The global portable speaker market was valued at USD 7 billion in 2016 and is expected to surpass USD 12 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global portable speaker market, under its consumer electronics portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Beats Electronics, Bose, Samsung Electronics, and Sony.
According to Ujjwal Doshi, a lead analyst for consumer electronics research at Technavio, “The increasing innovations in wireless technology is one of the major drivers in the global portable speaker market. Vendors are constantly upgrading their existing products with new technologies to improve the quality of the product and enhance user experience.”
Technological innovations have resulted in tweeters, woofers, and separate sound systems being merged into one single unit to offer premium sound quality and an incredible audio experience. For instance, Sony launched the latest range of Bluetooth speakers that enables 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.
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Advent of cloud-hosted music streaming services
Cloud computing offers individuals with legal access to online music. It allows subscribed users to access digital content stored on remote servers. The growing adoption of cloud-hosted music services will lead to the increase in music streaming, which is expected to increase the applications of portable speakers.
Improved wireless connectivity
The latest Bluetooth speakers that are available in the market are equipped with the latest version of Bluetooth smart chip, which helps in reducing power consumption and improves the range and quality of the sound. Apart from Wi-Fi and Bluetooth connectivity, vendors have come up with Bluetooth speakers that support NFC connectivity, which pairs with devices with a single tap.
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This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio market research report titled, ‘Global Portable Speaker Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global TV Market 2017-2021
- Global Speaker Market 2016-2020
- Global Bluetooth Speaker Market 2016-2020
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