Ultra Portable Speakers Market Countable to Be Valued at CAGR 12.1% by 2018 – 2026May 5, 2021
According to a recent market report published by Persistence Market Research titled “Ultra-Portable Speaker Global Market Analysis 2013-2017 and Forecast 2018-2026,” the global ultra-portable speaker market was valued at US$ 1,510.6 Mn in 2017, and is expected to register a CAGR of 12.1% from 2018 to 2026.
Rapidly changing consumer preferences, continuous innovations in technology, and the increasing adoption of smartphones are among factors fuelling the growth of the global ultra-portable speaker market. Ultra-portable speakers are audio speakers that run on batteries, which can be easily carried & transported by users. Growth in the sales of waterproof speakers is boosting the global ultra-portable speaker market. Moreover, the emergence of high-resolution audio has gained momentum in the ultra-portable speaker market. Vendors are providing 24-bit high resolution audio speakers. There is significant consumer demand for high-quality audio, along with audio devices that are easily portable and can be carried anywhere to places such as homes, gyms, cars, workplaces, and others. This is driving the demand for ultra-portable speakers with features such as smaller size, light weight, high-resolution audio, compatibility with other devices, and long battery backup. With continuous developments in wireless technologies, it is easier for consumers to stream music any time and at any place.
On the basis of technology, the ultra-portable speaker market is classified as Bluetooth, Wi-Fi, and others. Revenue contribution from the Bluetooth segment of the ultra-portable speaker market is expected to expand at a CAGR of 11.8% during the forecast period. Bluetooth-enabled ultra-portable speakers are expected to have a major market share during the forecast period. The demand for Bluetooth-enabled ultra-portable speakers is high due to features such as low power consumption, easy connectivity with a wide range of devices, and the low cost of Bluetooth technology. However, Wi-Fi enabled ultra-portable speakers are witnessing a high Y-o-Y growth due to continuous advancements and innovations in technology. Vendors are offering hybrid ultra-portable speakers with features such as calling facility and voice-based search, among others. European countries are witnessing high demand for Wi-Fi based ultra-portable speakers due to the high adoption of smart homes. For instance, in 2017, Germany, the U.K., and France witnessed total sales of around 6.5 million units of Amazon Alexa and Google Siri.
On the basis of end-user, ultra-portable speaker market is segmented into residential and commercial. Revenue contribution from the residential segment of the ultra-portable speaker market is expected to grow at a CAGR of 12.2% during the forecast period. The residential segment of the ultra-portable speaker market is expected to have a major market share during the forecast period. Increase in the number of smart homes is fuelling the demand for smart electronic gadgets. In a smart home, consumer electronic devices, media & entertainment gadgets, and other smart electronics are connected to the home network. These connected devices enable consumers to monitor and play music from remote locations as well as play different music in different rooms as per their choice with additional streaming devices such as ultra-portable speakers. Thus, an increase in the number of smart homes is significantly fuelling the global demand for ultra-portable speakers.
On the basis of distribution channel, the ultra-portable speaker market is classified as organized retail, unorganized retail, and online/ecommerce. Revenue contribution from the organized retail segment of the ultra-portable speaker market is expected to expand at a CAGR of 11.8% during the forecast period. The organized retail segment ultra-portable speaker are expected to have a major market share during the forecast period. However, growth in the ecommerce industry is encouraging vendors to adopt the online channel for sales. Vendors are moving toward online/ecommerce sales segment as it provides ease of doing business overseas. This trend is expected to contribute to the growth of the online/ecommerce segment of the ultra-portable speaker market during the forecast period.
This report also covers the trends driving each segment of the ultra-portable speaker market, and offers analysis & insights regarding the potential of the ultra-portable speaker market in regions such as North America (U.S. and Canada), Latin America (Brazil, Mexico, and the rest of Latin America), Europe (Germany, Italy, France, U.K., Spain, Russia, and the rest of Europe), SEA and Pacific (India, Indonesia, Philippines, Thailand, Malaysia, Oceania, and the rest of SEA), China, Japan, and MEA (Northern Africa, GCC Countries, Turkey, South Africa, and the rest of MEA). Revenue contribution from the North America region in the ultra-portable speaker market is expected to expand at a CAGR of 11.4% during the forecast period. The young population in the U.S. and Canada is increasingly inclined toward recreational activities. Furthermore, increase in the interest of the young population in music is also fuelling the demand for ultra-portable speakers. In terms of revenue, the U.S. media and entertainment market comprises one-third of the global media and entertainment market, which is expected to continue over the forecast period and, in turn, increase the adoption of ultra-portable speakers in the coming years.
Key competitors in the ultra-portable speaker market are :
- Beats Electronics LLC
- Bose Corporation
- Klipsch Audio Technologies
- Sony Corporation
- Xmi Pte Ltd (X-Mini)
- Koninklijke Philips N.V.
- Samsung Electronics
- Ultimate Ears
These strategies are followed by industry players to sustain their market presence and increase revenue generation by developing more advanced ultra-portable speakers and delivering outstanding services to their customers.