Portable Speakers’ Market is projected to be valued at USD 16.91 Billion by 2025, registering a CAGR of 11.14% between 2019 and 2025. Portable speakers are generally sold in a variety of colors and shapes such as capsule and pocket. Furthermore, market players go the extra mile to produce portable speakers with several patented technologies to create traction among consumers and survive in the competitive market. For instance, the Bose Sound link operates on technology where sound passes through an inbuilt tunnel for amplification and produces a deep and immersive sound. Moreover, manufacturers are producing portable speakers with high durability and resistance to water.
Portable Speakers’ Market USP
Higher sound level than phone speakers and cost-effective as compared to AC-powered speakers.
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Portable Speakers’ Market Growth Opportunities
- Unique designs and low power consumption of hybrid portable speakers: Hybrid portable speakers have an integrated circuit that offers longer battery playtime as compared to other connectivity types. Nowadays, consumers are seeking products with multiple connectivity options due to technological advancements, widespread use of smartphones, and availability of high-speed Internet. Market players are further investing in the development of unique designs such as cubes, cartoon characters, lanterns, and key chains.
- Availability of a wide range of products through online retail channels: E-commerce websites offer clarity on technical specifications along with product reviews, which impact the purchasing decisions of consumers. A wide variety of models offered by a particular brand is visible on a single platform, which is driving the popularity of e-commerce sales channels. Moreover, e-commerce companies run several offers online to bolster sales. For instance, Amazon offers year-end deals including clearance sales, overstocks, and markdowns at low prices to consumers. There is also a growing preference for purchasing products online due to the convenience and one-stop purchase benefits. Online channels also offer regular discounts and installment schemes.
Portable Speakers’ Market Key Players
- Bose Corporation (US)
- Samsung Electronics, (Harman Kardon and JBL) (South Korea)
- Tribitaudio (China)
- Sony Corporation (Japan)
- Logitech Europe S.A. (Ultimate Ears) (Switzerland)
- Bang & Olufsen (Denmark)
- SoundWorks, Inc. (US)
- Apple Inc. (Beats Electronics LLC) (US)
- Anker Technology Ltd (UK)
- Polk Audio, LLC (US)
- Sonos Inc. (US)
- Boytone (US)
- Marshall Amplification PLC (UK)
- LG Corporation (South Korea)
- House of Marley, LLC (US)
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Portable Speakers’ Market Regional Analysis
North America: North America accounted for nearly 45% of the global portable speakers market in 2018. The high inclination toward outdoor activities such as camping and trekking are expected to influence the sales of portable speakers in the region during the forecast period. Established players sell products through their own website, thereby fueling the sales of portable speakers in the region.
- US: The US is the largest consumer of portable speakers in the world. The convenience of portable devices while traveling and popularity of online streaming, especially among the youth, are driving the sales of portable speakers in the US. The availability of high-speed Internet connectivity is also impacting the use the portable speakers. For instance, the average upload speeds for mobiles was 75 Mbps, up 13.0% over Q1–Q2 2018. The high rate of media streaming has led to the increased use of portable speakers in the country.
Europe: The increasing demand for media streaming and convenience products is expected to drive the portable speakers market growth in Europe during the forecast period. Portable speakers are replacing the traditionally used standalone or stereo speakers in the region due to the convenience of carrying and user-friendly interface.
- UK: The market in the UK accounted for a dominant share of the European market due to the widespread use of media streaming. The UK accounted for 4% of the portable speakers market in Europe in 2018.
Germany: The German portable speakers market is growing steadily due to initiatives by market players to promote their products and launch innovative models. For instance, Samsung Electronics Co., Ltd launched the JBL Link Portable at Internationale Funkausstellung 2019 in Berlin.
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