment that supports various technologies such Bluetooth Low Energy (BLE), and Basic Rate/Enhanced Data Rate (BR/EDR) will enable vendors to manufacture products that are flexible to the needs of the consumers. The launch of smart speakers that provide ease-of-use along with a taste of innovation is transforming the market. The development of Europe, North America, and APAC economy is boosting the demand for consumer durable products, thereby driving the requirement for improved products. The rising awareness of wireless and remote speakers in the residential sectors of emerging nations will have a positive impact on the global market. The increasing per capita income, rising number of dual-income households, and growing spending on innovative devices are some of the factors augmenting the growth of the global wireless speaker market shares.
The increasing adoption of smart homes and implementation of connected devices is contributing to the revenues. The proliferation of online retailers such as Amazon, JD.com, and eBay offering products from several key vendors will result in the evolution of the global market.
The growing prominence of voice searches is propelling the growth of the global wireless speaker market. The usage of voice search is witnessing an unprecedented growth among consumers worldwide, and it is estimated that about 25% of the mobile queries and searches on Google’s mobile application and Android devices were voice searches in 2017. This increasing adoption of this technology is driving the development of voice assistant technology. Voice searches are gaining traction in advertising, payment, and processing activities thereby driving the demand for innovative speakers. Some of the most popular voice assistant technologies available are Apple’s Siri, OK Google, and Amazon’s Alexa. The use of voice assistant technology as a personal assistant, fun and entertainment, general information, and local information provider will attribute to the development of market during the forecast period.
Wireless Speaker Market Segmentation
This research report includes a detailed segmentation by connectivity type, price range, end-user type, distribution channels, and geography.
Insights by Connectivity Type
Introduction of smart Wi-Fi speakers will revolutionize the global wireless speaker market during the forecast period
The connectivity type is segmented into (Bluetooth (traditional, waterproof, and rugged) and Wi-Fi (Wi-Fi only, hybrid, smart, non-smart, singleroom, and multiroom). The Wi-Fi speaker segment dominated largest share in 2017, growing at a CAGR of around 20% during the forecast period. The growing demand for the smart speaker is boosting the growth of this segment both in terms of unit shipment as well as revenue. The increasing popularity of multiroom speakers will augment the growth of the wifi wireless devices. Various futuristic inventions in the mainstream voice-first and complementary technologies are expected boost investors’ confidence and boost VC funding during the forecast period. The leading vendors are focusing on integrating advanced features and developing their product portfolio with upgrades to gain a larger global wireless speaker market shares over the next few years.
Insights by End-Users
Commercial end-users to adopt multi-room speakers during the forecast period
The end-user segment is categorized into residential and commercial end-users. Commercial end-user segment occupied a significant portion of the share in 2017, growing at a CAGR of around 9% during the forecast period. The extensive use of these speakers by various offices, small retail stores, home offices, educational institutions, and others is contributing to revenues in this segment. The use of these devices is gaining immense popularity among smart offices, small home offices, and educational institutions. The top companies are adopting innovative technologies to reduce price range of these speakers. These devices are designed to have a high battery backup to attract new consumers.
Insights by Distribution Channels
Specialty retail stores to gain popularity during the forecast period
The distribution channels are classified into retail (specialty stores, supermarkets, and hypermarkets or mass market players, and electronic stores) and online stores. Retail stores dominated the majority of the share in 2017, growing at a CAGR of approximately 18% during the forecast period. The establishment of specialty stores such as Bose Stores, HARMAN Lifestyle Showrooms, and Mi stores is augmenting the growth of this segment. The retail stores offer easy accessibility that helps satisfy the customer's immediate need in the global market. These stores specialize in selling various kind of speakers and other electronic gadgets and accessories that meet consumer requirements. The staff in the retail segment are trained to educate customers about new products and help them in the selection of these devices. Expansion of distribution network will result in increased sales in the global wireless speaker market.
Insights by Geography
Smart speaker penetration in the US to boost sales during the forecast period
North America occupied the majority of the share in 2017, growing at a CAGR of approximately 14% during the forecast period. The increasing penetration of smart devices across North America will attribute to the growth of the market in this region. Amazon, Google, Apple, Sonos, and HARMAN Kardon are the leading companies operating in the North American region. The wireless speaker market in US is the largest revenue generator in North America. The growing popularity of ease and convenience to listen to music on-demand has led to the rise of numerous music applications resulting in the growing demand for innovative devices in North America. The launch of innovative products such as waterproof Bluetooth speakers and rugged models will boost the development of the North American market during the forecast period.
Key Vendor Analysis
The global wireless speaker market is highly concentrated, and the leading vendors control more than 60% of share. The players are focusing on technological innovations, product upgrades, and refining the unique value proposition to sustain the intense competition. The companies are offering products with high functionality and designs to gain larger share and attract new consumers. The increasing on focus on expanding businesses and distribution networks to emerging nations will result in higher revenues during the forecast period. The players are competing on the basis of product or service extensions, technological innovations, and M&A activities.
- Alibaba Group
- Alphabet (Google)
- BEATS Electronics (Apple)
- HARMAN International (Samsung)
The wireless speaker market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Connectivity Type
- Bluetooth Speakers
- Wi-Fi Speaker
- Based on Connectivity Technology
- Wi-Fi only
- Based on Voice Assistance
- Based on Room Placement
By Price Range
- Low-end Range (< $50)
- Medium Range ($51 - $200)
- Premium Range (> $200)
By End-User Type
- Residential End-users
- Commercial End-users
By Distribution Channel
- Specialty Stores
- Mass Market Players
- Electronic Stores
- North America
- South Korea
- Latin America
- Middle East and Africa
Key Questions Answered
- What is the wireless speaker market size and growth rate during the forecast period?
- Which connectivity type/end-users/region is generating the largest revenue in the Europe region?
- What are the factors driving the growth of wireless speaker market shares?
- How is the growth of the commercial users segment influencing the growth of the wireless speaker market?
- Who are the leading vendors in the wireless speaker market, and what are their market shares?
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