The global Speaker Driver market size is projected to grow from USD 25.9 billion in 2020 to USD 29.3 billion by 2025; it is expected to grow at a CAGR 2.5 % (Value) from 2020 to 2025. Major factors driving the growth of the market include the increasing demand for smartphones owing to the surge in the adoption of audio and video streaming services and the growing popularity of True Wireless earphones. Opportunities for the Speaker Driver market include the increase in the sale of smartphones owing to the expansion of the 5G network; and the release of new headphones and earphones as a result of new advancements in wireless technology standards such as the new Wi-fi 6 and Bluetooth 5.2.
The Smart Speaker segment of the market is projected to grow at the highest CAGR (Volume) from 2020 to 2025.
Other than the focus on the smart application of smart speakers, brands are also looking to improve the quality of sound reproduction, which leads to an improved speaker driver configuration. The need for more precision, clear, and higher bass response is pushing brands to improve their speaker driver qualities. The new driver configuration of the Nest Audio launched in September 2020 is a great example that reflects on the same. Thus, the demand for high quality Speaker Drivers is expected to increase during the forecast period.
The 20–110 mm segment is projected to hold the largest size (Volume) of the Speaker Driver market during the forecast period.
The 20–110 mm segment is projected to hold the largest size of the Speaker Driver market during the forecast period owing to the increasing popularity of audio and video features on social networking apps, including TikTok, Dubsmash, and Funimate, which has increased the demand for smartphones. For instance, in 2019, Instagram launched the trial of a new feature called Reels. Also, as people begin to confine themselves within their homes and work from home, video conferencing has become increasingly common. Several video conferencing software such as Zoom, Cisco Webex Meetings, and Microsoft teams are being utilized increasingly.
The APAC region is the largest and the fastest-growing region (Volume) during the forecast period.
With the growing popularity of true wireless headphones and the increasing penetration of smartphones, many APAC-based players are expected to launch new products during the forecast period. As the noise cancellation feature and true wireless earbuds have gained high popularity among athletes and fitness enthusiasts, the players in the APAC headphone/earphone market are planning to expand their portfolios, which is consequently expected to increase the demand for speaker drivers. Thus, the demand for Speaker Drivers from the APAC region is expected to increase during the forecast period.
Breakdown of profiles of primary participants:
- By Company Type: Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation: C-level Executives – 45%, Directors – 35%, and Others – 20%
- By Region: Americas – 40%, Europe – 30%, Asia Pacific (APAC)– 20%, and the Rest of the World (RoW) – 10%
Key players in the Speaker Driver market include Sennheiser Electronic GmbH & Co. KG (Germany), Samsung Electronics (South Korea), Sony Corporation (Japan), Knowles Electronics (US), Goertek (China).
The Speaker Driver market has been segmented based on Device Type, Driver Type, Size, Application and Geography. It also provides a detailed view of the market across four main regions: North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
- This report includes statistics pertaining to the Speaker Driver market based on device type, size, driver type, application, and geography.
- The report includes analyses of Covid-19 Impact on the market.
- This report includes detailed information on major drivers, restraints, opportunities, and challenges pertaining to the Speaker Driver market.
- The report includes illustrative segmentation, analysis, and forecast for the Speaker Driver market based on its segments and subsegments.