According to
MarketsandMarkets research report "Speakers
Driver Market With COVID-19 Impact by Device Type (Headphones/Earphones,
Mobile Phones/Tablets, Smart Speakers), Driver Type (Dynamic Driver, Balanced
Armature Driver), Size, Application, and Geography - Global Forecast to 2025", 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
Headphones/Earphones segment is expected to account for the largest size
(Value) of the Speaker Driver market from 2020 to 2025.
As the demand for
wireless and small-sized earphones has increased among fitness enthusiasts, the
supply for earbuds has increased, leading to an increase in the demand for
speaker drivers. Usage of earphones and headphones for fitness activities under
various environmental conditions, such as rain and dust, has influenced
manufacturers to add durability to their products with a certain (ingress
protection) IPX rating—a safety rating to offer protection against dust and
water. For instance, JLAB’s (US) Epic Air Sport is integrated with an IP66
rating for dust and water resistance.
The Others
application segment of the Speaker Driver market, including banking, travel and
tourism, hospitality, and education is projected to grow at the highest CAGR
(Volume) during the forecast period.
Smart speakers are
also used in applications such as banking, travel and tourism, hospitality, and
education in the coming years, which is expected to create lucrative
opportunities for speaker driver manufacturers.
For example, by
2018, the US Bank allowed customers to check balances, pay bills and, in the
near future, send money just with the help of voice commands. Similarly,
Capital One lets owners of Amazon’s Echo smart speaker system pay their bills
and get other account information through voice commands. With some North
American Banks already using smart speakers, there is an expectation for many
more banks across the globe to begin collaborating with smart speaker
companies, thus leading to an increase in the demand for speaker drivers.
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The Speaker
Driver market in APAC is expected to account for the largest size (Volume) of
the Speaker Driver market in 2020.
APAC is home to
several major headphone/earphone, smartphone, smart speaker, loudspeaker, and
tablet manufacturers that are focusing on new product launches and developments
to cope up with the increasing competition in the market and changing consumer
preferences. Some of these players include Samsung Electronics Co., Ltd. (South
Korea), Huawei Technologies Co., Ltd (China), Xiaomi(China), Oppo (China), Vivo
(China), and Sony Corporation (Japan), Amazon (US), and Google (US). Chinese
players (Alibaba, Xiaomi, and Baidu) in the market are competing with the
American smart speaker brands such as Google and Amazon. For instance, in May 2020,
Alibaba Group Holding Ltd has made an investment of 10 billion yuan (USD 1.41
billion) in an AI (artificial intelligence) and IoT (Internet of Things) system
centered around its Tmall Genie smart speaker. This is part of its plan to
continue its push into new technologies and business sectors beyond online
shopping. As a result of this investment, it is expected to release several new
and upgraded models during the forecast period, thus leading to an increase in
the demand for speaker drivers.
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).
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