Audio Technology (Global Market)

• Audio equipment (Russian market)

Chronicle

2023: The global audio speaker market grew by 7% to $18.4 billion over the year. Leaders

In 2023, the global market for portable audio speakers reached $18.4 billion. Growth compared to 2022, when sales were estimated at $17.22 billion, amounted to about 7%. This industry is showing steady positive dynamics, as stated in a study by Market Research Future, the results of which were released in mid-August 2024.

The authors of the report highlight several key growth factors. One of them is an increase in the penetration of mobile gadgets such as smartphones and tablets. Portable speakers provide convenience, mobility and high-quality sound anywhere. The increasing popularity of streaming music services, including Spotify and Apple Music, is also driving sales of audio speakers. Another driver of the market in question, the researchers call technological advances. For example, the Bluetooth 5.0 standard provides a longer range, faster speed and less power consumption, which increases comfort when using mobile equipment. The functionality of portable speakers is expanding: some models can be equipped with a built-in equalizer to optimize sound parameters for individual preferences, while others support multi-room sound. The introduction of voice assistants helps to improve usability.

Analysts divide the audio speaker market into devices for personal and professional use (for example, for presentations, conferences, etc.). In 2023, the first of these categories accounted for $12.5 billion in total sales, the second - $5.9 billion. In terms of battery life, four groups of devices stand out from the battery: up to 5 hours, up to 10 hours, up to 15 hours and up to 20 hours and higher. The "up to 5 hours" segment took the largest share in 2023 with revenue of about $4.2 billion.

It is noted that the global market for portable speakers is a highly competitive environment. In the struggle for buyers, companies offer devices of different classes - from budget to premium with high sound quality and advanced functionality. Some players enter into partnership agreements for competitive advantage. The ranking of leaders in the global portable speaker market includes:

• JBL;
• Marshall;
• Sonos;
• Libratone;
• Harman Kardon;
• Bang Olufsen;
• Polk Audio;
• Denon;
• Zvox;
• Bowers Wilkins;
• Yamaha;
• Heos;
• Anker;
• Sony;
• Ultimate Ears;
• Bose;
• Definitive Technology.

Geographically, North America holds the largest share of the global audio speaker market in 2023. Significant disposable income of citizens, technological advances and high consumer demand contribute to the development of the industry. In second place in regional terms is Europe, where Germany, Britain and France are key players. The advanced economy and high adoption of wireless technologies help to increase sales of portable speakers. At the same time, the Asia-Pacific region is experiencing the highest growth rates due to urbanization and increased demand for consumer electronics in countries such as China and India.

Market Research Future analysts believe that in the future, the CAGR (compound percentage CAGR) in the global portable speaker market will be 6.88%. Thus, by 2032, sales of such devices on a global scale will reach $33.5 billion.^[1]

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