The portable speaker market will be achieving a strong valuation of USD 16.95 Billion by 2030, evaluates Market Research Future (MRFR). MRFR expects the global market to capture a CAGR of 12.50% from 2020 to 2030.
Massive popularity of online streaming services and the high availability of huge data storage on tablets, laptops and phones, allow the consumers to make use of portable speakers more easily and conveniently. Small- and medium-sized portable speakers can be easily carried to any location, while the large-sized items are apt for at-home stationary devices.
Surging prominence of Wi-Fi-based networks and the rising proliferation of the connected devices have raised the use of wireless connectivity feature, not only in urban households but remote areas as well. Other than this, portable speakers’ ability to provide wireless connectivity is a prominent reason for the strong market growth. This particular trend has induced rapid emergence of smart speakers.
In the past couple of years, improvements in wireless connectivity features have become an essential part of every speaker category including mobile docking speakers, wall units and sound bars. Additionally, evolving consumer lifestyle and the mounting requirement for entertainment have given way to a higher use of high-end home theater systems. Consequently, this has created a promising market for in-wall speakers, sound bars, and subwoofer systems.
During the COVID-19 pandemic, the Portable Speakers Market faced a bit problem when the industry operational units were shut down. The production of raw materials was halted, and supply chain management was disrupted. These factors have affected the sales sector of the market and resulted in revenue loss. On the other hand, the market noticed good growth during the lockdown period. People used to stay at home and be involved in different activities. This led to wide usage of portable products and speakers among different countries worldwide. Therefore, the Portable Speakers Market will attain steady growth in the future years.
Chief Factors Existing in The Market
The chief market drivers are boosting up the Portable Speakers Market at the global level. The introduction of smart devices with advanced features has developed in the past years. Features like touchscreen, voice control, and other smart gadgets are driving the market. The rising popularity of portable products and their availability in different ranges, designs, and features are major drivers of the market. The wide options regarding the price ranges are even acting as driving factors.
The Portable Speakers Market is facing various challenges affecting the growth rate. The pandemic period has led the market to face many challenging factors. The customer's demand for highly portable products is challenging the players of the market.
The Portable Speakers Market is receiving huge opportunities from worldwide nations due to its growing popularity. The convenience and easy to go feature is rising the opportunities of the market. The ease of audio sharing and hand-free calls are demanding for advanced portable speakers.
The Portable Speakers Market is noticing restraining factors that are hampering the market's growth rate. Factors like limited connectivity range and lack of richness and depth of sound compared to other speakers are major market constraints.
Cumulative Evaluation of The Market
The Portable Speakers Market Analysis evaluation report shows the market's growth in recent years. The presence of market dynamics such as the key drivers and opportunities are accelerating the market. Amid the pandemic’s effect, the market will show sustainable growth in the future years. The key players check the growth hampering factors like market challenges and restraining factors so that it doesn’t harm the market during the forecast period.
The Portable Speakers Market Size is segmented into product type, connectivity type, category, and distribution channel.
The Portable Speakers Market is categorized into the mini, pocket, capsule, and others in the product type segment. Among these, the mini segment is considered the largest segment because these are convenient to use and carry while traveling compared to other types. This segment holds the highest share of the Portable Speakers Market Share.
The connectivity type segment consists of Bluetooth, hybrid, and others. The hybrid is accounted to be the dominating segment. It consists of connectivity through Wi-Fi and Bluetooth. Most customers prefer these segments. Therefore, during the forecast period, the segment registers the highest share of the Portable Speakers Market Share. Pocket, capsule, and others are even used widely. The other segment to notice highest CAGR due to the launch of advanced products with technological advancement features.
The Portable Speakers Market Size category segment is divided into mass market and premium. Here, the premium segment is the fastest-growing segment, and its steady growth to continue in the forecast period. The increase in purchasing power of consumers and inclination towards superior design and audio output is driving the segment.
The distribution channel is the segment through which the products reach the customers. Hence, it is bifurcated into store-based and non-store-based. The store-based segment is further fragmented into supermarkets & hypermarkets, specialty stores, and others.
The non-store-based segment is likely to register the highest CAGR value due to the technological advancement in the e-commerce industry. The availability of various brands of different types, features, and designs in the online store is grabbing the attention of customers more towards the online store.
The Portable Speakers Market Outlook geographical distribution shows the major regions covered by the market across the globe. The three major regions are North America, Europe, and the Asia Pacific.
The North American region has been noticed as the dominating region in the past years because of the higher demand for music streaming in major countries like US and Canada. The increased rate of sales of products like smartphones, tablets, laptops, and other portable devices are driving the regional market of this region.
The Asia Pacific is considered the highest CAGR because of the rise in awareness and increased adoption of technology-driven products among consumers. The rest of the region of the world will even show a good growth rate during the forecast period.
Competitive Intensity Within the Market
The major players of the market presence in various world regions are propelling its growth. They are taking responsibility by focusing on the drivers and opportunities to help the market reach its estimated value. Their presence plays a crucial role in developing new products with advanced features. The competition between the players drives the Portable Speakers Market Trends at the global level.
Recent Market Development
Tribit confirms the launch of sequel to its own StormBox Micro wireless speaker. The StormBox Micro 2 is the updated version of its portable StormBox Micro speaker that provides immersive 360-degree sound with rich deep bass, and can also be paired with the brand’s speaker to raise the volume in Party Mode. The portable speaker can also be paired with close to eight devices at the same time using Bluetooth 5.3.
Beats, the Apple-owned audio equipment company is introducing its limited-edition version of Beats Pill Plus portable speaker in partnership with Stussy, the streetwear brand. The Beats Pill Plus Stussy is a limited edition bluetooth portable speaker.
The overview report of the Portable Speakers Market Analysis states the growth rate of the market since recent years. The chief factors' role and effects were discussed in the report. The Segmentation report shows the development and dominance of the segments in the market. The geographical report talks about the major regions covered by the market. The presence of key players in different regions boosts the Portable Speakers Market. Hence, the Portable Speakers Market Forecast is predicted to reach the highest CAGR value during the evaluation period.
Key Industrial Segments
By Product Type
By Connectivity Type
By Distribution Channel
|Market Size||USD 16.95 Billion (2030)|
|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||
Portable speakers market projected to grow at an 12.50% CAGR between 2020-2030.
North America is expected to lead the portable speakers market.
Portable speakers market is predicted to touch USD 16.95 billion by 2030.
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.