NEW
YORK, Sept. 17, 2024 /PRNewswire/ -- Report
with market evolution powered by AI- The global multimedia
speakers market size is estimated to grow by USD 29.8 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
over 13.64% during the forecast period. Growing consumer
preferences for in-home entertainment systems is driving
market growth, with a trend towards increasing demand for
built-in wireless and smart portable speakers.
However, technical issues related to wireless technologies
poses a challenge. Key market players include Altec Lansing
Inc., Audioengine LLC, Bang and Olufsen Group, Bose Corp., Bowers
and Wilkins, Creative Technology Ltd., Edifier International Ltd.,
Feltron Industries Pvt. Ltd., GP Industries Ltd., Koninklijke
Philips N.V., LG Electronics Inc., Logitech International SA, Onkyo
Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd.,
Shenzhen Fenda Technology Co. Ltd., Sony Group
Corp., Terratec Ltd., Unitech India, and Yamaha Corp..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Wireless
multimedia speakers and Wired multimedia speakers), Distribution
Channel (Offline and Online), and Geography (APAC, North America,
Europe, South America, and Middle East and Africa)
|
Region
Covered
|
APAC, North America,
Europe, South America, and Middle East and Africa
|
Key companies
profiled
|
Altec Lansing Inc.,
Audioengine LLC, Bang and Olufsen Group, Bose Corp., Bowers and
Wilkins, Creative Technology Ltd., Edifier International Ltd.,
Feltron Industries Pvt. Ltd., GP Industries Ltd., Koninklijke
Philips N.V., LG Electronics Inc., Logitech International SA, Onkyo
Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd.,
Shenzhen Fenda Technology Co. Ltd., Sony Group
Corp., Terratec Ltd., Unitech India, and Yamaha Corp.
|
Key Market Trends Fueling Growth
The multimedia speakers market is experiencing significant
growth due to shifting consumer preferences, media consumption
habits, and lifestyle trends. The home entertainment industry's
revenue growth is driven by the increasing adoption of smart
LED/LCD TVs with wireless connectivity and the widespread use of
smartphones and tablets. Consumers are increasingly using wireless
streaming features to listen to music and audio files, leading
vendors to integrate advanced wireless solutions into multimedia
speakers. Bluetooth 5.0 and lossless 2.4 GHz wireless versions are
popular due to their compatibility with smartphones and IoT
devices, offering improved audio signal transmissions and reduced
interference. Smart and portable multimedia speakers with voice
command and assistance, smart paring, and home automation features
are becoming increasingly preferred options for playing media, as
they do not require a connection dock. Vendors are continually
upgrading their product portfolios to include such advanced
features, contributing to the market's growth.
The multimedia speakers market is experiencing significant
growth in both Personal Use and Commercial Use Applications.
Direction for feasible business development lies in joint ventures
and new business initiatives. Macroeconomic analysis indicates a
promising future with increasing investment opportunities. Past and
present estimates show steady growth, with research methodology
based on qualitative and quantitative analysis. Subject-related
expert advice suggests social and political factors, government
spending, and financial statements as key influencers. A strategic
approach considers strengths, weaknesses, threats, and winning
imperatives. Quality certifications and vendor selection
methodology are crucial for success in this dynamic landscape. The
market's current focus is on accurate market growth statistics and
historical performance, with anticipated performance showing
confidence for businesses. The future path is filled with
opportunities for companies looking to expand their industry
footprint.
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Market Challenges
- Wireless multimedia speakers offer convenience and portability,
but face technical challenges such as latency, interference, and
loss of audio transmission. These issues can impact performance and
reliability, with Bluetooth headsets operating in a common
frequency band increasing the risk of interference. Vendors must
consider antenna placements and develop efficient algorithms to
evaluate signal strength, while lossless transmission requires
efficient microchips. Latency, a key issue, must be kept below 20
milliseconds. Advanced home entertainment devices rely on seamless
audio performance, and latency and transmission issues can
deteriorate the consumer experience. These technical challenges may
hinder the growth of the global multimedia speakers market.
- The multimedia speakers market is experiencing significant
growth, driven by increasing demand for Personal Use and Commercial
Use Applications. However, challenges such as feasibility of joint
ventures and direction of business development require careful
consideration. Macro-economic analysis is crucial for new business
development, with estimates suggesting steady growth in the coming
years. Investment opportunities abound, but companies must assess
their strengths, weaknesses, threats, and winning imperatives. Past
and present financial statements provide valuable insights, along
with expert advice from industry professionals. Social and
political factors, government spending, and quality certifications
also impact the market. Accurate market growth statistics offer a
holistic overview of the dynamic landscape, guiding businesses
towards success. Vendor selection methodology, combining
qualitative and quantitative research, is essential for making
informed decisions. Confidence in the future path of this industry
is high, with anticipated performance driven by technological
advancements and changing consumer preferences.
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Segment Overview
This multimedia speakers market report extensively covers market
segmentation by
- Type
- 1.1 Wireless multimedia speakers
- 1.2 Wired multimedia speakers
- Distribution Channel
- Geography
- 3.1 APAC
- 3.2 North America
- 3.3 Europe
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Wireless multimedia speakers- Wireless
multimedia speakers have gained significant popularity among
consumers due to their ease of use and convenience. These speakers
use wireless connectivity solutions like RF and Bluetooth,
operating at transmission frequencies ranging from 2.4 to 5 GHz.
The absence of cables and wires makes them easy to use and mount.
Vendors offer stylish designs, advanced features, and variable
mounting options. The latest Bluetooth 5.0 and lossless 2.4 GHz
wireless versions ensure reliable performance and overcome
interference issues. The growing use of IoT devices for home
entertainment has increased demand for wireless multimedia
speakers, which are compatible with smart home devices. Vendors
prioritize quality testing and performance certification, such as
Bluetooth SIG certification, to ensure reliable performance. These
factors have led to high revenue growth in the wireless multimedia
speakers segment, driving the global market's growth during the
forecast period.
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into AI's impact on market dynamics, emerging trends, and future
opportunities- including forecast (2024-2028) and historic data
(2018 - 2022)
Research Analysis
The Multimedia Speakers Market is a dynamic and growing
industry, driven by advances in technology and increasing demand
for high-quality audio experiences. A holistic overview of the
market includes both qualitative and quantitative research, with
accurate market growth estimates based on historical performance
and anticipated performance. Businesses considering entry into this
market should employ a strategic approach, utilizing vendor
selection methodology and macro-economic analysis to identify key
opportunities. Cost is a critical factor, with personal use and
commercial use applications requiring different considerations.
Commercial development and new business opportunities abound,
making this an exciting space for investment. Financial statements
and strengths of key players should be carefully analyzed to inform
business decisions.
Market Research Overview
The Multimedia Speakers Market is a dynamic landscape undergoing
significant growth, driven by advancements in technology and
increasing demand for audio experiences. A holistic overview of
this market includes qualitative and quantitative research,
accurate market growth estimates based on historical performance
and anticipated performance, and guidance on business development
strategies. Macroeconomic analysis, new business development, and
investment opportunities are crucial factors to consider. Cost,
commercial use applications, and personal use are key
considerations for businesses. Vendor selection methodology,
subject-related expert advice, and social and political factors
also play a role. Strengths, weaknesses, threats, and winning
imperatives provide valuable insights into the current focus of
companies in this industry. The future path of the multimedia
speakers market is filled with confidence and success, making it an
exciting area for businesses looking to expand their footprint.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Wireless Multimedia Speakers
- Wired Multimedia Speakers
- Distribution Channel
-
- Geography
-
- APAC
- North America
- Europe
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio