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The rise in the use of various kinds of speakers globally will boost the demand for speakers drivers through 2033
The global speaker driver market was valued at US$ 26.3 billion in 2022. According to Persistence Market Research, sales of speaker driver are expected to reach US$ 26.8 billion by 2023 and is expected to reach US$ 31 billion by 2033, growing at a CAGR of 1.5% from 2023 to 2033.
The growing popularity of smartphones and the expanding use of internet connectivity are expected to drive demand for electronic gadgets globally, driving the speaker driver market's development over the forecast period. This can be linked to customers' increasing technical dependency on cutting-edge gadgets and apparatus. It is anticipated that increased disposable incomes alongside rising living standards would have a substantial impact on market expansion. It is anticipated that in the upcoming years, the fast uptake of OTT platforms as well as video-on-demand would fuel demand for speaker drivers.
It is anticipated that the headphones market would have a significant share of the market in the speaker driver sector. This expansion can be due to the rise in popularity of inexpensive, lightweight headphones. These are particularly popular with customers who participate in physical activities like running and fitness training. It is believed that the rising availability of wireless earbuds and headphones would support the market's expansion due to their usability and enhanced connectivity.
The manufacture of earphones has expanded due to the notable rise in demand for wireless and compact earbuds among fitness enthusiasts, and this has in turn resulted in a rise in demand for speaker drivers. Companies have been compelled to give their products an IPX certification due to the fact that fitness enthusiasts use headphones and earbuds in a variety of weather situations, including rain as well as dust, which guarantees protection from water and dust.
An increase in podcast and audio content broadcasting is one of the numerous factors driving the speaker driver market's expansion. Compared to home theater systems, wireless portable speakers occupy less room, are easier to maintain, and have no wiring. These portable speakers come in a wide variety of shapes and sizes to satisfy the needs of the clients. The majority of portable gadgets, including tablets, laptops, and smartphones, have Wi-Fi or Bluetooth connection, allowing users to play audio and video material wirelessly. Factors as these are thus expected to boost the market growth during the forecast period, 2023 to 2033.
| Report Attributes | Details |
|---|---|
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Speaker Driver Market Size (2023) |
US$ 26.8 billion |
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Projected Market Value (2033) |
US$ 31 billion |
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North America Market Share 2022 |
40.2% |
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Headphone/Earphone Growth Rate (2023 to 2033) |
1.4% CAGR |
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As per Persistence Market Research (PMR), the global speaker driver market is anticipated to register a CAGR of 1.5% from 2023 to 2033. The market registered a CAGR of 2.1% in the historical period from 2018 to 2022.
The availability of earbuds has expanded, which has raised the need for speaker drivers due to the rise in fitness enthusiasts' demand for cordless and compact headphones. The market for speaker drivers is primarily being driven by the rising popularity of streaming video and audio services as well as the rising demand for smartphones.
The fluctuating cost of raw materials like aluminum, copper, and steel is anticipated to have a big impact on speaker driver manufacturing costs and also because some speakers are bad for listeners' health as they produce loud sounds close to the ear. The industry is seeing opportunities due to the growing popularity of wireless audio equipment.
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In the market for speaker drivers, a new trend is the growing use of wireless audio equipment. These speaker drivers may now play audio without any cables attached since they are Bluetooth or Wi-Fi enable as a result of technology improvements. The way that customers consume is also evolving, and most consumers are moving toward cordless audio equipment because of its ease. This is driving the expansion of the speaker driver industry.
The tourism and hospitality industries are seeing an increase in the use of smart speakers. These may be used in hospitality applications to control the illumination in the room, stream audio material, learn about weather as well as travel updates, request cleaning and room service, make calls to reception, as well as check out. A prominent driver boosting market growth is the rapid rollout and commercialization of 5G wireless networks, which allow subscribers to access continuous high-quality content and are, in turn, driving up demand for high-quality audio output devices among consumers.
