Speaker Drivers Global Market Report 2024

The speaker drivers market size has grown strongly in recent years. It will grow from $30.35 billion in 2023 to $31.9 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion observed in the historical period can be attributed to several factors, including robust economic growth in emerging markets, an increasing adoption of in-wall speakers, elevated consumer spending on entertainment, and a rise in disposable income across developing countries.

The speaker drivers market size is expected to see strong growth in the next few years. It will grow to $38.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. Forecasted growth is driven by the rapid expansion of 5G networks, technological advancements, population growth, e-commerce surge in consumer electronics, increased penetration of Wi-Fi-enabled loudspeakers, and smart city development. Key trends include a focus on wireless speaker drivers, integration of artificial intelligence (AI), incorporation of 3D sensing modules in speaker drivers, emphasis on 360-degree audio, and a shift towards products made from eco-friendly materials.

Evolution in consumer habits and shopping behaviors has significantly propelled the expansion of e-commerce within the consumer electronics sphere. Devices such as smartphones and laptops are witnessing a surge in popularity, mainly owing to the escalation in per capita disposable incomes, consequently amplifying people's purchasing capacity. Moreover, the prevalence of video-on-demand and over-the-top (OTT) platforms is fostering a heightened demand for personal audio accessories such as headphones, contributing to market growth. Consumers seek portable speaker solutions adaptable to diverse settings, from home comfort to the uncertainties of outdoor environments, driving the need for robust, dustproof, and waterproof portable speakers. In India, the e-commerce landscape has revolutionized business dynamics. Starting at US $46.2 billion in 2020, the Indian e-commerce sector is projected to soar to US $198 billion by 2025, with estimations pegging it at US $350 billion by 2030. Anticipated to grow by 21.5%, reaching US $74.8 billion by 2022, the convenience offered by e-commerce platforms has been a pivotal driver for the speaker drivers market.

Governments worldwide are investing in the advancement of smart cities, a move expected to catalyze demand for diverse speaker devices across multiple applications. The European Union (EU), for instance, is vigorously promoting smart city initiatives by allocating research funding and establishing sustainability benchmarks for member nations. Even in underdeveloped nations, the concept of smart cities is gaining momentum. Notably, close to 300 smart city pilot projects are on the horizon in China and India. Smart cities leverage search, detection, and navigation tools to ensure citizen safety, utilizing technologies such as global positioning systems (GPS), machine-to-machine (M2M) communication, Wi-Fi, and radio frequency identification (RFID) for seamless communication. The holistic smart city framework involves interconnected systems and objects employing various technologies, encompassing local, wide, and wireless networks. The emergence of smart cities is poised to drive demand for an array of electronic products, including speaker systems.

The burgeoning trend of wireless audio equipment stands as a prominent development in the speaker drivers market. Technological advancements have empowered speaker drivers with Bluetooth or Wi-Fi capabilities, enabling audio playback sans any physical wiring. This shift is propelled by evolving consumer consumption patterns, where a majority are gravitating towards wireless audio equipment owing to its inherent convenience. Leading market players such as Samsung, LG, Sony, Bose, Denon, DTS, and Qualcomm are actively introducing varied wireless speaker driver models. Examples include Sonos Wi-Fi speakers, Bose's SoundTouch system, and Amazon's Echo speakers, emblematic of the prevalent Wi-Fi audio offerings.

An emerging market trend involves the interactive utilization of streaming platforms through speaker drivers for advertising purposes. With a substantial audience consuming audio content via smart speakers and mobile devices, ongoing technological innovations aim to facilitate post-advertisement actions for listeners. For instance, listeners might instruct their smart speaker assistant to navigate to a product's advertised website on their mobile device or donate a specified sum to a charity mentioned in an ad. Forecasts indicate a rise in the prevalence of these technologies, enhancing advertisers' ability to track user interactions. Notably, Spotify's 2021 introduction of a free audiobook feature for premium customers highlights this trend, offering access to audiobooks narrated by renowned celebrity voices.

In April 2022, Sonos, a U.S.-based company specializing in wireless home sound systems, completed the acquisition of Mayht Holding BV for a total deal value of $100 million. This strategic move is intended to enhance Sonos' product portfolio, particularly in the domain of speaker drivers. Mayht Holding BV, the acquired company, is based in the Netherlands and is involved in the development and production of speaker drivers.

Major companies operating in the speaker drivers market report are Samsung Electronics Co. Ltd., Sony Corporation, Goertek Inc, Merry Electronics Co. Ltd., Knowles Electronics, Bose, Concraft Holding Co. Ltd., Eastech Holding Limited, Foster Electric Company Limited, Fortune Grand Technology Inc., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Pioneer Technical Audio Devices, Sansui, Denon, Sharp, TOA Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, LG Electronics Inc., Jinyoung G&T, Pantos Logistics Co. Ltd. (Plihq), Bum Jin C & L Co. Ltd., Euroline Co. Ltd., J P Products Co. Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., ZHIYA Audio Equipment Co.Ltd., Sanway Audio Equipment, Enping Macadn Electronic Technology Co Ltd., Tannoy, ATC, Bowers & Wilkins (B&W), Mission, Wharfedale, KEF, PMC, Fyne Audio, Q Acoustics, Zound Industries, Sennheiser, ELAC, Focal, Dynaudio, Sonos Inc., Blaupunkt GMBH, Koninklijke Philips N.V., Alphabet Inc., Amazon Inc., Aris Audio, Reezoldini, KV2 Audio, Xavian, Pylon Audio, Megalith Audio, ZR Speaker Lab, Altec Lansing, Harman International Industries Inc., Apple Inc., DEI Holdings Inc., JBL, Klipsch, Definitive Technology, Quested, QSC, Eros Alto Falantes Ltda, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, VOXX, Sound United, JVC, Logitech, Audioholics, SPL Audio, PQ Sound, Morel HiFi, McRael Sound Technology, Temple's Counsel, Jay Sounds, Eminence Speaker, KCS Speakers, Al Watania, EVGA Corporation, Elitegroup Computer Systems, Aztech Group Ltd., Micro-Star INT'L Co. Ltd.

The Asia-Pacific was the largest region in the speaker drivers market in 2023. The regions covered in the speaker drivers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the speaker drivers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The market for speaker drivers, as outlined in the report, is categorized based on device types, including headphones/earphones, hearing aids, smart speakers, mobile phones/tablets, loudspeakers, and others. Headphones and earphones are personal audio devices that allow individuals to privately enjoy music, podcasts, audiobooks, and other audio content without causing disturbance to others. The major types of speaker drivers are dynamic drivers, balanced armature drivers, planar magnetic drivers, electrostatic drivers, and others. These drivers find applications across various sectors, including consumer electronics, professional/enterprise settings, medical applications, and others.

The speaker drivers market research report is one of a series of new reports that provides speaker drivers market statistics, including speaker drivers industry global market size, regional shares, competitors with a speaker drivers market share, detailed speaker drivers market segments, market trends and opportunities, and any further data you may need to thrive in the speaker drivers industry. This speaker drivers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The speaker drivers market consists of sales of woofers, tweeters, and other speaker drivers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.