Market Overview
Portable Speakers’ Market is projected to be valued at USD 16.91 Billion by 2027, registering a CAGR of 11.14% between 2021 and 2027. 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.
Competitive Landscape
- 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)
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Market Segmentation
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.
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Regional Analysis
North America: North America dominated the portable speaker’s market in 2018 and is projected to continue during the forecast period due to the high demand for music streaming in the US and Canada. Increasing sales of smartphones, tablets, laptops, and other devices are propelling the demand for portable speakers in the region. The growing trend of smart homes in the region with appliances and electronics controlled by gestures or voice are fueling the demand for smart portable speakers in North America.
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