Research report explores the Waterproof Speaker Market will be valued at US$ 12,395.9 Mn by 2027
Posted: Jun 20, 2019
Waterproof Speaker Sales to Witness an Upsurge through 2027
Global Waterproof Speaker Market: From an Estimated Market Size of US$ 6,740.6 Mn in 2018, the Value Sales of Waterproof Speaker are Expected to reach US$ 12,395.9 Mn by 2027, at a CAGR of 7.0%
Since the past few years, audio devices have witnessed robust growth and are expected to continue to grow in the future. A detailed evaluation of various audio devices that offer better sound quality is expected to help users take decisions regarding the adoption of waterproof speakers. Consumers are mostly influenced by commercial advertisements, movies, entertainment channels and other modes. Moreover, different brands of waterproof speakers are using famous or well-known personalities, in other words, celebrity endorsements of their products, which is influencing the choices of customers. These factors are expected to drive the global demand for waterproof speakers in the near future.
For instance, Bose Corporation is one of the leading manufacturers of waterproof speaker globally. The company promotes its products through various commercial ads and uses famous celebrities as brand ambassadors, which has motivated several consumers to adopt its products. Owing to this strategy, the sales of the company’s products rose exponentially in the past few years.
The waterproof speaker market is witnessing an upsurge because of new innovations and developments in technology, which is attracting a large number of users to these products. Hence, major manufacturers of waterproof speakers started expanding their product verticals and are providing smart speakers that are convenient, durable and attractive.
Growth in the Number of Smart Homes and Advancements in Audio Technology are Boosting the Demand for Waterproof Speakers
By product type, the global waterproof speaker market is segmented as portable and ultra-portable. Among these product types, the portable segment is estimated to account for a relatively high value share in the global waterproof speaker market. This segment is expected to remain dominant during the forecast period. The portable segment is estimated to account for a value share of 50.9 % in 2018 and is expected to expand at a CAGR of 6.4 % during the forecast period.
The global waterproof speaker market is also segmented based on application into household, institutional, offices and leisure. The household segment dominates the global waterproof speaker market owing to an increase in the number of smart homes. The global waterproof speaker market is further segmented on the basis of sound proposition as directional speakers and 360 degree speakers. The 360 degree speakers segment is estimated to account for the largest market share during the forecast period owing to an increase in the application of these speakers.
The global waterproof speaker market is further segmented on the basis of distribution channel. The distribution channel segment includes supermarkets/hypermarkets, specialty stores, independent retailers, multi brand stores, company websites and the 3rd party online sales segment. Among all these distribution channel segments in the global waterproof speaker market, the 3rd party online sales segment is expected account for the largest share in terms of value. The 3rd party online sales segment is estimated to account for a value share of 34.9 % in 2018 and register a CAGR of 8.4% during the forecast period.
Growth in Wireless Technology and Rising Penetration of Smartphones and Smart Devices are among the Key Factors Supporting the Demand for Waterproof Speakers
With the rising demand for the latest technology-based devices among customers, various vendors offering audio solutions are introducing an increasing number of waterproof speakers with new features along with competitive pricing. The adoption of smartphones is expected to remain high due to advancements in communication networks. This factor is expected to support growth in the adoption of portable waterproof speakers at a global level. The consumers of waterproof speakers are highly concerned about the look and robustness of the products that they purchase. The availability of their favourite brands in their vicinity is boosting the sales of these devices. Moreover, an increase in the number of specialty and franchised stores of audio devices as well as tie-ups with various brands and retail chains has also boosted the sales of waterproof speakers as this has brought the favourite brands of consumers closer to them.
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Waterproof Speaker Market Competitive Landscape
The global waterproof speaker market is primarily characterised by the presence of a large number of regional and multinational companies. The 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.
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