Ultra-Portable Speakers Market is expected to surpass US$ 5.9 Bn by 2031, likely to Grow Moderately at 12% CAGR

As per this revised research analysis by Persistence Market Research, the global ultra-portable speakers market held a net worth of US$ 1.9 Bn in 2020, and analysis predict the surge to US$ 5.9 Bn by the end of the decade. Global demand for ultra-portable speakers is anticipated to rise at an impressive CAGR of 12% over the next ten years.

Use of technology and smartphones has increased substantially over the past decade, and in this age of digitization, demand for technologically advanced products and services is expected to be significant. Portable consumer electronic products have seen a massive rise in popularity over the past decade, and this has set up the market for strong growth in this decade. People have increased their outdoor activities and are demanding portable speakers that they can use with ease. This has also given impetus to demand for waterproof and dustproof speakers with enhanced durability for outdoor use.

Rising adoption of smartphones, innovations in technology, changing consumer preferences, emergence of high-resolution audio, and increased proliferation of OTT technology and services are some of the major factors influencing demand and sales of ultra-portable speakers across the globe.

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Prime manufacturers of ultra-portable speakers are focusing on expanding their product offerings and developing and integrating advanced technologies in their new speakers.

• In October 2021, Sonos, a renowned name in the speaker and audio industry, announced the launch of its new smart speakers in India - Sonos Roam

• In November 2021, Transparent, a Swedish audio brand, announced the launch of its first portable speaker. The Light Speaker has an elegant design and is suitable for both, indoor and outdoor use, as it comes with an IPX2 weather rating.

Key Takeaways from Market Study
• Through 2031, the ultra-portable speakers market is expected to rise at a CAGR of 12%.
• The residential segment is anticipated to hold a dominant share of the industry through the forecast period.
• Sales via online/e-Commerce channels are expected to see significant rise over the next ten years.
• Ultra-portable speaker sales revenue is expected to bring in a total of US$ 5.9 Bn in 2031.
• The North American ultra-portable speakers market is expected to hold a dominant revenue share in the global marketplace.
• Rapidly changing consumer preferences, increasing outdoor activity, innovation in technology, and rising adoption of smartphones and smart home technologies are factors that guide industry expansion.

"Technological innovations are expected to play a crucial role in the development of smart ultra-portable speakers and influence overall market stance," says a Persistence Market Research analyst.

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Competitive Landscape
The global market for ultra-portable speakers has some major players that dominate the overall landscape, but the market still has a lot of untapped potential, which new players in the industry can focus on and gain recognition.

Some of the key market players included in the report are Anker Innovations Limited, Beats Electronics LLC, Bose Corporation, Harman International Industries, Klipsch Group Inc., Sony Corporation, Xmi Pte. Ltd., Koninklijke Philips N.V., Samsung Electronics, and ULTIMATE EARS.

The aforementioned key players have a notable contribution to the industry in terms of sales and revenue share.

More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has published a revised market research report on the global ultra-portable speakers market that contains industry analysis of 2016-2020 and opportunity assessment for 2021-2031.

The report provides an in-depth analysis of the market through different segments, namely, technology, end-user, distribution channel, and region. The report also provides supply and demand trends along with an overview of the parent market.

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This release was published on openPR.