Growing Modernizations in Technology Profits Global Speaker Market, Forecasted to Grow at a CAGR of 19.73% Through 2020

The global speaker market is anticipated to grow rapidly and will post a CAGR of close to 20% during the forecast period. According to the industry research report, the increasing preference for wireless streaming of audio content will drive the growth prospects for the global speaker market during the forecast period.

Albany, NY, December 28, 2016 --( Nowadays, with the growing advancements in technology and electronics people across the world are increasing their spending on leisure activities and entertainment. The availability of advanced surround sound technology has led to the increased demand for speakers worldwide, states a new report added to the vast archive of Market Research Hub (MRH) report offerings. The report is titled as “Global Speaker Market 2016-2020,” it offers a comprehensive study of the worldwide market of speakers & covers the current scenario and growth prospects until the end of 2020. Researchers have estimated that the market will grow at a CAGR of 19.73% in the coming years.

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Geographically, the market is divided into the key regions including Americas, EMEA and APAC. The report further explains the overview of speakers and its market segmentation. The market has been segmented on the basis of types and technology. Speakers can be categorized based on the technology that is used. It is basically ranked under two types:

Wired speakers
Wireless speakers

Wireless is the latest technology i.e. used in speakers. Now, Bluetooth and soundbar audio systems are equipped with wireless technology. These portable speakers are available in various sizes and designs to suit consumer requirements. On the other hand, home theater systems are one of the most popular audio devices that use wired technology. The major trend of the market is the growing popularity of multi-room streaming which describes that a master speaker can be connected wirelessly to Wi-Fi and Bluetooth, which is also boosting the growth of speaker market globally.

It is well known that customer preferences are constantly changing with the increase in technological developments. As a result of increased disposable income, the spending capability of the people has also increased. According to the report, one of the key drivers of the market is rising number of smart homes in the developed and developing countries such as the U.S., U.K. and China. The demand for smart homes is driven as it consists of media and entertainment gadgets, smart electronic devices that are interlinked with each other through a home network.

In the later sections, a list of key vendors operating in the market is also provided. To maintain the market competitiveness, companies are upgrading their current products with new technologies to improve sound quality and to provide users with a good audio experience. The speakers by Sony allow users to enjoy music around the house with multi-room listening using SongPal Link.

List of key vendors are as follows:

Beats Electronics
LG Electronics
Samsung Electronics

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Some other prominent vendors are- Creative Technology, Braven, Logitech, Panasonic, Sennheiser Electronic, Sonos, Pioneer and others.

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