According to a recent report by Future Market Insights (FMI), the waterproof speaker market is expected to surpass a valuation of US$ ~8.6 Bn in 2022 and at a CAGR of approximately 7.1% through 2027.
With the rapid industrialization and advancement in technology, audio devices have witnessed robust growth and are expected to continue to grow in the future. A detailed evaluation of various audio devices that offer better sound quality is expected to help users make decisions regarding the adoption of waterproof speakers. Commercial advertisements, movies, entertainment channels, and other modes mostly influence consumers.
Moreover, different brands of waterproof speakers are opting for celebrity endorsements by collaborating with well-known personalities. Such strategies are further expected to largely influence choices of music enthusiasts. These factors are expected to drive the global demand for waterproof speakers in the near future.
For instance, Bose Corporation is one of the leading manufacturers of waterproof speakers globally. The company promotes its products through various commercial ads and uses famous celebrities as brand ambassadors, which has motivated several consumers to adopt its products. Owing to this strategy, the sales of the company’s products rose exponentially in the past few years.
The waterproof speaker market is witnessing an upsurge because of innovations and developments in technology, which is attracting a large number of uses to these products. Hence, major manufacturers of waterproof speakers started expanding their product verticals and are providing smart speakers that are convenient, durable, and attractive.
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Key Takeaways from the Waterproof Speaker Market Study
- As per analysis, ultra-portable waterproof speakers are the leading category in terms of growth rate. The rapid development in technology and rising demand for better integration and automation of electronic devices is likely to boost the demand for ultra-portable waterproof speakers.
- The 360-degree speakers’ segment is estimated to account for the largest market share during the forecast period owing to an increase in the application of these speakers for multi-purposes be it a closed or open surrounding.
- In terms of application, household category holds a prominent share in the market. Besides this, other commercial categories are likely to register a significant CAGR growth rate during the forecast period.
“Continuous innovation in the existing products and the addition of various in-built wireless features like Wi-Fi, NFC, and others in speakers have improved the bandwidth thus, enabling better connection stability in waterproof speakers. Moreover, the introduction of voice commands in speakers is boosting the demand, which is influencing the growth in the global Waterproof Speaker market.” says an FMI analyst.
Impact of COVID-19 on the Market
The COVID-19 pandemic has changed the lifestyle of every individual. As a result, most of the population is compelled to revaluate the value they placed on particular jobs. The music business has been severely impacted by the coronavirus epidemic, which has resulted in the cancellation of live events and performances. Many musicians and artists rely on their music alumni for support.
Because of the regional government’s severe limitations on public events, live music, concerts, and the closure of music studios, artists migrated to live streaming applications, resulting in the cancellation of all public events and a direct impact on the waterproof speaker industry.
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Who is winning?
Leading manufacturers of waterproof speakers are investing in technological advancements and are advertising them globally to drive sales of waterproof speakers.
Major players present in the waterproof speaker market are Bose Corporation, Harman International, Apple Inc., Yamaha Corporation, Sony Corporation, Logitech International S.A., LG Electronics Inc., Samsung Electronics, Panasonic Corporation, Sound United LLC, Koninklijke Philips N.V., LIXIL Group, Anker, Ematic, G-project Gear, 808 Audio, ROCKVILLE, FosPower, AOMAIS, and Altec Lancing among others.
Get More Valuable Insights
Future Market Insights, in its new offering, provides an unbiased analysis of the global waterproof speaker market, presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032. The study divulges compelling insights on the waterproof speaker market based on the product type (Portable & Ultra-Portable), by Sound Proposition (Directional Speakers & 360 Degrees Speakers), By Application (Household, Institutional, Offices, and Leisure), by sales channel (Wholesalers/ Hypermarkets, Hypermarkets/ Supermarkets, Speciality Stores, Multi-brand Stores, Online retailers, and Other Sales channel), across each of the seven major regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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