New York, June 26, 2023 (GLOBE NEWSWIRE) -- In 2022, the speaker driver market was estimated to be worth $26.3 billion. Sales of speaker drivers are anticipated to reach US$ 26.8 billion through 2023 and US$ 31 billion by 2033, rising at a CAGR of 1.5% from 2023 to 2033, according to Persistence Market Research.
The rise of the speaker driver industry is being fueled by a number of causes, including an increase in podcast along with audio content transmission. Wireless portable speakers feature no wires, take up less space, and are simpler to maintain than home theater systems.
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These portable speakers are available in a broad range of sizes and designs to meet the demands of the customers. Most portable devices, such as tablets, smartphones and laptops, include Wi-Fi or Bluetooth connections, enabling users to stream music and video content wirelessly. These factors are therefore anticipated to accelerate market expansion from 2023 to 2033.
The global quick development of wireless technology standards is also expected to fuel the market for speaker drivers. The widespread use of music and video streaming sites and the increasing appeal of true wireless earbuds are both projected to favorably affect the market's expansion. The growing demand for wireless and compact earphones amongst fitness enthusiasts and the rise in earbud sales are also anticipated to significantly raise the need for speaker drivers as well as push the expansion of the speaker driver market.
Key Takeaways from Market Study
- During the historical period, 2018 to 2022, the market saw a CAGR of 2.1%.
- According to PMR estimates, the North American speaker driver market would hold a 40.2% worldwide market share in 2022.
- Through 2033, the United States speaker driver market is anticipated to expand at a 0.4% CAGR.
- A 24.6% global market share for speaker drivers was held by the Asia Pacific region in 2022.
- China will be one of the profitable markets in the Asia Pacific region with a 2.3% CAGR anticipated for the projected period.
- From 2023 to 2033, the headphones market is projected to expand at a CAGR of 1.4%.
- From 2023 to 2033, there will be a 1.4% CAGR in the factors utilized in the travel & tourism, banking, hospitality, and educational sectors combined.
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“The popularity of wireless technology has increased among both youth and the general population. The quick functioning and inexpensive maintenance have helped to increase demand for speaker drivers,” says an analyst at Persistence Market Research.
Market Segmentation
- By Device Type (Headphones/Earphones, Hearing Aids, Smart Speakers, Mobile Phones/Tablets, Loudspeakers)
- By Driver Type (Dynamic Drivers, Balanced Armature Drivers, Planar Magnetic, ElectroStatic, Others, Banking, Travel and Tourism, Hospitality, Education)
- By Size (Below 20 mm, 20–110 mm, Others)
- By Application (Consumer, Professional/Enterprise, Medical, Others)
Key Market Players
A number of significant speaker driver producers are boosting their production capacities in order to increase their market share. Their primary concern is one new product introduction that has outstanding characteristics. Key firms looking to increase their market presence should expect to gain from the growing number of alliances and collaborations. The speaker driver market is dominated by the following players:
- Sennheiser Electronic GmbH & Co. KG
- Samsung Electronics
- Sony Corporation
- Knowles Electronics
- Goertek
- Beyerdynamic GmbH & Co. KG
- Fostex International
- Eastech
- Voz Electronic Co. Ltd
- Fortune Grand Technology Inc.
- Tymphany
- Premium Sound Solutions
Key market developments are as follows:
- Mayht announced a ground-breaking speaker driver technology in April 2020, and FORWARD.one invested heavily in it. With an emphasis on high-volume consumer goods like Bluetooth speakers and soundbars, Mayht is enthusiastic about providing a new, more compact design to the market. In past fundraising rounds, Mayht and Delft Enterprises each contributed money.
- A brand-new set of wireless speakers that Sonos launched in 2023 marked the start of a new era for the company both literally and figuratively. However, Sonos has returned to music with the introduction of the new Era 100 and Era 300 speakers and is, for the first time, merging both cutting-edge as well as long-standing technologies.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the speaker driver market, covering a global industry analysis of 2018 to 2022 and forecasts for 2023 to 2033. This research report provides compelling insights by product type, application outlook, and sales channel, across all major regions.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
For additional information on how speaker driver sales will increase in the near future, write to the team of expert research analysts at media@persistencemarketresearch.com
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