ID: MRFR/CR/7120-HCR | February 2021 | Region: Global | 111 pages
Portable Speakers Market Scenario
Portable Speakers’ Market is projected to reach USD 16.91 Billion by 2025 at a CAGR of 11.14% between 2019 and 2025. The portable speaker’s market is fragmented with the presence of several regional players catering to the increasing demand. The large players operate through renowned brands in this market. Brands such as JBL, Harman Kardon, and Beats by Dre are recognized globally. High competition among the industry players leads to product innovation, which attracts more consumers, thereby drives market growth. To tap into the lucrative opportunities, many key players such as Sony Corporation, Apple, Inc., Bose Corporation, and Samsung Electronics are investing in this market. For instance, Bose Corporation heavily invested in R&D to launch a portable home speaker in September 2019, a battery-powered smart speaker that has Wi-Fi and Bluetooth connectivity and supports the Google Assistant and Amazon Alexa voice assistants.
The Global Portable Speakers’ Market has witnessed high growth in recent years owing to the increasing popularity of portable products. Portable speakers accounted for a significant share of around 24.94% of the global speaker’s market, which was valued at nearly USD 32.44 billion, in 2018. The use of portable speakers is growing among the youth as well as consumers participating in outdoor activities such as trekking and camping. The high sales of smartphones and the growing inclination for music while traveling is expected to result in a CAGR of 11.14% for the global market during the forecast period.
Portable speakers provide the benefit of playing audio on-the-go and ease of playing music around the house. The growing popularity of integrated music streaming platforms such as iTunes and Spotify are influencing changes in lifestyles with consumers preferring to use portable speakers in the kitchen, bathroom, open spaces, gymnasium, garage, and laundry room, among others. Online streaming accounted for 75% of the recording industry revenue in 2018, an increase of 10% from 2017. Cut-throat competition among the market players in terms of price, functions, quality, and design has led to high investments in R&D. Portable speaker manufacturers are launching innovative and elegant designs with attractive lighting to create traction among consumers. For instance, the JBL Pulse 3 by Samsung Electronics resembles a capsule and offers a 360° light show with sound. These features enhance the aesthetics of a room and can be used as décor on bedsides and coffee tables; they are also ideal for gifting. These factors are driving the sales of portable speakers across the world.
Audio streaming on-the-go, ease of audio sharing, and hands-free phone calls
Portable Speakers’ Market Segmentation
By Product Type
By Connectivity Type
By Distribution Channel
|Market Size||USD 16.91 Billion (2025)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product Type, Connectivity Type, Distribution Channel|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Bose Corporation (US), Samsung Electronics, (Harman Kardon and JBL) (South Korea), Tribitaudio (China), Sony Corporation (Japan), Logitech Europe S.A. (Ultimate Ears) (Switzerland), Bang & Olufsen (Denmark), SoundWorks, Inc. (US), Apple Inc. (Beats Electronics LLC) (US), Anker Technology Ltd (UK), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), LG Corporation (South Korea), House of Marley, LLC (US)|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Portable speakers market projected to grow at an 11.14% CAGR between 2020-2027.
North America is expected to lead the portable speakers market.
Portable speakers market is predicted to touch USD 16.91 billion by 2025.
Mini portable speakers will lead the portable speakers market.
Introduction of smart devices and low costs are the key factors driving the portable speakers market.