Portland, OR, June 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global speaker market generated $39.57 billion in 2019, and is estimated to reach $233.27 billion by 2027, registering a CAGR of 30.5% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, top players positioning, key winning strategies, top impacting factors, major segments, and competitive scenario.
Development in AI virtual assistant technologies and advancements in battery technologies drive the growth of the global speaker market. However, data privacy and security concerns hinder the market growth. On the other hand, emergence of smart speakers in commercial applications creates new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic, there is a halt on research and development (R&D) and manufacturing activities of key players across the globe.
- The sale of speakers is reduced during the Covid-19 outbreak due to the operational restrictions on sales channels such as specialty stores and e-commerce platforms.
The report offers a detailed segmentation of the global speaker market based on product type, portability, end use, ales channel, price range, and region.
Based on portability, the medium segment contributed to the largest share in 2019, accounting for more than half of the total share, and is estimated to maintain its dominant position during the forecast period. However, the small segment is expected to register the highest CAGR of 40.4% from 2020 to 2027.
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Based on end use, the personal segment accounted for the largest share in 2019, holding for nearly 99% of the total share, and is expected to maintain the lion’s share throughout the forecast period. However, the commercial segment is estimated to portray the highest CAGR of 41.4% during the forecast period.
Based on region, Asia-Pacific contributed the highest share, accounting for more than two-fifths of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, the same region is expected to grow at the highest CAGR of 33.0% from 2020 to 2027. Moreover, North America is estimated to grow at a CAGR of 28.8% during the forecast period.
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Leading market players analyzed in the research include 3nod Group, Alphabet Inc., AAC Technologies Holdings Inc., Bose Corporation, Amazon.com, Inc., Foster Electric Company, Limited, Fortune Grand Technology Inc., Koninklijke Philips N.V., Guoguang Electric Company Limited, Samsung Electronics Co., Ltd., and Guangzhou Merry Audio Equipment Co. Ltd.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.