A speaker is a transducer that converts an electrical audio signal into sound waves. It is a speaker with output in the form of sound. The increasing popularity of wireless headphones, coupled with the growing demand for video and audio streaming services, is the main driving force behind the growth of the speaker driver market. The expanding entrance of cell phones and the quick extension of the 5G organization in different nations is likewise driving interest in this industry.
The global speaker driver market is supposed to develop from USD 25.9 billion in 2020 to USD 29.3 billion by 2026, developing at a CAGR of 2.5% from 2022 - 2027.
The increasing adoption of audio and video streaming services and the growing popularity of true wireless headphones are the main drivers of the global speaker driver market. Key elements driving the growth of the global speaker driver market include the growing demand for smartphones due to the increasing adoption of video and audio streaming platforms and the increasing popularity of True Wireless Headphones (TWE). Customer preferences evolve with rapid technological change. Due to the increase in people's disposable income, the population's spending capacity has increased. The general population living in developed and developing countries such as the UK, France, the US, China and India is increasing their spending on entertainment and recreation. Furthermore, the accessibility of the use of sound technology in its environment has stimulated the demand for speakers around the world.
Recent Developments:
As the impact of Coronavirus on household incomes has been observed around the world, a reduction in spending on various commodities or delays is expected throughout the year. People are more likely to keep their current smartphones, tablets or headphones until the COVID-19 situation begins to improve around the world. Due to blockades imposed around the world, production facilities and the workforce have been affected, leading to a reduction in production. As demand and production for various speaker-embedded devices declined, speaker volume figures took a hit. Huawei's smartphone sales fell 6.8% in the second quarter, totaling 54 million units. Samsung only sold 55 million smartphones during the period, down 27.1% year-over-year.
Drivers:
One of the many factors driving the growth of the global speaker driver market is the increase in streaming audio content. Portable and wireless speakers require less space and maintenance compared to home theater audio systems, and they don't use wiring either. These pocket speakers are available in different sizes and designs to meet customers' requirements. Additionally, most portable electronic devices, such as smartphones, tablets, and laptops, come with Bluetooth and Wi-Fi connectivity, allowing users to stream audio / video content wirelessly. Additionally, the preference for wireless technology has increased among young people and the general population. Quick usefulness and low support costs have emphatically impacted the interest for remote speakers. Bluetooth speakers are remote and most normalized models are battery-powered or run on AA batteries.
Restraints:
Some of the limitations in the speaker driver market are detrimental effects on the health of listeners, as they produce high sound levels very close to the ear.
By Device type:
The headphone component is expected to dominate the market in the projection period. Rising end-users, smartphone demand, and rapid population growth are some of the major drivers of the global speaker market. The growing call for small-sized and wireless headphones among fitness enthusiasts is driving the growth of the global speaker driver market. Additionally, new bass boost technology, active noise cancellation technology, and hands-free calling features, as well as wireless technology, will likely increase the popularity of true wireless headphones, thus increasing the demand for headphones.
By Driver type:
The dynamic driver segment is estimated to increase significantly over the conjecture period. The rise of electronics manufacturing brands, the growing demand for portable speakers, and the popularity of video streaming devices are driving the expansion of the global market.
By Size:
Among these, the 20-110mm is the business segment that is expected to grow in the next period due to the increasing popularity of audio and video functions on social media.
By Application:
Consumer segment is the main income generator of the worldwide market. The use of speakers and other products for fitness-related activities, the growing demand for smart homes, the widespread presence of entertainment and media, and express launches by high-end stores are some of the elements that positively affect the world speaker driver market.
Speaker Driver Market Region wise analysis:
Marked Segmentation based on the region:
a. Middle East
b. Africa
North America speaker driver market is expected to see strong growth in the coming years. The market in both Europe and North America is expected to grow at a substantial rate during the forecast period due to various product launches and developments from various manufacturers. Asia-Pacific is foreseen to develop dramatically in the coming years. Rising research and development spending, increasing use of low-cost and compressed speakers, inexhaustible demand from end-users are the positive influencers of the market. Nations, for example, India, Japan, China, Australia and Singapore will arise as key territorial fragments in the Asia Pacific market. Then again, the Middle East, Africa and South America market is relied upon to develop with a moderate speed during the anticipated time frame.
Key Players of Market:
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