Based on connectivity, the global wireless speaker market is categorized into Bluetooth and wireless. While Bluetooth speakers are getting laced with new features, the inclusion of rugged and waterproof features is expected to drive the demand for these devices during the forecast period.
Mid-range models priced at $50–200 are witnessing adoption in commercial and residential segments. Portable mid-range Bluetooth speakers are not only limited to home but also during celebrations and festivities in backyards, at pools, at beaches, and parks.
In 2020, standard speakers dominated the market with a share of over 44%. Concentrated demand from APAC and Latin America has been a major factor for market growth. The APAC region is expected to generate incremental revenue of approx. $4 billion during the forecast period.
Wireless Speaker Market by Connectivity Type
By Room Placement
Wireless Speaker Market by End-user Type
Wireless Speaker Market by Distribution Channel Type
Wireless Speaker Market by Product Type
Wireless Speaker Market by Price Range
Wireless Speaker Market – Dynamics
Voice-assistance technology such as Amazon's Alexa, Microsoft's Cortana, Apple's Siri, and Google's Assistant have potentially disrupted the traditional way of communication between the user and the designer (who used to communicate and converse with the user to understand its needs and create solutions for the same) and has taken the conversation to a new level - communication between the user and the device. In the upcoming days, consumer technology products are estimated to be designed around voice-first interfaces. Voice-first technology is making a significant impact on consumers across the world, especially in developed parts such as the US and other European countries. Moreover, in the current scenario, it is finding its application among the consumers and becoming the mainstream technology to be used in several consumer devices. One such embedment has been observed in various product segments of consumer devices such as speakers.
Key Drivers and Trends fueling Market Growth:
Increase in IoT Investment
Increased Influence of Internet in Purchasing Behavior
Growing Online Music Streaming
Prominence of Voice Searches
Wireless Speaker Market – Geography
The growing penetration of smartphones is rapidly increasing due to urbanization in the region. This, in turn, has boosted the addressable market for smart speakers. When smartphones were launched, their price premium made them unaffordable for the middle-class population. However, with the availability of budgeted smartphones, high disposable income, and increased purchasing power of the middle-class population, especially in developing countries, the sale of smartphones has increased. APAC is majorly a manufacturing center for several electronic products. The region is witnessing an increase in the expansion of manufacturing industries, which has led to the establishment of new manufacturing plants followed by the implementation and adoption of new technologies by manufacturers.
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