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Smart Audio Devices Market Report
Smart Audio Devices Market Trends, Dynamics & Market Insights
Smart Audio Devices Market, By Type (Smart Home Speaker, Smart Phone or Computer Speaker, Intelligent Vehicle Speaker), By Application (Commercial, Consumer, Automotive, Defense, Others), and Region - COVID-19 Impact Analysis and Forecast to 2026...
The Smart Audio Devices Market is estimated to grow from USD xx million in 2020 to USD xx million by 2026 at a healthy CAGR of x% during the forecast period.
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Smart audio devices are wireless and smart audio playback devices that use several styles of connectivity for added functions. Smart speakers carries with it special features to boost the benefit of use, connect with multiple forms of audio sources and offer additional functionality.
Key players operating in the smart audio devices market are-
A rise in the global demand for infotainment devices, increased R&D expenditure by OEMs for the development of new and advanced smart audio devices, rise in the use of smart wireless audio devices in the commercial sector are expected to bolster the market growth. Also, the growth of smart devices can be attributed to the rising demand for smart speaker displays, growing disposable income, rising number of smart homes, and rapid proliferation of multifunctional devices, further augmenting the industry growth.
Based on type, the smart audio devices market is categorized into the smart home speaker, smartphone or computer speaker, and intelligent vehicle speaker. The smart home speaker segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. Smart home speakers can control smart devices with the user’s voice, which makes day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet, thereby bolstering the segment growth.
By region, the North American market accounted for a significant share in 2020 and is expected to grow at the highest CAGR in the following years. This is mainly ascribed to the presence of early adopters and key smart speaker providers. Also, the willingness of customers to accept and use new technologies has further encouraged manufacturers in the region to innovate new and advanced products, which further proliferates the regional market growth.
The COVID-19 outbreak has moderately affected the smart audio devices industry. This is mainly due to soaring coronavirus cases, implementation of stringent lockdown measures, and limited movement of people to curb the spread of the virus. Owing to the worsening pandemic situation, the market dynamics have changed to a great extent. The nations’ lockdown and other government restrictions are affecting the economies over the globe. A decline in the customer’s buying power and funds availability further imposes a threat to the global smart audio devices market growth. Growing restrictions on e-commerce activities and curfews across nations further hampering the customer demand for smart home speakers.
Here is the list of the group of customers that the smart audio devices market hopes to have the greatest opportunity to convert-
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Sony Corporation (Japan), Bose Corporation (US), Sennheiser Electronic (Germany), LG Electron-ics (South Korea), Sonos Inc (US), Koninklijke Philips (Netherlands), Vizio Holdings (US), Apple Inc (US), Voxx International Corporation (US), and Samsung Electronics (South Korea) are among the key players in the smart audio devices market.
A rise in the global demand for infotainment devices, increased R&D expenditure by OEMs for the development of new and advanced smart audio devices, rise in the use of smart wireless audio devices in the commercial sector are the factors driving the growth of smart audio devices market.
The smart home speaker segment is expected to register the healthy CAGR in the smart audio devices market in the coming years.
North America is expected to grow at the highest CAGR in the smart audio devices market during the next five years.
Smart audio devices vendors, Smart audio devices retailers, Automotive companies, Defense companies are the target audience in the smart audio devices market.
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