The Latest Portable Speaker Industry Statistics Explained
The global portable speaker market size was valued at USD 2.82 billion in 2019.
The statistic indicates that the total market value of portable speakers worldwide was USD 2.82 billion in the year 2019. This suggests a significant demand for portable speakers as a popular audio device among consumers globally, with a corresponding market value in the billions. The size of the market reflects the increasing popularity and adoption of portable speakers, driven by factors such as technological advancements, changing consumer preferences for on-the-go music playback, and the rise of wireless connectivity options. The data highlights the economic significance and growth potential of the global portable speaker industry, making it a key segment within the broader consumer electronics market.
Portable speaker market is expected to reach USD 44.37 billion by 2028.
The statistic implies that the market for portable speakers is projected to experience substantial growth, with expectations to reach a value of USD 44.37 billion by the year 2028. This forecast suggests an increasing demand for portable speakers, likely driven by factors such as technological advancements, consumer preferences for easily accessible audio devices, and growing trends in wireless connectivity. The sizeable market value indicates significant potential for manufacturers, retailers, and other industry stakeholders to capitalize on this expanding market segment over the coming years.
The market is anticipated to expand at a compound annual growth rate (CAGR) of 11.8% from 2020 to 2027.
This statistic indicates that the market under consideration is expected to grow at a consistent rate of 11.8% each year from 2020 to 2027. The compound annual growth rate (CAGR) takes into account the effect of compounding growth over multiple periods, providing a more accurate measure of overall growth than a simple annual growth rate. In this case, a CAGR of 11.8% suggests a relatively robust and steady expansion of the market over the specified period, reflecting positive trends and potential opportunities for businesses operating within that market.
The smart portable speaker industry is expected to grow at a 28.43% CAGR between 2021 and 2027.
The statistic “The smart portable speaker industry is expected to grow at a 28.43% Compound Annual Growth Rate (CAGR) between 2021 and 2027” indicates the projected rate at which the industry is anticipated to expand over the specified period. A CAGR of 28.43% suggests that the industry is set to experience rapid and substantial growth, more than doubling in size every two to three years during this timeframe. This growth rate signifies a high level of demand and interest in smart portable speakers, likely driven by technological advancements, increased consumer adoption of smart home devices, and the growing popularity of portable audio solutions. As such, businesses operating within this industry can anticipate significant opportunities for expansion and development in the coming years.
North America held the largest share in the market in 2019 due to high product penetration in the region.
The statistic “North America held the largest share in the market in 2019 due to high product penetration in the region” indicates that North America had the highest market share compared to other regions in 2019. This dominance is attributed to the widespread adoption and usage of products or services within the North American market. The high product penetration suggests that a significant portion of the population in North America was using the specific products being referred to, which ultimately resulted in North America accounting for the largest portion of the overall market share in 2019. This statistic underscores the importance and influence of the North American market in driving the performance and profitability of the industry during that period.
Asia Pacific is expected to witness the fastest growth over the forecast period due to increasing consumer spending on electronics.
The statement indicates that the Asia Pacific region is projected to experience the most rapid growth compared to other regions within the forecast period. This growth is attributed to the rising trend of consumer expenditure on electronics in the region. The increasing purchasing power and changing consumer preferences towards electronic products are driving this growth, leading to a surge in demand for electronic devices in the Asia Pacific region. This statistic suggests that businesses operating in the electronics industry should pay close attention to the Asia Pacific market as it presents significant growth opportunities due to the high consumer demand for electronics products.
As of 2020, about 56% of people in the U.S. owned a portable digital audio device.
The statistic ‘As of 2020, about 56% of people in the U.S. owned a portable digital audio device’ indicates that a majority of individuals in the United States possessed a device capable of playing digital audio content. Portable digital audio devices can include smartphones, mp3 players, and other handheld gadgets designed for listening to music or audio files on the go. This statistic suggests that digital audio technology has become increasingly prevalent and popular among the U.S. population, highlighting a shift towards portable and convenient ways of consuming music and audio content. It also underscores the widespread adoption and integration of technology into everyday life, reflecting the evolving trends in how people engage with media and entertainment.
