Wireless Streaming For Audio
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.
Utility Of Expandable Speakers For Multiple Purposes
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.
Rising Disposable Incomes Of Individuals
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%).
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.
Get more information on this report: Download Sample PDF
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:
By Channel Output
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:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.