The portable Speakers Market Size was valued at USD 6.9 Billion in 2023. The Portable Speakers market industry is projected to grow from USD 7.7625 Billion in 2024 to USD 17.8 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.93% during the forecast period (2024 - 2032). Growing demand for smart home products such as interactive Bluetooth speakers, accessories, and other gadgets are the key market drivers boosting the market growth.
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Market CAGR for Portable Speakers supplements is being driven by the increasing use of Bluetooth speakers amongst people. Various technological innovations are seen in the Bluetooth connectivity space to improve privacy and quality further. For instance, in March 2022, Sonos upgraded its Bluetooth speaker, removing the microphones from the original Sonos Roam speaker, which means the user would not control it with voice or use it to manage other smart home devices.
Moreover, the evolution of lithium-ion batteries helped the portable speaker market greatly by offering more playtime without frequent charging. Power banks and quick charging technology helped in increasing the demand by addressing charging concerns and reducing the weight of speakers.
Additionally, home automation is now assured to scale, owing to Bluetooth full-home automation systems. Bluetooth will continue to give a reliable connectivity platform that enables automatic control of lights, thermostats, doorbells, smoke detectors, cameras, and locks wirelessly. Meanwhile, the smart speaker has emerged as a potential central control unit for the smart home.
Furthermore, due to an instant shift in consumer trends for portable, high-performance audio equipment, products like soundbars are gaining attention. Audio and voice user interface technologies have emerged tremendously, resulting in a huge range of platforms that enable more integration, immersive sound quality, wireless connectivity, and on-device artificial intelligence for more innovative devices, which has raised the demand for portable Bluetooth speakers, contributing to market growth. Thus, driving the Portable Speakers market revenue.
The Portable Speakers market segmentation, based on product, includes a mini, pocket, capsule, and others. The mini segment dominated the market and is expected to show a significant rise in CAGR due to convenience of use and carrying while traveling.
Other than this, the capsule and pocket segment are expected to rise since it is easily portable and comes in capsule sizes that are pocket friendly.
The Portable Speakers market segmentation, based on Connectivity, includes Bluetooth, hybrid, and others. The hybrid segment accounted for the largest market and is expected to show a significant rise in CAGR during the forecast period. This segment consists of Connectivity through Bluetooth and Wi-Fi and is the most preferred segment.
The Portable Speakers market segmentation, based on category, includes mass market and Premium. The premium segment dominated the market and is expected to raise the CAGR bar high during the forecast period (2022-2032). This is due to the inclination of people toward designing superior-quality audio outputs and an increase in purchasing power of consumers.
The Portable Speakers market segmentation, based on distribution channels, includes store-based and Non- store based channels. The non-store-based distribution channel category generates the major amount of income due to advanced technologies and increased e-commerce industry use. The availability of products and their wide range and brands with various feature descriptions via online stores have gained the attention of customers worldwide.
Figure 1: Portable Speakers Market, by Distribution Channel, 2022 & 2032 (USD billion)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
By Region, the study states market insights into North America, Asia-Pacific, Europe, and the Rest of the World. The North American Portable Speakers market area will dominate this market, owing to higher demand for music streaming in major countries like US and Canada. The growing rate of sales of products like smartphones, tablets, laptops, and other portable devices is enhancing the regional market of this Region.
Further, the main countries studied in the market report are The U.S., German, Canada, France, the UK, Italy, Spain, China, Japan, Australia, India, South Korea, and Brazil.
Figure 2: PORTABLE SPEAKERS MARKET SHARE BY REGION 2022 (%)
Source: MRFR Database, Secondary Research, Primary Research, and Analyst Review
Europe's Portable Speakers market accounts for the second-largest market share due to increasing partying and pop culture amongst people in this Region. Further, the German Portable Speakers market held the largest market share, and the UK Portable Speakers market was the fastest-growing market in the European Region.
The Asia-Pacific Portable Speakers Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the rise in awareness and the rising adoption of technology-driven products among people. Moreover, China’s Portable Speakers market held the largest market share, and the Indian Portable Speakers market was the fastest-growing market in the Asia-Pacific region.
For instance, the market is further growing by the rising demand from the end user industries and increasing adoption of portable Bluetooth speakers and other related devices. Additionally, the increasing number of smartphones, especially in North America, is fueling the market growth of portable Bluetooth speakers.