The wireless portable speaker market segment held the largest share of over 65% in 2019.
The statistic indicates that in 2019, the wireless portable speaker market segment dominated the industry by holding a substantial market share of over 65%. This suggests that consumers showed a strong preference for wireless portable speakers over other types of speakers like wired or stationary ones. The high market share held by this segment reflects the popularity and demand for wireless portable speakers, which could be attributed to factors such as convenience, portability, and technological advancements in wireless connectivity. This statistic underscores the significance of the wireless portable speaker market within the broader audio equipment industry and signals opportunities for further growth and innovation within this segment.
Waterproof speakers are expected to witness the fastest growth over the forecast period with a CAGR of 13.8%.
The statement highlights that waterproof speakers are projected to experience rapid growth over a specified period, indicated by a Compound Annual Growth Rate (CAGR) of 13.8%. This means that the market for waterproof speakers is expected to expand by an average of 13.8% annually over the forecast period. The high projected growth rate suggests increasing demand for these speakers, likely driven by factors such as the rising popularity of outdoor activities, water-related sports, and the desire for durable and versatile audio devices. Companies operating in this market are anticipated to benefit from this growth trend, potentially leading to new product developments, market opportunities, and increased revenue in the waterproof speaker segment.
Top five portable speaker brands according to customer rating in 2019 were JBL, Bose, Sony, Ultimate Ears, and Anker.
The statistic highlights the top five portable speaker brands as rated by customers in 2019. According to the data, the leading brands in terms of customer satisfaction were JBL, Bose, Sony, Ultimate Ears, and Anker. This ranking suggests that these particular brands stood out in terms of product quality, features, performance, and overall user experience, as perceived by customers. This information could be useful for consumers looking to make informed decisions when purchasing portable speakers, indicating a trend towards these specific brands being considered among the best options available in the market based on customer feedback.
The adoption of smart home systems is promoting the sales of smart portable speakers.
The statistic suggests that the increasing popularity and adoption of smart home systems, which include devices like smart lights, thermostats, and security cameras, are driving the sales of smart portable speakers. Smart home systems often integrate with smart speakers, allowing users to control their devices using voice commands. As more consumers embrace the convenience and connectivity offered by smart home technologies, the demand for smart speakers that can seamlessly function within these systems is also rising. This trend reinforces the notion that as technology advances and homes become more interconnected, the market for complementary smart devices such as portable speakers is expanding.
Bluetooth technology segment dominated the market with a share of over 60.0% in 2019.
The statistic indicates that in 2019, Bluetooth technology had the highest market share compared to other technologies in the same market. Specifically, Bluetooth technology accounted for over 60.0% of the total market share, showcasing its dominance and popularity among consumers and businesses. This high market share suggests that Bluetooth technology was widely adopted and preferred for various applications and products in 2019, positioning it as a key player in the market during that time period.
The online distribution channel segment is expected witness the fastest growth over the forecast period.
This statistic indicates that the online distribution channel segment is projected to experience the highest rate of expansion compared to other distribution channels over a specified future period. This suggests that online sales platforms are anticipated to significantly increase their market share and reach a larger consumer base during this timeframe. Factors contributing to this rapid growth may include the increasing popularity and convenience of online shopping, advancements in e-commerce technology, shifting consumer preferences towards digital transactions, and the potential for lower overhead costs associated with online distribution channels. As a result, companies operating in the online distribution space could potentially benefit from this trend by leveraging online platforms effectively to capture a larger market share and boost their revenues.
By 2023, the wireless portable speaker sector is estimated to reach 48.46 billion U.S. dollars.
