Press release
Wireless Speaker Market is calculated to rise at a significant CAGR of 18.5% during 2022-2029 | Size, Share, Growth & Forecast
Wireless Speaker Market
Wireless Speaker Market is slated to register a significant growth of 18.5% CAGR over the forecast period, 2022-2029.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/wireless-speakers-market/
The factors driving the growth of Wireless Speaker Market includes increasing consumer preference for easy to carry smart speakers, rising popularity of in-home entertainment system, improvements in the internet connectivity and growing penetration of smartphones around the world. According to the report published by Global Home Entertainment Devices Market was estimated around USD 264.65 billion in 2020 and is predicted to reach USD 545.14 billion by the end of 2031, growing at a CAGR of 6.2% over the forecast period (2022-2031), which will accelerate the market growth in the coming years. Moreover, the integration of advanced technologies such as Artificial Intelligence (AI) and Internet of Things (IoT) with the wireless speakers, rise in the launch of innovative products, commercialization of 5G technology and increasing sales of portable speakers, are some of the additional factors supplementing the Wireless Speaker Market size. In addition, the increasing investments by leading players on research and development, easy availability of wireless speakers at the e-commerce industry, rising disposable incomes, rapid urbanization, and improvements in the living standards, are further contributing towards the market growth.
However, the growth of Wireless Speaker Market is hindered due to growing concerns related to privacy of wireless speakers.
The prominent players operating in the Wireless Speaker Market are Yamaha Corporation, Sennheiser Electronic GmbH & Co. KG, Panasonic Corporation, Altec Lansing Technologies, Inc., Bose Corporation, Samsung Electronics Co., Ltd., Pioneer Electronics Inc., Bang & Olufsen A/S, LG Electronics Inc., Sonos Inc., Koninklijke Philips N.V., Apple Inc., Sony Corporation, Amazon.com, Inc. and Logitech International S.A., among others.
Based on Connectivity Type, the Bluetooth Speakers segment is predicted to grow at a remarkable CAGR during the forecast period
Bluetooth requires no installation, can be connected to smartphones, tablet and laptops, and are increasingly used in headphones and earphones, are some of the factors responsible for the segment's growth.
Based on End-User, the Commercial segment is projected to expand at a significant CAGR over the forecast period
Wireless speakers are increasingly used in restaurants, offices, educational institutes, and sports club, are propelling the segment's growth.
Based on Region, the North American region is anticipated to hold the highest market share during the forecast period
Presence of the leading players such as Amazon.com, Inc., Apple Inc. and Bose Corporation, growing demand for technologically advanced smart devices, rising population growth rates and high per capita incomes, are some of the important factors augmenting the Wireless Speaker Market share in North American region.
Key Developments
In 2019, Sonos, Inc. introduced portable Bluetooth speaker, Sonos Move with inbuilt voice assistant capability, which can be used for controlling the music from streaming services on Phone, or Personal computer.
In 2019, Sony Corporation announced the launch variety of EXTRA BASS wireless speakers including SRS-XB12, SRS-XB22 and SRS-XB32, which are portable and outdoor party speakers.
In 2019, JBL, a subsidiary of Samsung Electronics Co., Ltd. announced the launch of Pulse 4, a speaker with 360-degree sound and can be connected wirelessly in two smartphones and tablets.
Market Segmentation
Global Wireless Speakers Market by Connectivity Type
Bluetooth Speakers
Wi-Fi Speakers
Global Wireless Speakers Market by Price Range
Low-End
Mid-Range
Premium
Global Wireless Speakers Market by End-User
Residential
Commercial
Global Wireless Speakers Market by Distribution Channel
Online
Electronic Stores
Others
Global Wireless Speakers Market by Connectivity Type
Bluetooth Speakers
Wi-Fi Speakers
Global Wireless Speakers Market by Price Range
Low-End
Mid-Range
Premium
Global Wireless Speakers Market by End-User
Residential
Commercial
Global Wireless Speakers Market by Distribution Channel
Online
Electronic Stores
Others
Global Wireless Speakers Market by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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