New Products Launches to Flood the Global Market for Speaker Devices
Leading market participants have introduced new goods with enhanced capabilities. They have made the essential actions to increase the devices' accuracy and general performance.
Sennheiser introduced the CX 400BT True Wireless in September 2020. It produces high-fidelity stereo audio with a powerful bass, organic mids, and crisp, clear treble thanks to its 7mm dynamic drivers. Knowles Electronics and GN Store Nord A/S partnered in November 2019 in order to provide intelligent video, audio, as well as hearing solutions.
Why is there a High Demand for Speaker Driver in the United States?
Increased Demand for Various Kinds of Speakers to Augment the Market Growth
The North American market for speaker drivers was estimated to have acquired a 40.2% of the global market share in 2022. The United States is a lucrative market in this particular region. As per PMR, the United States market for speaker drivers is likely to grow at a 0.4% CAGR through 2033. In the year 2033, the market is expected to reach a valuation of US$ 386.3 million.
The market is being positively influenced by increases in spending on research and development, rising usage of cheap, compressed speakers, and an endless demand from consumers.
What will be the Outlook of the Asia Pacific Region for Speaker Drivers?
Rising Disposable Income and Lifestyle to Boost the Market Growth
During the forecast period, the Asia Pacific region is anticipated to hold a sizable portion of the speaker driver market. In 2022, the Asia Pacific market for speaker drivers accounted for a global market share of 24.6%. China will be among the lucrative markets in this region and garner a 2.3% CAGR during the forecast period.
The presence of the top market players in the area is responsible for this rise. It is anticipated that rising consumer demand for headphones as well as loudspeakers for entertainment purposes, particularly among millennials and Gen Z, would contribute to market expansion. It is anticipated that increased disposable incomes along with rising living standards would support market expansion.
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Based on Device Type, which Segment is likely to have the Maximum Demand?
Headphones are anticipated to Generate Significant Sales from 2023 to 2033
A prominent amount of growth is expected in the headphones market over the next decade. According to the forecast, the headphones segment is expected to grow at a CAGR of 1.4% from 2023 to 2033.
In the near future, the market is most likely to be dominated by headphones. Some of the major factors driving the worldwide speaker driver market include the increasing number of end users, the need for smartphones, and the quickly expanding population.
Which Driver Type is likely to Gain Traction?
The Drivers Meant for Banking, Travel and Tourism, Hospitality and Education will Gain Traction
The drivers used in the banking, travel and tourism, hospitality and education altogether will represent a 1.4% CAGR from 2023 to 2033. This growth can be attributed to immense demand for speaker in these sectors for variety of purposes.
The drivers helping the growth of this segment include an increase in the electronic manufacturing sectors, demand for small speakers, and the use of video streaming gadgets all across the above-mentioned sectors.
Several important speaker driver manufacturers are increasing their production capacity in order to get a larger portion of the market. Their principal focus is the creation of a new product with excellent attributes. Important companies hoping to grow their market share should anticipate benefiting from the rising number of agreements and collaborations. Some of the key players operating in the speaker driver market are:
Few of the key developments by the market players are:
| Attribute | Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
US$ billion for Value |
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Key Countries Covered |
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Key Market Segments Covered |
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Key Companies Profiled |
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Customization & Pricing |
Available upon Request |
By Device Type
By Driver Type
By Size
By Application
By Region
The speaker driver market is expected to grow at a 1.5% CAGR from 2023 to 2033.
By 2023, the speaker driver market is estimated to gain US$ 26.8 billion.
By 2033, the speaker driver market valuation might reach a sum of US$ 31 million.
The market for speaker drivers in the United States is expected to develop at a 0.4% CAGR through 2033 and is anticipated to reach a US$ 386.3 million worth in 2033.
From 2023 to 2033, the headphones market is projected to expand at a CAGR of 1.4%.
From 2023 to 2033, there will be a 1.4% CAGR in the factors utilized in the banking, travel & tourist, hospitality, and educational sectors combined.