The statistic indicates that the wireless portable speaker sector is projected to grow significantly by the year 2023, reaching a market value of 48.46 billion U.S. dollars. This implies a strong trend towards increased demand for wireless portable speakers driven by factors such as technological advancements, changing consumer preferences for portable and connected audio devices, and a growing market for smart home devices. The substantial market size forecasted for 2023 highlights the sector’s potential for continued expansion and innovation, presenting opportunities for companies operating in the wireless speaker industry to capitalize on this growth through product development, marketing strategies, and partnerships to meet the evolving needs of consumers.
Personal applications are the largest segment by application in the portable speaker market in 2019.
In 2019, personal applications emerged as the largest segment by application within the portable speaker market. This statistic indicates that the majority of portable speakers sold and used during that year were predominantly intended for personal use by individuals rather than for commercial or professional purposes. This trend suggests a growing demand for portable speakers among consumers looking to enhance their personal audio experiences, whether for listening to music, podcasts, or other forms of entertainment on the go. The rise of personal applications as the leading segment highlights the importance of catering to the needs and preferences of individual consumers in the portable speaker industry.
The residential sector accounted for more than 55% of total sales in 2019.
The statistic, “The residential sector accounted for more than 55% of total sales in 2019,” indicates that over half of the sales in 2019 were attributed to residential properties. This suggests a significant proportion of the total market activity was driven by sales of residential homes, as opposed to other sectors such as commercial or industrial properties. The high percentage emphasizes the importance and dominance of residential real estate transactions within the market during that year, highlighting the strong demand or activity in the housing sector. This information can be valuable for stakeholders in the real estate industry, policymakers, and investors to better understand market trends and make informed decisions.
The integration of Artificial Intelligence (AI) in portable speakers is anticipated to create new opportunities for market expansion.
This statistic suggests that the incorporation of Artificial Intelligence (AI) technology into portable speaker devices is expected to bring about new growth opportunities within the market. By integrating AI features such as voice recognition and virtual assistants into portable speakers, companies aim to enhance the functionality and user experience of their products. This innovation has the potential to attract more customers who seek smart, connected devices that offer convenience and advanced capabilities. As a result, the market for portable speakers is predicted to expand as consumers embrace these AI-powered features and the unique benefits they bring to everyday life.
The COVID-19 pandemic initially had a negative impact on the portable speaker market due to supply chain disruptions and retail closures.
The statistic suggests that the COVID-19 pandemic led to adverse effects on the portable speaker market in its initial stages, primarily because of supply chain disruptions and the closure of retail outlets. The disruptions in the supply chain may have resulted from restrictions on manufacturing and transportation activities imposed to curb the spread of the virus. Additionally, the closure of retail stores would have limited consumers’ access to purchase portable speakers, thereby causing a decline in market demand and sales. These factors collectively contributed to the negative impact experienced by the portable speaker market during the early phases of the pandemic.
Portable speakers with a battery life of 12-24 hours have the highest demand in the market.
The statistic “Portable speakers with a battery life of 12-24 hours have the highest demand in the market” indicates that consumer preferences are largely driven by the desire for longer battery life in portable speakers. This finding suggests that customers value the convenience and portability of speakers that can last for extended periods, potentially reflecting an increased interest in on-the-go use without the need for frequent recharging. This market trend highlights the importance of battery life as a key feature influencing consumer choices and suggests that manufacturers may benefit from prioritizing longer battery life in their product offerings to meet the strong demand for portable speakers.
As of 2019, Bose is the most preferred brand for wireless speakers in the United States.
The statistic suggests that in 2019, Bose was the most favored brand by consumers in the United States when it comes to wireless speakers. This implies that Bose had a higher market share, positive reputation, and level of trust compared to other brands offering similar products in the wireless speaker category. Being the most preferred brand indicates that Bose likely excelled in areas such as sound quality, design, features, and overall customer satisfaction, thereby making it the top choice among consumers within the United States for wireless speaker purchases during the specified time period.
References
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