Music playing devices have come a long way since the walkman. From the days of the radio to the jiving jukeboxes in the streets, and the MP3 players of the early 2000s, the demand for innovative ultra-portable speakers has outgrown expectations.
Today, global sales account for almost 15% of the entire multimedia speaker market and the number for the portable speaker market is expected to grow. And according to a research analysis by Persistence Market Research, the innovative portal speaker market is expected to grow at a remarkable CAGR (Compound Annual Growth Rate) of 12% within the next decade.
An analyst at the Persistence Market Research claimed that “Technological innovations are expected to play a crucial role in the development of smart ultra-portable speakers and influence overall market stance,” and rightly so. As per statistics, in 2020, the ultra-portable speaker market was worth an astonishing US$ 1.9 billion in value. It is estimated that by 2031, the valuation will leap to US$ 5.9 billion.
With the widespread adoption of smartphones and innovations in digital wireless technology, particularly smart-home environments, the need for high-resolution audio through ultra-portable speakers has become highly demanding. Furthermore, the growth of OTT media technology and services have contributed to the rising demand and sales of ultra-portable speakers globally.
In the U.S, demand for innovative portable speakers is motivated by large volumes of subscriptions from OTT streaming and music streaming services, making it a highly profitable market for wireless tech. The North American marketplace, in retrospect, is reported to house a revenue share in the global ultra-portable speaker industry. With its enormous population, India is already a lucrative market for all kinds of consumer electronics. The country is observing a rapid increase in technological adaptation. This makes the Indian market an untapped potential for huge revenue streams from the ultra-portal speakers.
|Ultra-portable Speakers||US$ 1.9 Bn – US$ 5.9 Bn|
|Expected Growth Rate||12% CAGR|
|Dominant Region||North America|
Companies like Beats Electronics LLC, Bose Corporation, Harman International Industries, Klipsch Group Inc., Samsung Electronics, ULTIMATE EARS, and Sony Corporation happen to be some of the leading corporations with a significant share and innovative tech in the ultra-portable speaker market. In 2021, Sony announced the launch of the world’s first neckband speaker, which is equipped with Dolby Atmos technology.
Irrespective of the competitive landscape, the projected prospects of the ultra-portable speaker market cannot be deemed underrated. With technology progressing so rapidly, it’s only a matter of time the anticipated US$ 5.9 billion may very well reach higher in the next decade.