It is expected that the SODLK segment will show a higher market share in the next few years. It is expected that by the end of 2028, the market share of this segment will reach 14.9%.
Like the theater system, houses with the same quality have an increasing demand for sound strips. This will improve vocal cord sales in major regions in the future. Because the soundbar is easy to install and has enhanced power output and wireless connection. These factors will drive the demand for portable Bluetooth speakers market.
Why is the demand for speakers in home entertainment increasing?
The TV set is getting thinner and thinner. Therefore, some modern TVs do not provide built-in speakers. This is one of the reasons why customers began to use speakers. Manufacturers are integrating voice assist technology into the soundbar. This further drives the demand for home speakers and home entertainment systems.
Customers spend most of the cost of installing complex home theater systems. As people are more and more inclined to experience a theater, this will stimulate people's demand for home sound system equipment. In addition, the increase in the number of smart homes equipped with networked devices has also contributed to the growth of the wireless Bluetooth speakers market.
How will the growing popularity of smartphones, tablets, and smartwatches support the growth of the speaker Market?
As users are more and more inclined to use smartphones and tablets in every little thing in life, the popularity of smartphones is increasing everywhere. This has led to the purchase of smartphone accessories, thereby increasing the sales of stereo speakers and portable speakers.
Another factor is that now, in every small restaurant or hotel, there is a service to play music, or they are playing music, in order to create a good atmosphere for this place. This is a huge market for the speaker market.
In addition, more and more concerts and international music festivals (such as sunburn) are increasing the demand for music equipment such as speakers. It is estimated that the demand for the loudspeaker market will grow at a compound annual growth rate of 7.1% from 2022 to 2028.
More and more speakers such as stereo systems are installed in cars to enhance the driving experience. Therefore, in the next few years, the growth of passenger car and commercial vehicle sales is expected to make the demand for stereo systems soar.
Some market participants are working to launch new products to take advantage of existing opportunities. For example, in June 2020, Sony announced the launch of a series of new touch screen audio systems, namely the Sony Xav extra bass with a built-in 4-channel amplifier. It is estimated that by 2028, the launch of a series of such products will create nearly 5639.1 million incremental opportunities.
In terms of deployment, it is expected that the outdoor part will occupy a large share of the market from 2022 to 2028. Increasing the installation of outdoor music systems in theatres, restaurants, clubs, public activities and other places is a factor conducive to the growth of this part.
An FMI analyst said, "leading manufacturers are investing extensively in multimedia technology innovation and new feature enhancements, such as 360-degree audio and voice assistance, to detect an increase in speaker applications. This is expected to promote market growth.".