The global portable speaker market size is expected to grow by USD 28.64 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200914005350/en/
Technavio has announced its latest market research report titled Global Portable Speaker Market 2020-2024 (Graphic: Business Wire)
Request challenges and opportunities influenced by COVID-19 pandemic – Request a Free Sample Report on COVID-19 Impacts
Vendors are constantly upgrading their existing products with new technologies to improve the product quality and user experience. Technological innovations have resulted in woofers, tweeters, and separate sound systems being merged into one single unit to offer premium sound quality and incredible audio experience. Sony launched the latest range of Bluetooth speakers that allow streaming via NFC, AirPlay, and Wi-Fi. It also introduced the LED bulb speaker that plays music when it is connected to an E26 light bulb socket and does not require batteries, chargers, or cables for power. The music can be controlled from a smartphone, using the SongPal app. The introduction of wearable Bluetooth speakers, such as WristBoom, is likely to attract more customers. Such innovations are likely to contribute to the global portable speaker market growth.
To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR44822
As per Technavio, the rise in number of smart homes will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Portable Speaker Market: Rise in Number of Smart Homes
Many homes in developed countries such as the US and the UK are leveraging the Internet of Things technology and upgrading to smart homes. These smart homes connect all consumer electronic devices, media and entertainment gadgets, and other smart electronics to the home network. The devices interact with each other through the home network. The demand for smart homes is driven by energy-saving requirements, the need for convenience, and rising connectivity between various devices. The demand is also driven by government initiatives that promote smart homes for better living. The smart home market has already established its presence in developed markets, and it is expected to have significant growth in developing countries during the forecast period. This is expected to support the growth of the wireless Bluetooth speaker market during the forecast period.
“Other factors such as the growth in the travel industry and the increased adoption of wireless audio systems will have a significant impact on the growth of the portable speaker market value during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 17,000+ market research reports
Portable Speaker Market: Segmentation Analysis
This market research report segments the portable speaker market by technology (wireless and wired) and geography (APAC, North America, Europe, South America, and MEA).
The APAC region led the portable speaker market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth in disposable income and the rise in the purchase of portable speakers through online channels.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more. Request a free sample report
Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.