The global speakers market is diverse, with many different types of products to suit the needs of different consumers. Smart speakers are becoming increasingly popular, with multiple manufacturers and voice assistants to chose from. High-quality sound continues to grow more affordable as many customers seek to enhance their listening experience, but there are also numerous budget options available. The fragmented market means this is a competitive environment for vendors, who need to offer unique features or the best value for price in order to stand out in their field.
Although its growth rate is expected to slow down over the next few years, vendors will still see a rise in the global speakers market. The CAGR is estimated at 18% between 2019 and 2023, leading to incremental growth of over $43 billion. North America will be the biggest market for speakers during the forecast period. The industry’s top players aren’t limited to that region, however, with APAC companies making a strong impact alongside American ones. Here are some of the top speaker companies in the world.
Top speaker companies in the global market
Since its inception in 1994, Amazon has grown into one of the biggest e-commerce platforms in the world and branched off into areas such as web services, video and music streaming, and electronics. The company acquires new businesses to help it expand its expertise and offerings, such as its purchase of Kiva Systems – now Amazon Robotics – which has allowed it to introduce robots and automation to 26 of its 175 fulfillment centers. In 2019 alone, Amazon spent over $35 billion on technology and content.
Amazon’s contribution to the speakers market is its Echo series of smart speakers, part of its smart home collection of devices that work with its voice assistant Alexa. The company offers its speakers in a range of sizes and prices. It recently released the Echo Studio, its first high-end smart speaker, which supports 3D audio and offers a lossless music experience. Other products include the Echo, Echo Dot, Echo Plus, Echo Sub, and more.
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Apple has also been testing the waters of the global speakers market. The company has grown prodigiously over the decades, expanding from computers into handheld music players, phones, software, accessories, and more. Its latest entry into the speakers industry is the HomePod, designed to work with Apple devices, Siri, and HomeKit, Apple’s smart home software.
The HomePod was launched in early 2018 with a strong focus on sound quality in order to set it apart from other products in the smart speaker market. Its integration with Siri and Apple Music is convenient for users who are invested in the Apple ecosystem, but doesn’t natively support non-Apple services and devices. For Apple users this isn’t an issue, but the HomePod has limited value to those looking for a speaker that works with other devices or subscriptions.
Bose has a reputation among many consumers for high-quality audio products. Founded in 1964 to produce loudspeakers, the company has grown from a 3-employee startup into a global producer of home, automotive, and aviation audio; noise reduction technology; and wireless audio. Its products include headphones, stereo speakers, smart speakers, soundbars, soundwear, PA speakers, and more.
The Bose Home Speaker 500 is the company’s flagship smart speaker, offering high-quality sound and compatibility with multiple voice assistants. This sets it apart from other brands such as Apple by allowing the user more flexibility. Along with more traditional speakers, Bose also makes the SoundWear Companion, a wearable speaker that sits on the user’s shoulders to provide wireless, portable sound without the need for headphones.
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Google has been a household name for years, and is responsible for over 70% of online searches globally. The company offers over 50 different products and services that include email, apps, the Android operating system, phones, laptops, and tablets. Its search functionality remains its primary source of income, however, with most of its revenue coming from its search engine ads.
The Google Home and Google Home Mini are the company’s entries into the speakers market, offering smart home integration through the Google Assistant. While the speakers’ sound quality isn’t as high as some of the other products on the market, it performs well as a smart hub and provides easy access to the voice assistant.
Samsung started off producing televisions and appliances in Korea in 1969 and has become a major manufacturer of home electronics globally. The company produces smartphones, wearable devices, tablets, appliances, and more for the consumer market, as well as offering IoT devices and software. Samsung also operates in the digital health industry and manufactures medical devices, semiconductors, and LED solutions.
Samsung’s speaker products include home audio solutions, wireless speakers, and soundbars. Its newest soundbar, the Q800T, is designed to work with certain Samsung TV models to create a high-quality soundstage. The company is also producing its own smart speakers that work with Bixby, the company’s voice assistant – although they aren’t widely available at the moment. Samsung has been promising the Galaxy Home and Galaxy Home Mini for a few years now, but the speakers have faced several delays and release has been pushed back more than once. The Mini was made available as a preorder bonus for the Galaxy S20 in South Korea earlier this year, but there is currently no global release date for the product.
Another prominent electronics manufacturer, Sony produces TV, video, and audio products, along with cameras, smartphones, and more. It’s also involved in video games, movies, and other entertainment products, along with offering professional products and services. The company is based in Tokyo and has offices around the world.
Sony offers a variety of speakers, from traditional home audio solutions and Bluetooth portable speakers to innovative products such as wearable speakers and even a TV remote with speakers built into it. The SRS-LSR200 remote control is a portable speaker with 13 hours of battery life, and allows the user to take the TV’s sound around the home with them without needing to wear headphones.
Discover more about the global speakers industry with Technavio’s market research report, including insights such as:
- CAGR of the market during the forecast period 2019-2023
- Detailed information on factors that will decelerate the growth of the speakers market during the next five years
- Precise estimation of the global speakers market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the speakers industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive details of factors that will challenge the growth of speakers companies