According to a report by Altus Market Research titled, “Speaker Drivers Global Market Analysis 2022-2031 by Device (Headphones; Hearing Aids; Smart Phones, Tablets, Laptop); Driver Type(Dynamic Drivers; Balanced Armature Drivers; Planar Magnetic; Electrostatic); Application(Consumer; Enterprise; Medical)“, the global speaker drivers market reached a value of nearly $27,559.8 million in 2021, having grown at a compound annual growth rate (CAGR) of 1.0% since 2016. The market is expected to grow from $27,559.8 million in 2021 to $31,279.9 million in 2026 at a rate of 2.6%. The market is then expected to grow at a CAGR of 2.9% from 2026 and reach $36,126.2 million in 2031.
Growth in the historic period resulted from strong economic growth in emerging markets, increasing use of in-wall speaker, increasing consumer spending on entertainment and a rise in disposable income across developing countries. Factors that negatively affected growth in the historic period were coronavirus pandemic, volatile metal prices, and shortage in electronic components supply.
Going forward, rapid expansion and commercialization of 5G networks, technological advancement, growing population, growth in e-commerce for consumer electronics, increasing penetration of Wi-Fi enabled loudspeakers and development of smart cities will drive market growth. Factors that could hinder the growth of the Speaker Drivers Market in the future include negative effect on health and government regulations.
The Speaker Drivers market is fragmented with a large number of small players in the market. The top ten competitors in the market made up to 7.33% of the total market in 2021. This can be due to the existence of number of local players in the market serving customers in particular geographies. Samsung Electronics Co. Ltd. was the largest competitor with 2.01% share of the market, followed by Sony Corporation with 1.54%, Goertek with 1.29%, Merry Electronics Co. Ltd. with 1.09%, Knowles Electronics with 0.48%, Bose with 0.35%, Concraft Holding Co. Ltd. with 0.36%, Eastech Holding Limited with 0.13%, Foster Electric Company Limited with 0.07%, and Fortune Grand Technology Inc. with 0.01%.
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Player-adopted strategies in the speaker drivers industry include focus on strengthening market position through new product launches, focus on joint ventures and alliances and strategic partnerships to expand market presence.
Market Growth by Segments:
The speaker drivers market is segmented by device type into headphones/earphones, hearing aids, smart speakers, mobile phones, tablets, laptop and others and other speaker types. The mobile phones, tablets, laptop and others market was the largest segment of the speaker drivers market segmented by device type, accounting for 40.1% of the total in 2021. Going forward, the headphones/earphones segment is expected to be the fastest growing segment in the speaker drivers market segmented by device type, at a CAGR of 2.7% during 2021-2026.
The speaker drivers market is also segmented by driver type into dynamic drivers, balanced armature drivers, planar magnetic, electrostatic and other driver types. The dynamic drivers market was the largest segment of the speaker drivers market segmented by device type, accounting for 40.6% of the total in 2021. Going forward, the electrostatic segment is expected to be the fastest growing segment in the speaker drivers market segmented by driver type, at a CAGR of 2.8% during 2021-2026.
The speaker drivers market is also segmented by application into consumer, professional/enterprise, medical and other applications. The consumer market was the largest segment of the speaker drivers market segmented by application, accounting for 55.6% of the total in 2021. Going forward, the professional/enterprise segment is expected to be the fastest growing segment in the speaker drivers market segmented by application, at a CAGR of 2.7% during 2021-2026.
Market Growth by Region:
Asia Pacific was the largest region in the speaker drivers market, accounting for 31.9% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the speaker drivers market will be North America and Asia Pacific where growth will be at CAGRs of 2.9% and 2.8% respectively. These will be followed by Western Europe and Middle East where the markets are expected to grow at CAGRs of 2.6% and 2.0% respectively.
The top opportunities in the speaker drivers market segmented by device type will arise in the mobile phones, tablets, laptop and others segment, which will gain $1,443.8 million of global annual sales by 2026. The top opportunities in the speaker drivers market segmented by driver type will arise in the dynamic drivers segment, which will gain $1,428.9 million of global annual sales by 2026. The top opportunities in the speaker drivers market segmented by application will arise in the consumer segment, which will gain $2,047.2 million of global annual sales by 2026. The speaker drivers market size will gain the most in USA at $996.0 million.
Market-trend-based strategies for the speaker drivers market include focus on wireless speaker drivers, focus on integrating artificial intelligence (AI), focus on 3D sensing modules in speaker drivers, focus on 360-degree audio and focus on products from eco-friendly materials.
To take advantage of the opportunities, Altus Market Research recommends the speaker drivers companies to increase focus on wireless speaker drivers, integrate artificial intelligence (AI), focus on 3D sensing modules, increase focus on eco-friendly speaker drivers, expand in emerging markets, provide competitively priced offerings, continue to use B2B promotions and increase focus on fast-growing applications.
Other Players Covered in the report:
Bose, Concraft Holding Co. Ltd., Eastech Holding Limited, Foster Electric Company, Limited, Fortune Grand Technology Inc., Noise, BoAt, pTron, Hammer, Ambrane, Clarion, Yamaha, Onkyo, Pioneer Technical Audio Devices, Sansui, Denon, Sharp, TOA Corporation, Osborn Loudspeakers, Karri Acoustic, VAF Research, Whatmough, Lenehan Audio, Redgum Audio, Duntech, LG Electronics Inc., Jinyoung G&T, Pantos Logistics Co., Ltd. (Plihq), Bum Jin C & L Co., Ltd., Euroline Co., Ltd., J P Products Co., Ltd., Imoss Corporation, Edifer, Guangzhou Hongxiang Audio Equipment Co., ZHIYA Audio Equipment Co.,Ltd, Sanway Audio Equipment, Enping Macadn Electronic Technology Co, Ltd, Tannoy, ATC, Bowers & Wilkins (B&W), Mission, Wharfedale, KEF, PMC, Fyne Audio, Q Acoustics, Zound Industries, Sennheiser, ELAC, Focal, Dynaudio, Sonos, Inc., Blaupunkt GMBH, Koninklijke Philips N.V., Alphabet Inc., Amazon Inc., Aris Audio, Reezoldini, KV2 Audio, Xavian, Pylon Audio, Megalith Audio, ZR Speaker Lab, Altec Lansing, Harman International Industries Inc, Apple Inc, DEI Holdings Inc, JBL, Klipsch, Definitive Technology, Quested, QSC, Eros Alto Falantes Ltda, Hisense, TCL, Leap Technologies FZC, SMARTECH AV, VOXX, Sound United, JVC, Logitech, Audioholics, SPL Audio, PQ Sound, Morel HiFi, McRael Sound Technology, Temple’s Counsel, Jay Sounds, Eminence Speaker, KCS Speakers, Al Watania, EVGA Corporation, Elitegroup Computer Systems, Aztech Group Ltd., Micro-Star INT’L CO., LTD
