Expandable speakers are described as those speakers that are connected to devices fitted with bluetooth wireless connectivity by pairing with any smart phone or tablets or even a computer. A bluetooth connection performs the function of setting up a one-to-one link between the source device and the speaker, by which data is transmitted. Wireless speakers can be connected to devices using Bluetooth, Wi-Fi or both. These speakers either have to be plugged in or must run using a battery.
Some of the factors that are likely to propel the growth of the market are growing use of voice assistant for search by consumers globally. Additionally, the option of keeping the speakers without any problem of tripping on wires, the portability option and the powerful audio offered by these products is driving the demand for these expandable speakers, thereby contributing to the growth of the market.
The expandable speakers market is anticipated to achieve significant market size over the forecast period i.e. 2020-2027. The market is segmented by durability, by application, by channel, by connectivity and by type.
The expandable speakers possess the ability to control music covering a larger area. Apart from that, they provide better sound quality and they possess the ability to offer smart home controls.
Expandable speakers are used for several purposes such as obtaining news related updates including entertainment and sports news among other verticals.
The expandable speakers market is predicted to achieve significant growth, owing to the availability of speakers that are portable apart from wall fitted speakers. The advantage of carrying the speakers, wherever an individual travels has provided convenience to individuals, as they can fit into their bags and hence are considered popular, thereby driving the demand for such products. These factors are significantly contributing to the growth of the market. DOWNLOAD SAMPLE REPORT HERE
The rise in disposable incomes of the growing population in all regions has led to increased adoption of devices that can be controlled with the help of smart devices. This is contributing to increased demand for the speakers, thereby aiding the growth of the market. According to OECD (Organisation for Economic Co-operation and Development), in 2017, the net annual growth rate in terms of household disposable income in United States was 2.3%, whereas, Canada witnessed 3.6%. The highest growth rate was recorded in Costa Rica (7.4%).
There are some limitations associated with usage of expandable speakers, as they are priced comparatively higher and must also be connected to a power source. There can be issues of signals dropping frequently which could negatively impact the listening experience. Unlike wired speakers that can take up considerable information in the form of electric signals, wireless signals may lag behind in terms of performance. Apart from that, data security could be a major concern that could restrain the growth of the market over the forecast period.
Our-in depth analysis of the global expandable speakers market includes the following segments:
On the basis of regional analysis, the expandable speakers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Among these regions, the market in North American region is predicted to hold the largest share owing to the presence of leading manufacturers of expandable speakers coupled with higher disposable incomes of the population. United States witnessed its Disposable Personal Income touching an all-time high by crossing USD 16,350 Billion during July 2019.
The market in Asia Pacific region is anticipated to witness highest growth rate owing to rising urban population with a desire to own smart and internet-connected devices in the region.
The expandable speakers market is further classified on the basis of region as follows:
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