The wireless speakers market has experienced exponential growth, surging from $30.43 billion in 2023 to $37.69 billion in 2024, reflecting a remarkable CAGR of 23.9%. This growth is fueled by the rising demand for portable audio solutions and the integration of speakers into smart homes. Forecasts indicate that by 2028, the market will reach $90.65 billion, with a CAGR of 24.5%.
Major Driver In The Wireless Speakers Market
The preference for portable speakers is driving the wireless speakers market, fueled by affordability and convenience. With the rise in smartphone usage, consumers seek swift functionality through smart portable devices, further boosting the demand for wireless speakers. According to Comscore, Inc., nearly 50% of internet users owned at least one smart speaker in 2021, showcasing a significant adoption rate. The market size for wireless speakers is projected to grow steadily, reaching new heights in 2023, 2024, and 2028.
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Wireless Speakers Market Competitive Landscape
Apple Inc., Alphabet, Samsung Electronics Co. Ltd, Panasonic Corporation., Telefónica, Xiaomi, Sharp Corporation, Koninklijke Philips N.V., Harman International Industries, Logitech International, YAMAHA Corporation, Bose Corporation, DOSS, LG Electronics India Private Limited, Sonos Inc, Plantronics, Sony India Pvt. Ltd, VOXX Electronics Corp, Sennheiser electronic GmbH & Co. KG., Altec Lansing, Skullcandy, Beats Electronics LLC., Creative Technology Ltd, Best IT World (India) Pvt. Ltd, Braven, Polk Audio, Avnera, James Bullough Lansing, Paionia Kabushiki-gaisha., Logitech International S.A., Bang & Olufsen Group, Sound United LLC, Marshall Amplification, GP Acoustics International Ltd., Vizio Inc., Anker Innovations Co. Ltd, Libratone A/S, Devialet SAS., Klipsch Audio Technologies
Key Wireless Speakers Market Trend
Advanced technologies such as AI-assisted devices are an emerging trend in the wireless speakers market. This is mainly due to the ease of use of AI-enabled wireless speakers that provide features such as voice recognition, allowing users to control the functioning of the speakers using voice commands. The wireless speakers based on AI software use the cloud which offers a steady base for the storage of data and enables quick access to the data. Google Home Max, Amazon Echo Dot 3rd Gen and JBL Link 10 are some of the wireless smart speakers with AI technology. According to Gartner, Inc., the end-user spending on virtual personal assistant (VPA)-enabled wireless speakers is estimated to increase to $3.52 billion by 2021.
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Wireless Speakers Market Segmentation
The wireless speakers market covered in this report is segmented –
1) By Product: Bluetooth Speakers, Wifi-Speakers
2) By Type: Fixed, Portable
3) By End User: Residential, Commercial
By Geography:The regions covered in the wireless speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
Asia-Pacific was the largest region in the Wireless Speakers market in 2023.
The Wireless Speakers Global Market Report 2024 furnishes information about the global wireless speakers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
