Portable Speakers’ Market is projected to be valued at USD 16.91 Billion by 2025, registering a CAGR of 11.14% between 2019 and 2025. Portable speakers are generally sold in a variety of colors and shapes such as capsule and pocket. Furthermore, market players go the extra mile to produce portable speakers with several patented technologies to create traction among consumers and survive in the competitive market. For instance, the Bose Sound link operates on technology where sound passes through an inbuilt tunnel for amplification and produces a deep and immersive sound. Moreover, manufacturers are producing portable speakers with high durability and resistance to water.
Higher sound level than phone speakers and cost-effective as compared to AC-powered speakers.
Growth Opportunities in the Market
Unique designs and low power consumption of hybrid portable speakers: Hybrid portable speakers have an integrated circuit that offers longer battery playtime as compared to other connectivity types. Nowadays, consumers are seeking products with multiple connectivity options due to technological advancements, widespread use of smartphones, and availability of high-speed Internet. Market players are further investing in the development of unique designs such as cubes, cartoon characters, lanterns, and key chains.
Availability of a wide range of products through online retail channels: E-commerce websites offer clarity on technical specifications along with product reviews, which impact the purchasing decisions of consumers. A wide variety of models offered by a particular brand is visible on a single platform, which is driving the popularity of e-commerce sales channels. Moreover, e-commerce companies run several offers online to bolster sales. For instance, Amazon offers year-end deals including clearance sales, overstocks, and markdowns at low prices to consumers. There is also a growing preference for purchasing products online due to the convenience and one-stop purchase benefits. Online channels also offer regular discounts and installment schemes.