Vancouver, British Columbia, March 25, 2021 (GLOBE NEWSWIRE) -- The global speaker driver market size is expected to reach USD 31.18 Billion and register a CAGR of 2.3% during the forecast period, according to latest analysis by Emergen Research. Market revenue growth is majorly driven by key factors such as technological advancements in devices such as notch less smartphones, new product launches by key players, and rising demand for more efficient audio output systems. Increasing spending of consumers on entertainment such as movies, gaming, and music is another key factor driving market growth. Rapid expansion and commercialization of 5G networks is another factor expected to continue to drive market growth as a high-speed network enables subscribers to access uninterrupted, high quality content, which in turn results in need for high quality audio output systems.
Moreover, smart speakers are gaining popularity in tourism and hospitality sectors as it can be effectively used to provide travel updates, calling reception, and control room lighting, checking in and checking out and so on. For instance, a customized version of Baidu’s DuerOS AI solution is used by the InterContinental Hotel Group (IHG), and comprises voice assist function for addressing basic queries of customers.
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Some Key Highlights from the Report
- In November 2019, GN Store Nord A/S and Knowles Electronics entered into a partnership with an aim to offer intelligent video, audio, and hearing solutions.
- In August 2019, Infinity, which is a lifestyle audio device brand, was launched by HARMAN in India. The launch included six new infinity headphones, four portable Bluetooth speakers, and a multimedia 2.1 Bluetooth system.
- The market in North America is expected to register a steady revenue CAGR owing to high disposable income of individuals and launch of new speaker enabled devices in countries in the region.
- The headphones/earphones segment accounted for largest revenue share in the speaker driver market in 2020, and the trend is expected to continue during the forecast period owing to rising demand for wireless headphones/earphones among a consumer base of varying age groups. Moreover, introduction of airpods into the market is another factor supporting revenue growth of this segment currently.
- Major companies operating in the market are Sennheiser Electronic GmbH & Co. KG, Samsung Electronics, Sony Corporation, Knowles Electronics, Goertek, Beyerdynamic GmbH & Co. KG, Fostex International, Eastech, Voz Electronic Co., Ltd, and Fortune Grand Technology Inc.
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For this report, Emergen Research has segmented the global speaker driver market based on device type, size, application, and region.
- Device Type Outlook (Revenue, USD Billion; 2018–2028)
- Headphones/Earphones
- Hearing Aids
- Smart Speakers
- Mobile Phones/Tablets
- Loudspeakers
- Size Outlook (Revenue, USD Billion; 2018–2028)
- Below 20 mm
- 20–110 mm
- Application Outlook (Revenue, USD Billion; 2018–2028)
- Professional/Enterprise
- Consumer
- Medical
- Others (banking, travel and tourism, hospitality, and education)
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- Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
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