Elettronica
Speaker Market to Reach $233.27 Bn, Globally, by 2027 at 30.5% CAGR: AMR
Advancement in AI virtual assistant technologies and developments in battery technologies augment the growth of the global speaker market. Conversely, data privacy and security concerns impede the market growth. Nevertheless, emergence of smart speakers in commercial applications ushers a number of opportunities in the near future.
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Based on portability, the medium segment accounted for the largest share in 2019, contributing to more than half of the the global speaker market , and is estimated to maintain its dominant position during the forecast period. The installation of drivers with sizes ranging from 20 to 50mm in portable speakers offers easy operation through Bluetooth, which drives the growth of the segment. Conversely, the small segment is expected to register the highest CAGR of 40.4% from 2020 to 2027. The advantages such as freedom of movement, and user convenience along with rapid technological growth drive the growth of the segment.
Based on end use, the personal segment contributed to the largest share in 2019, holding for nearly 99% of the the global speaker market , and is expected to maintain the lion's share throughout the forecast period. High volume adoption of speakers for personal applications boosts the growth of the segment. Nevertheless, the commercial segment is estimated to portray the highest CAGR of 41.4% during the forecast period. This is attributed to the identification of benefits from speakers, especially smart speakers.
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Based on region, Asia-Pacific dominated the market with more than two-fifths of the the global speaker market in 2019, and will maintain its dominance throughout the forecast period. Furthermore, the same region is expected to grow at the highest CAGR of 33.0% from 2020 to 2027. This is due to factors such as availability of the highest number of speaker users and increase in expenditure capacity of people in this region. Moreover, North America is projected to of 28.8% during the forecast period.
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