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%.
One of the main factors boosting demand for waterproof speakers worldwide is firms’ focus on R&D and the introduction of new product versions in the global waterproof speaker market.
Enterprises in the industry consistently allocate a substantial sum to research and development endeavours in order to meet the dynamic demands of clients who are in quest of genuine and specialised goods. Standard characteristics of waterproof speakers include durability, appearance, and basic functioning.
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Technological advancements in several audio devices has changed the manner in which people appreciate and play music. An increase in the demand for wireless-based audio devices, which include portable waterproof speakers with different connectivity options such as Bluetooth & Wi-Fi, sound-bars, headphones and microphones, has been witnessed in the audio industry.
Moreover, the demand for waterproof speakers and similar other devices from end users is gaining traction. This has expected to drive the North America market over the forecast period.
The manufacturers of waterproof speakers have also adopted some key differentiating strategies. For instance, brands operating in the market are targeting mass consumers. They are also offering waterproof speakers with advanced features at competitive prices.
The manufacturers of waterproof speakers are also seeking product innovation due to an increase in the awareness of consumers with respect to different brands in the waterproof speaker marketplace, as well as to maintain a proper value chain to reach the proper target audience and to reduce the cost of the final product.
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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