The market for waterproof speakers is projected to be worth US$ 9.22 billion in 2023 and US$ 19 billion by 2033. Over the course of the projection period, the use of waterproof speakers is anticipated to grow at a CAGR of 7.5%.
The following is a key driver of the demand for waterproof speakers worldwide alongside research & developing and new product variants in the global market- .
Firms operating within the market continue to allocate large sums in R&D activities to satisfy consumer demand for authentic and niche products. Standard aspects of waterproof speakers include design, core operation and longevity.
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In many audio devices, technological developments have revolutionized the way music is enjoyed and used. The audio industry has shown an increased demand of wireless based sound devices, namely portable waterproof speakers that have versatile connectivity options including Bluetooth and Wi-Fi as well as the Sound bars along with earphones & microphone.
Additionally, the need for waterproof speakers and other similar devices from users is on a rise. This is predicted to propel the North America market over the forecast period.
Manufacturers of waterproof speakers have also used significant differentiating tactics. For instance, brands selling in the market are going for mass consumers. They also provide waterproof speakers with extra functionalities at reasonable cost.
Similarly, manufacturers of waterproof speakers are looking for a product innovation in order to improve consumer perceptions about various brands available on the market for waterproof speaker and maintain proper value chain among target audience as well as minimize cost corresponding to final produced products.
Manufacturers are focused on developing high-value waterproof speakers due to the rising consumer demand for better and more effective value-added products. Furthermore, the rising diversity of premium waterproof speakers on retail shelves is also expected to contribute to the increasing value share of the market in the near future.
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Features, such as long-range connectivity, robustness and the availability of products on e-commerce platforms, are expected to boost the market. The functionalities of multi-room sharing via small devices, i.e., the pairing of multiple portable waterproof speakers via a single device to make compact devices produce louder sounds, are increasing the demand for waterproof speakers in the market. The rising popularity of waterproof speakers among the millennial population is also a major driver of the waterproof speaker market.
The global market is segmented on the basis of regions, which include North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa and Japan. Among all the regions, the North America and Asia Pacific excluding Japan regions are estimated to have a substantial value share. The North America region is expected to grow with the highest growth rate of 8.3% owing to the growing number of smart homes in the region. In terms of revenue, the value of the market was US$ 6,327.4 Mn in 2017.
Key Players in the Waterproof Speaker Market
Detailed profiles of companies are also included in the global waterproof speaker market report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in the global waterproof speaker market study include Bose Corporation, HARMAN International, Apple Inc., Yamaha Corporation, Sony Corporation, Logitech International S.A., LG Electronics Inc., Samsung Electronics, Panasonic Corporation, Sound United LLC, Philips, LIXIL Group, Anker, Ematic, G-Project Gear, 808 Audio, ROCKVILLE, FosPower, AOMAIS and Altec Lancing.
Global Waterproof Speaker Market by Category
By Product Type:
- Portable Waterproof Speakers
- Ultra-Portable Waterproof Speakers
By Sound Proposition:
- Directional Speakers
- 360 degrees Speakers
By Application:
- Household
- Institutional
- Offices
- Leisure
By Sales Channel:
- Wholesalers/ Distributors
- Hypermarket/Supermarkets
- Specialty Stores
- Multi-brand Stores
- Online Retailers
- Other Sales Channel
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
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