CHICAGO, Nov. 16, 2020
CHICAGO, Nov. 16, 2020 /PRNewswire/ -- According to MarketsandMarkets™ research report "Speakers Driver Market With COVID-19 Impact by Device Type (Headphones/Earphones, Mobile Phones/Tablets, Smart Speakers), Driver Type (Dynamic Driver, Balanced Armature Driver), Size, Application, and Geography - Global Forecast to 2025", published by MarketsandMarkets™, the global market size is projected to grow from USD 25.9 billion in 2020 to USD 29.3 billion by 2025; it is expected to grow at a CAGR 2.5 % (Value) from 2020 to 2025. Major factors driving the growth of the market include the increasing demand for smartphones owing to the surge in the adoption of audio and video streaming services and the growing popularity of True Wireless earphones. Opportunities for the Speaker Driver market include the increase in the sale of smartphones owing to the expansion of the 5G network; and the release of new headphones and earphones as a result of new advancements in wireless technology standards such as the new Wi-fi 6 and Bluetooth 5.2.
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The Headphones/Earphones segment is expected to account for the largest size (Value) of the Speaker Driver market from 2020 to 2025.
As the demand for wireless and small-sized earphones has increased among fitness enthusiasts, the supply for earbuds has increased, leading to an increase in the demand for speaker drivers. Usage of earphones and headphones for fitness activities under various environmental conditions, such as rain and dust, has influenced manufacturers to add durability to their products with a certain (ingress protection) IPX rating—a safety rating to offer protection against dust and water. For instance, JLAB's (US) Epic Air Sport is integrated with an IP66 rating for dust and water resistance.
The Others application segment of the Speaker Driver market, including banking, travel and tourism, hospitality, and education is projected to grow at the highest CAGR (Volume) during the forecast period.
Smart speakers are also used in applications such as banking, travel and tourism, hospitality, and education in the coming years, which is expected to create lucrative opportunities for speaker driver manufacturers.
For example, by 2018, the US Bank allowed customers to check balances, pay bills and, in the near future, send money just with the help of voice commands. Similarly, Capital One lets owners of Amazon's Echo smart speaker system pay their bills and get other account information through voice commands. With some North American Banks already using smart speakers, there is an expectation for many more banks across the globe to begin collaborating with smart speaker companies, thus leading to an increase in the demand for speaker drivers.
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The Speaker Driver market in APAC is expected to account for the largest size (Volume) of the Speaker Driver market in 2020.
APAC is home to several major headphone/earphone, smartphone, smart speaker, loudspeaker, and tablet manufacturers that are focusing on new product launches and developments to cope up with the increasing competition in the market and changing consumer preferences. Some of these players include Samsung Electronics Co., Ltd. (South Korea), Huawei Technologies Co., Ltd (China), Xiaomi(China), Oppo (China), Vivo (China), and Sony Corporation (Japan), Amazon (US), and Google (US). Chinese players (Alibaba, Xiaomi, and Baidu) in the market are competing with the American smart speaker brands such as Google and Amazon. For instance, in May 2020, Alibaba Group Holding Ltd has made an investment of 10 billion yuan (USD 1.41 billion) in an AI (artificial intelligence) and IoT (Internet of Things) system centered around its Tmall Genie smart speaker. This is part of its plan to continue its push into new technologies and business sectors beyond online shopping. As a result of this investment, it is expected to release several new and upgraded models during the forecast period, thus leading to an increase in the demand for speaker drivers.
Key players in the Speaker Driver market include Sennheiser Electronic GmbH & Co. KG (Germany), Samsung Electronics (South Korea), Sony Corporation (Japan), Knowles Electronics (US), Goertek (China).
Smart Speaker Market with COVID-19 Impact Analysis by IVA (Alexa, Google Assistant, Siri, DuerOS, Ali Genie), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), Application, and Region - Global Forecast to 2025
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