Wireless Speakers Global Market Report 2024

The wireless speakers market size has grown exponentially in recent years. It will grow from $30.43 billion in 2023 to $37.69 billion in 2024 at a compound annual growth rate (CAGR) of 23.9%. The historical period's growth can be credited to an increasing demand for portable audio solutions, the growing necessity for connectivity, rising disposable income, lifestyle changes, and social trends and gatherings.

The wireless speakers market size is expected to see exponential growth in the next few years. It will grow to $90.65 billion in 2028 at a compound annual growth rate (CAGR) of 24.5%. The anticipated growth in the forecast period can be ascribed to the increasing integration of smart home technology, the growing popularity of outdoor activities, advancements in design and aesthetics, environmental consciousness, and shifting patterns in content consumption. Key trends expected in the forecast period encompass improvements in battery life, the incorporation of gesture and touch controls, innovations in portability, the ability to customize sound profiles, and collaborations with high-end brands.

The surge in preference for portable speakers plays a crucial role in driving the wireless speakers market. This is primarily due to the affordability and convenience offered by wireless speakers. Moreover, the increasing prevalence of smartphones has contributed to a growing preference for quick and smart functionality in the form of portable wireless devices, further boosting the use of portable wireless speakers. According to a report from Comscore, Inc., a US-based media measurement and analytics company, in 2021, nearly 50% of internet users owned at least one smart speaker, marking the highest level of smart speaker ownership.

The increasing demand for smartphones is expected to propel the wireless speakers market's growth in the future. Smartphones, with their combination of cellular phone functionality and various features such as internet connectivity, multimedia capabilities, app-based applications, and touchscreen interfaces, serve as primary audio sources for wireless speakers. Users can stream music and other content to these devices through Bluetooth or Wi-Fi connections. For instance, a report by Uswitch Limited, a UK-based financial conduct authority, revealed that starting in 2022, the UK witnessed a 3.8% increase (around 2.6 million) in mobile connections, reaching 71.8 million. By 2025, it is projected that 95% of the UK's population (approximately 65 million people) will possess smartphones. Hence, the growing demand for smartphones is a key driver for the wireless speakers market.

Signal interference with other devices poses a significant challenge for the wireless speakers market. Many wireless devices operate on the same radio waves and frequencies as wireless speakers, increasing the likelihood of signal disruption and a decline in sound quality. Dropped signals can impact either the transmitter or the receiver of wireless speakers, affecting the overall listening experience. Consequently, companies in the wireless speakers market are focusing on implementing exclusive connectivity with specific devices to mitigate signal interference, albeit at an increased cost. For example, Apple offers Airplay speakers utilizing proprietary wireless multimedia technology, connecting exclusively to Apple devices or iTunes, resulting in a higher price. However, other vendors have not adopted similar strategies, as such exclusive connectivity tends to elevate product prices.

The wireless speakers market is witnessing an emerging trend with the integration of advanced technologies such as AI-assisted devices. This is primarily attributed to the user-friendly nature of AI-enabled wireless speakers, offering features such as voice recognition for controlling speaker functions through voice commands. AI-based wireless speakers utilize cloud technology, providing a stable platform for data storage and quick access. Examples of wireless smart speakers with AI technology include Google Home Max, Amazon Echo Dot 3rd Gen, and JBL Link 10. Gartner, Inc. estimates that end-user spending on virtual personal assistant (VPA)-enabled wireless speakers will reach $3.52 billion by 2021.

The Federal Communication Commission (FCC), an independent agency of the US government, regulates interstate communications, including those in the wireless speakers market. Manufacturers in this market must obtain certification from the FCC to launch their products, with mandatory safety testing as part of the certification process. The FCC has established a bandwidth limit of 600 MHz for wireless devices, exceeding which results in disqualification of FCC certification. Therefore, FCC regulations on interstate communications play a vital role in overseeing companies involved in the wireless speakers market.

Key players in the wireless speaker market are intensifying their focus on introducing portable speakers, exemplified by products such as the SRS-XV800 and the SRS-XB100, to enhance revenue generation. Both the SRS-XV800 and SRS-XB100 are portable speakers equipped with Bluetooth connectivity. For instance, in May 2023, Sony Electronics Inc., a US-based electronics company, unveiled two new wireless speakers – the SRS-XV800, designed to deliver loud and clear sound for various purposes such as hosting parties or watching content, and the SRS-XB100, a compact wireless speaker delivering powerful and clear sound with exceptional portability.

Major companies operating in the wireless speakers market report are Apple Inc., Alphabet, Samsung Electronics Co. Ltd., Panasonic Corporation., Telefónica, Xiaomi, Sharp Corporation, Koninklijke Philips N.V., Harman International Industries, Logitech International, YAMAHA Corporation, Bose Corporation, DOSS, LG Electronics India Private Limited, Sonos Inc., Plantronics, Sony India Pvt. Ltd., VOXX Electronics Corp, Sennheiser electronic GmbH & Co. KG., Altec Lansing, Skullcandy, Beats Electronics LLC., Creative Technology Ltd., Best IT World (India) Pvt. Ltd., Braven, Polk Audio, Avnera, James Bullough Lansing, Paionia Kabushiki-gaisha., Logitech International S.A., Bang & Olufsen Group, Sound United LLC, Marshall Amplification, GP Acoustics International Ltd., Vizio Inc., Anker Innovations Co. Ltd., Libratone A/S, Devialet SAS., Klipsch Audio Technologies. Asia-Pacific was the largest region in the Wireless Speakers market in 2023. The regions covered in the wireless speakers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Wireless speakers come in two main types, fixed and portable. A Bluetooth wireless speaker comprises an amplifier and a loudspeaker that is paired with one or more smartphones, tablets, iPods, or computers through Bluetooth connectivity. The range of products includes Bluetooth speakers and Wi-Fi speakers utilized by both residential and commercial end-users.

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

The countries covered in the wireless speakers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The wireless speakers market consists of sales of Wi-Fi speakers, Bluetooth speakers, and other wireless speakers. 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.