Leading market players are investing richly in research and development in order to enlarge their product lines, which will assist the Portable Speakers market to grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launching, contractual agreements, mergers and acquisitions, heavy investments, and collaboration with other organizations. To expand and survive in a more competitive and increasing market climate, the Portable Speakers industry must offer cost-effective products.
Manufacturing locally to minimize operational costs is one of the key business strategies used by manufacturers in the portable speakers' industry to benefit clients and increase the market sector. In recent years, the Portable Speakers industry has offered some of the most significant advantages to the general public in terms of convenience. Major players in the Portable Speakers market, including Polk Audio, LLC (US), Sonos Inc. (US), Bose Corporation (US), Logitech Europe S.A. (Ultimate Ears) (Switzerland), Bang & Olufsen (Denmark), SoundWorks, Inc. (US), and others, are ensuring to increase market demand by investing in R&D operations.
Sonos, Inc. is an American developer and Producer of audio products best known for its multi-room audio products. The company was incorporated in 2002 by John MacFarlane, Craig Shelburne, Tom Cullen, and Trung Mai. It offers to charge cradles, music players, alternating current adapters, wireless speakers, controllers, and loudspeakers. Sonos serves customers worldwide. Sonos vends its products through distributors, physical retail stores, and online retailers. It has a business presence in the Americas, the Middle East, Europe, Africa, and Asia-Pacific. It operates offices in Australia, Canada, the Netherlands, China, the UK, and Japan. Sonos is headquartered in Santa Barbara, California, the US.
Polk Audio, LLC (US) was founded in 1972 by Johns Hopkins classmates Matthew Polk, George Klopfer, and Sandy Gross. Today it is a subsidiary of DEI Holdings. The company is letting the masses in on its speaker's secret. It offers and markets car and home loudspeakers under the Polk Audio brand that range from elaborate home theater systems to small bookshelf speakers to satellite radio home component tuners. The company sells its products through audio specialty and mass retailers in North America, distributors in more than 75 other countries, and online.
Portable Speakers Industry Developments
February 2022: Tribit confirmed the launch of a sequel to their own StormBox Micro wireless speaker. The StormBox Micro 2 is the upgraded version of its portable StormBox Micro speaker that gives immersive 360-degree sound with rich deep bass and can also be paired with the brand's speaker to increase 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.
March 2022: Beats, the Apple-owned audio device company, is introducing its limited-edition version of the Beats Pill Plus portable speaker in partnership with Stussy, the streetwear brand. The Beats Pill Plus Stussy is a limited-edition Bluetooth portable speaker.
September 2022: In China, the Meizu PANDAER Elvis Presley-branded Bluetooth speaker was released. The Platinum Unicorn Cyber Speaker features two 48mm loudspeakers and a full-frequency ultra-thin audio unit. Deep bass is generated by the new Meizu-Elvis Presley Bluetooth speakers using passive diaphragm sensor technology.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 6.9 billion |
| Market Size 2024 | USD 7.7625 billion |
| Market Size 2032 | USD 17.8 billion |
| Compound Annual Growth Rate (CAGR) | 12.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Connectivity, Category, Distribution Channel, and Region |
| Geographies Covered | North America, Asia Pacific, Europe, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Bose Corporation (US), Tribitaudio (China), Samsung Electronics (Harman Kardon and JBL) (South Korea), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), and Sony Corporation (Japan) |
| Key Market Opportunities | Depth of sound as compared to AC-powered speakers, A narrow range of Connectivity |
| Key Market Dynamics | Increasing popularity of portables, Launch of new portable devices |
Portable Speakers Market Highlights:
Frequently Asked Questions (FAQ) :
The Portable Speakers market size was valued at USD 6.2 Billion in 2023.
The market is projected to grow at a CAGR of 10.93% during the forecast period, 2024-2032.
North America had the largest share of the market
The key players in the market are Polk Audio, LLC (US), Sonos Inc. (US), Bose Corporation (US), Logitech Europe S.A. (Ultimate Ears) (Switzerland), Bang & Olufsen (Denmark), SoundWorks, Inc. (US).
The Mini Portable Speakers category dominated the market in 2022.
The hybrid segment had the largest share of the market.
Premium had the largest share in the market.
The non-store-based channel had the largest share of the market.
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