Market Overview

Portable Speakers’ Industry is projected to reach USD 16.91 Billion by 2025 at a CAGR of 11.14% between 2019 and 2025. 

Market Dynamics

The Global Portable Speakers Industry has grown rapidly in recent years as portable goods have gained appeal. Portable speakers are becoming more popular among young and customers who participate in outdoor activities such as trekking and camping. Consumer preferences for portable speakers are changing as a result of the increased popularity of integrated music streaming platforms such as iTunes and Spotify. Apart from this, the popularity of smart devices has increased in recent years due to the convenience of a touchscreen panel and voice control for connecting to other smart devices via voice assistants. Due to technical improvements, widespread smartphone use, and the availability of high-speed Internet, consumers today prefer devices with many connectivity choices.

E-commerce websites provide consumers with access to technical specifications and product reviews, which influence their purchasing decisions. A range of models from a single brand are visible on a single platform, which contributes to the growth of e-commerce sales channels. Additionally, e-commerce businesses conduct a variety of promotions online to increase sales. Additionally, there is a growing demand for internet shopping due to the convenience and one-stop shopping benefits. Additionally, online platforms provide regular discounts and payment plans.

Competitive Dynamics

The notable players of the market are Bose Corporation (US), Samsung Electronics, (Harman Kardon and JBL) (South Korea), Tribitaudio (China), Sony Corporation (Japan), Logitech Europe S.A. (Ultimate Ears) (Switzerland), Bang Olufsen (Denmark), SoundWorks, Inc. (US), Apple Inc. (Beats Electronics LLC) (US), Anker Technology Ltd (UK), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), LG Corporation (South Korea), House of Marley, LLC (US).

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Segmental Analysis

The market is categorized by product into pocket, capsule, and others. In 2018, the Mini segment accounted for the lion's share of this market. In comparison to other product categories, little portable speakers take up the least amount of room and are the most easy to carry while travelling. During the study period, this sector is projected to account for the largest share of the North American market. This segment has grown in popularity as a result of the popularity of music streaming platforms and the growing desire for compact multipurpose devices.

The market is categorized by connectivity type into Bluetooth, hybrid, and others. During the projected period, the Hybrid category is expected to dominate the market. It incorporates Wi-Fi and Bluetooth connectivity, and the vast majority of music players are compatible with these technologies.

The market has been divided into mass-market and luxury segments. Premium products are predicted to increase at the quickest rate over the forecast period, owing to rising consumer spending power in developing countries and superior design and audio output compared to mass-market items.

The market has been divided by distribution channel into store-based and non-store-based. The non-store-based category is predicted to increase at a faster rate than the store-based segment due to technical advancements in the e-commerce industry, widespread availability of numerous portable speaker models, and growing customer preference for online purchases.

Regional Overview

North America continued to lead the portable speaker market in 2018 and is expected to do so throughout the forecast period, owing to the increasing demand for music streaming in the United States and Canada. The region's growing need for portable speakers is being fueled by increased sales of smartphones, tablets, laptops, and other gadgets. The region's growing trend toward smart homes, where appliances and electronics can be controlled by gestures or voice commands, is driving demand for smart portable speakers in North America.

The Asia-Pacific region's market is expected to grow at the fastest rate during the forecast period. Asia-Pacific represents a new income stream for the portable speaker market, owing to expanding product awareness and consumer acceptance of technology-driven products.

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