The market size for portable speakers reached USD 6.2 billion in 2022. Projections suggest that the portable speakers industry will expand from USD 6.9 billion in 2023 to USD 17.8 billion by 2032, demonstrating a compound annual growth rate (CAGR) of 12.50% during the forecast period from 2023 to 2032.
The South Korea Portable Speakers Market Research Report provides in-depth research and insights into the market size, revenues, major categories, growth drivers, limiting factors, and regional industrial presence. The purpose of the market research study is to thoroughly investigate the Consumer and retail sector and gain a grasp of the business and its commercial potential. As a result, the customer obtains broad knowledge about the industry and business from the past, present, and future perspectives, allowing them to intelligently spend money and deploy resources.
In addition, this research study includes current assessments and estimates for all industrial categories and geographical locations. The South Korea Portable Speakers Market research report is the result of months of hard work by knowledgeable forecasters, imaginative analysts, and astute researchers. Using the specific and up-to-date information provided in this report, businesses can gain an understanding of the types of consumers, consumer demands and preferences, their perspectives on the product, their purchasing intentions, their response to a specific product that is already on the market, and their varying tastes about a specific product that is already on the market.
Competitive Landscape
The notable players of the market are Bose Corporation (US), Tribitaudio (China), Samsung Electronics (Harman Kardon and JBL) (South Korea), Polk Audio, LLC (US), Sonos Inc. (US), Boytone (US), Marshall Amplification PLC (UK), and Sony Corporation (Japan)
Research Objectives:
- Focuses on the key manufacturers, to define, pronounce and examine the value, sales volume, market share, market competition landscape, SWOT analysis, and development plans in the next few years.
- To share comprehensive information about the key factors influencing the growth of the market (opportunities, drivers, growth potential, industry-specific challenges and risks).
- To analyze the concerning individual future prospects, growth trends and their involvement to the total market.
- To analyze reasonable developments such as agreements, expansions new product launches, and acquisitions in the market.
- To deliberately profile the key players and systematically examine their growth strategies.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
Segmentation
Product type, connectivity type, category, and distribution channel are the segments that make up the Portable Speakers Market Size.
The product type segment of the Portable Speakers Market is divided into mini, pocket, capsule, and others. The tiny segment is the largest among these since it is the most convenient to use and carry while traveling when compared to other sorts. The Portable Speakers Market Share is dominated by this sector.
Bluetooth, hybrid, and other connectivity types are included in the connectivity type segment. The hybrid sector is expected to be the most popular. It is equipped with Wi-Fi and Bluetooth connectivity. These are the segments that the majority of customers prefer. As a result, the segment accounts for the largest share of the Portable Speakers Market during the forecast period. The terms "pocket," "capsule," and "other" are all commonly used. Due to the introduction of advanced products with technological advancement features, the other segment will see the highest CAGR.
The Portable Speakers Market Size is classified into two categories: mass market and premium. Premium is the fastest-growing segment here, and its steady growth is expected to continue throughout the forecast term. The segment is being driven by consumer purchasing power and a preference for superior design and audio output.
The distribution channel refers to the channel via which products are delivered to clients. As a result, it is divided into two categories: store-based and non-store-based. Supermarkets and hypermarkets, specialty stores, and other stores make up the store-based component.
Region Overview
North America, Europe, and Asia Pacific are the three largest regions.
Because of the increased demand for music streaming in major countries such as the United States and Canada, the North American market has emerged as the dominant region in recent years. The regional market of this region is being driven by growing sales of items such as smartphones, tablets, laptops, and other portable devices.
Because of the rising awareness and adoption of technology-driven products among customers, Asia Pacific is believed to have the greatest CAGR. During the projection period, the rest of the world will also increase at a healthy rate.
Portable Speakers Industry Developments
February 2022:Tribit confirmed the launch of a sequel to their own StormBox Micro wireless speaker. The StormBox Micro 2 is the upgraded version of its portable StormBox Micro speaker that gives immersive 360-degree sound with rich deep bass and can also be paired with the brand's speaker to increase the volume in Party Mode. The portable speaker can also be paired with close to eight devices at the same time using Bluetooth 5.3.
March 2022:Beats, the Apple-owned audio device company, is introducing its limited-edition version of the Beats Pill Plus portable speaker in partnership with Stussy, the streetwear brand. The Beats Pill Plus Stussy is a limited-edition Bluetooth portable speaker.
September 2022:In China, the Meizu PANDAER Elvis Presley-branded Bluetooth speaker was released. The Platinum Unicorn Cyber Speaker features two 48mm loudspeakers and a full-frequency ultra-thin audio unit. Deep bass is generated by the new Meizu-Elvis Presley Bluetooth speakers using passive diaphragm sensor technology.
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