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Smart Speaker Market is expected to reach $48.8 billion by 2031,
Meticulous Research®—a leading global market research company, published a research report titled, ‘Smart Speaker Market by Type (Display and Non-display), Audio Output Mode, Portability, Wattage, Distribution Channel (Online Retail and Offline Retail), Application (Personal Usage and Commercial Usage), and Geography - Global Forecast to 2031.’Download free sample report here: https://www.meticulousresearch.com/download-sample-report/cp_id=5809?utm_source=article&utm_medium=social&utm_campaign=product&utm_content=14-06-2024
According to this latest publication from Meticulous Research®, the global smart speaker market is expected to reach $48.8 billion by 2031, at a CAGR of 18.6% from 2024–2031. By volume, this market is expected to reach 143.1 million units by 2031, at a CAGR of 3.6% from 2024–2031. The growth of the smart speaker market is driven by the growing number of smart homes, the proliferation of multifunctional devices, and the growing demand for voice-activated devices. However, connectivity range issues restrain the growth of this market.
The global smart speaker market is segmented by type (display and non-display), audio output mode (stereo and surround), portability (wired and wireless), wattage (up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W), distribution channel (online retail and offline retail), and application (personal usage and commercial usage). The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on audio output mode, the global smart speaker market is segmented into stereo and surround. In 2024, the surround segment is expected to account for the larger share of 77% of the global smart speaker market. This segment's significant market share can be attributed to the benefits offered by surround smart speakers, including hands-free interaction and the delivery of high-fidelity audio experiences. These features make surround smart speakers particularly appealing to audiophiles seeking a voice-controlled smart home speaker with exceptional sound quality. Moreover, continuous innovation in the tech sector is driving the development of advanced and affordable surround smart speaker options.
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Based on type, the global smart speaker market is segmented into display and non-display. In 2024, the non-display segment is expected to account for the larger share of the global smart speaker market. The segment’s large market share can be attributed to several factors, including the simplicity of manufacturing these types of speakers, which results in a lower price point. This affordability makes them accessible to a wider range of consumers, especially those who are budget-conscious. Additionally, these speakers excel at voice interaction, enabling a seamless hands-free experience, which is particularly appealing for multitasking or situations where using a phone or screen is inconvenient.
Based on application, the global smart speaker market is segmented into personal usage and commercial usage. In 2024, the personal usage segment is expected to account for the larger share of 89% of the global smart speaker market. The segment’s large market share can be attributed to the hands-free operation and voice control capabilities offered by smart speakers, enabling users to perform a wide range of tasks through voice commands. Furthermore, smart speakers have evolved beyond their traditional role of playing music, now facilitating functions like making calls, sending messages, setting reminders, shopping online, and providing news updates, making them indispensable devices for everyday use.
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Based on geography, the smart speaker market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 39% of the global smart speaker market. North America’s significant market share can be attributed to the growing consumer preference for convenience-oriented products. This region has been an early adopter of technologically advanced products, reflecting the willingness of consumers to embrace and integrate new technologies into their lives. This trend has, in turn, spurred manufacturers to innovate and develop increasingly advanced products. Furthermore, the U.S. and Canada stand out as leaders in technology adoption across various sectors. Additionally, North America benefits from the presence of major smart speaker providers and the widespread adoption of these devices, which further accelerates the growth of this regional market.
Key Players
The key players operating in the global smart speaker market include Apple Inc. (U.S.), Amazon.com, Inc. (U.S.), Bose Corporation (U.S.), Google LLC (U.S.), Harman International Industries, Inc. (U.S.), Baidu, Inc. (China), Sony Group Corporation (Japan), Sonos, Inc. (U.S.), Panasonic Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Lenovo Group Limited (China), SK Telecom Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Onkyo Corporation (Japan), and Xiaomi Corporation (China).
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