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Global Market Dynamics for Speaker Drivers in 2024
Speaker Drivers Market Research
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According to The Business Research Company's, The speaker drivers market size has grown strongly in recent years. It will grow from $30.35 billion in 2023 to $31.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increasing use of in-wall speaker, increasing consumer spending on entertainment and a rise in disposable income across developing countries..
The speaker drivers market size is expected to see strong growth in the next few years. It will grow to $38.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to rapid expansion and commercialization of 5g networks, technological advancement, growing population, growth in e-commerce for consumer electronics, increasing penetration of wi-fi enabled loudspeakers and development of smart cities . Major trends in the forecast period include focus on wireless speaker drivers, focus on integrating artificial intelligence (ai), focus on 3d sensing modules in speaker drivers, focus on 360-degree audio and focus on products from eco-friendly materials..
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Market Drivers and Trends:
Changes in consumer lifestyles and shopping patterns have fueled the growth of e-commerce for consumer electronics. Consumer devices such as cell phones and laptops are becoming more popular. This can be attributed to rising per capita disposable incomes and, as a result, rising people's purchasing power. Furthermore, as video-on-demand and over-the-top (OTT) platforms become more common, demand for personal headphones is increasing, helping the market's growth. Consumers desire a portable speaker device that can be used in a variety of settings, from the comfort of their homes to the unpredictability of outside circumstances, which has resulted in a demand for sturdy, dustproof, and waterproof portable speakers. For instance, in India, e-commerce has changed the way people do business. From US $46.2 billion in 2020, the Indian e-commerce sector is predicted to expand to US $198 billion by 2025. It is estimated to reach US $350 billion by 2030. The Indian e-commerce sector is expected to grow by 21.5%, reaching US $74.8 billion by 2022. The ease of purchase offered by e-commerce platforms has driven the speaker drivers market.
The rising popularity of wireless audio equipment is an emerging trend in the speaker drivers market. Due to technological advancements, speaker drivers are now enabled with Bluetooth or Wi-Fi and thus can play audio without any wires connected to them. Consumers' consumption behavior is also changing and a majority of consumers are shifting towards wireless audio equipment due to its convenience. Key players in the market such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are introducing different types of wireless speaker drivers in the market. For instance, Sonos Wi-Fi speakers, Bose's SoundTouch system and Amazon's Echo speakers are common Wi-Fi audio equipment.
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Major Key Players of the Market:
BASF SE, Syngenta, Solvay S.A., Croda International Plc, Milliken and Company, Germains Seed Technology, Brett-Young Seeds Ltd., Precision Laboratories Inc., Seed Coating Polymers, JK Agri-Genetics Ltd, Kalash Private ltd, Limagrain, Maharashtra Hybrid Seeds Company Pvt. Ltd., Bejo Seeds, Fairbanks Seeds, Seminis, Beijing Namo Tech.-Trade Co. Ltd., Linong Vegetable Seeds, Leadhood Seed Co.Ltd, Guangzhou Lead You Seed Co. Ltd, KWS SAAT SE & Co. KGaA, Rijk Zwaan, AGROPLAZMA LLC, Agri-Saaten, Riverford Organic Farms, Azelis, Maribo, S.C. InterAgro S.A., Bayer CropScience AG, Clariant International, Earth's Own Food Company Inc, Daiya Foods, Incotec Group, Chromatech Incorporated, Germains Seed Technology, Brett Young, Keystone Aniline Corporation, Precision Laboratories, Sensient Technologies, Tecnoseeds, GlobeNatural, De Alimentos, Adm Do Brasil Ltda, Koita FZE, At Al Islami Foods, Soy Africa Limited
Speaker Drivers Market 2024 Key Insights:
• The speaker drivers market size is expected to see strong growth in the next few years. It will grow to $38.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Rising Consumer Electronics Demand Drives Growth In E-Commerce And Speaker Drivers Market
• Soaring Popularity Of Wireless Audio Equipment Drives The Speaker Drivers Market
• The Asia-Pacific was the largest region in the speaker drivers market in 2023
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