Smart Audio Devices Market: Global Industry Analysis and Forecast (2023-2029)

Global Smart Audio Devices Market was valued at US$ 92.92 Bn. in 2022. Smart Audio Devices Market size is estimated to grow at a CAGR of 21% over the forecast period.
Smart Audio Devices Market Overview:
The Smart Audio Devices Market is expected to reach US$ 352.89 Bn. by 2029. Smart Audio Devices are smart audio playback devices that are enabled with smart algorithms for ease of use. They connect wirelessly through smartphones and laptops or to a central server to interface with the user and provide a wide range of services apart from audio playback. They are also able to connect and switch with multiple devices at a time paving the way for tech ecosystems to flourish.

Through the use of Artificial Intelligence and Natural Language Processing algorithms, market has recently seen a paradigm shift in the form of edge-based data processing solutions, allowing users to interact with smart audio devices in real-time. With the consumer preference moving towards automated homes and the need for an experience-rich immersive listening experience, the Smart Audio Devices Market is predicted to grow at a CAGR of 21% during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Smart Audio Devices Market Dynamics:
The rise in Global Demand for Smart Infotainment Devices:

The Smart Audio Devices Market is driven by the need of populations globally seeking premium immersive experiences in infotainment devices. The enabling of Smart Audio Devices with the capability of processing audio in real-time has created a paradigm shift in the market.

This trend saw a significant boost during the Covid 19 lockdowns as users, confined within their homes looking for ways to make their stays at home more convenient turned towards smart audio devices for media consumption and work from home convenience. Consumers are willing to pay premium prices for high-quality audio ecosystems thereby driving the growth in the market.

Deployment of better network infrastructure across the Globe:

Smart Audio devices need robust, reliable and stable networks to communicate. Smart Home Solutions especially require good bandwidth to interface with the central servers. With the deployment of advanced wireless communication architectures such as 5G across the globe, the bottlenecks regarding the use of bandwidth for these devices will be greatly reduced. This is because of the capability of these networks to cater to multiple IoT enabled devices through the use of advanced algorithms such as network slicing. Therefore there is a positive impact of advanced network availability on the Smart Audio Devices Market.

Increasing investment of manufacturers in R&D of smart audio devices:

Therefore Smart Audio Devices are driven by the early adapters. The continued tremendous research and development done by manufacturers in order to lead the highly competitive market is a key marker for the growth of the market. Advanced technologies such as Active Noise Cancellation and Multi-Device switching which once cost exorbitant amounts of money, can now be purchased by the average consumer.

Growing Disposable incomes and greater number of smart homes:

Consumers with disposable incomes tend to invest on acquiring conveniences such as smart homes and therefore smart audio devices.

Increase in media consumption:

New emerging trends such as online gaming, streaming and OTT platforms help in the growth of the market, as consumers look for options to enhance the experience of automating and enable immersive interaction with media platforms.
Smart Audio Devices Market Segment Analysis:
Based on the Product Type, the market is segmented into Truly Wireless Stereo(TWS), Wireless Earphones, Wireless Headphones and Smart Speakers. The TWS segment is expected to grow at CAGR of xx% during the forecast period, this can be attributed to the increased on-screen times and increased media consumption through hand-held devices and laptops. The Smart Speaker segment is also expected to grow during the forecast period. This can be further segmented into smart home speakers, smartphone speakers and intelligent vehicle speakers. The smart home speaker is expected to contribute the most to the growth of the market.Based on the Application, the  Market can be segmented into Commercial, Consumer, Automotive and Defence segments. The Consumer segment is predicted to grow at CAGR of xx% during the forecast period. This is because of the sheer number of smart home devices used across the globe. The trend has seen an upward shift of about 20% in the number of personal audio devices after the pandemic, because of increased personal consumption of media and on-screen times. This is further boosted by the successful implementation of manufacturer ecosystem marketing strategies by market leaders such as Apple, Oneplus etc. This is followed by the Commercial segment where smart speakers and other audio devices are being used in offices for the automation of workflows. The automation sector is also expected to grow significantly during the forecast period driven by premium vehicles equipped with premium smart audio systems with enhanced capabilities such as voice recognition, navigation etc.
Regional Insights:
During the forecast period, Asia Pacific and Europe continue to be the largest markets for Smart Audio Devices. The presence of a large industry in China, Germany, Japan, and India is the primary reason for this. This is also supplemented by the large populations in the Asia Pacific region and therefore vast market potential for personal audio devices. The prevalence of the automobile sector in the Asia Pacific also contributes to significant growth in the market. With the deployment of 5G technology in countries such as India and China, there is a strong prediction for increased growth of the market in the region. Europe is also home to a large number of key Smart Audio manufacturers. North America because of the presence of key market players such as Apple Inc. and an early-adopter population is expected to contribute significantly to the market. This region is therefore predicted to grow the highest in the forecast period.

The objective of the report is to present a comprehensive analysis of the market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the market dynamic, structure by analyzing the market segments and projecting the market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the market make the report investor’s guide.
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Smart Audio Devices Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 92.92 Bn.


Forecast Period 2023 to 2029 CAGR:
21%
Market Size in 2029:
US$ 352.89 Bn.


 Segments Covered:
by Product Type
TWS
Wireless Earphones
Wireless Headphones
Smart Speakers


by Application
Consumer
Commercial
Automotive
Defense



Smart Audio Devices Market by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are:
1. Sony Corporation (Japan)
2. Bose Corporation (US)
3. Sennheiser Electronic (Germany)
4. LG Electronics (South Korea)
5. Sonos Inc (US)
6. Koninklijke Philips (Netherlands)
7. Vizio Holdings (US)
8. Apple Inc (US)
9. Voxx International Corporation (US)
10. Samsung Electronics (South Korea)
11. Marshall(UK)
12. BBK Electronics(China)
13. Google LLC(US)
14. Lenovo(Singapore)
15. Huawei(China)

Frequently Asked Questions:

1] What segments are covered in the Smart Audio Devices Market report?
Ans. The segments covered in the Smart Audio Devices Market report are based on Product Type and Application.

2] Which region is expected to hold the highest share in the Smart Audio Devices Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Smart Audio Devices Market.

3] What is the market size of the Smart Audio Devices Market by 2029?
Ans. The market size of the Smart Audio Devices Market by 2029 is expected to reach US$ 352.89 Bn.

4] What is the forecast period for the Smart Audio Devices Market?
Ans. The forecast period for the Smart Audio Devices Market is 2023-2029.

5] What was the market size of the Smart Audio Devices Market in 2022?
Ans. The market size of the Smart Audio Devices Market in 2022 was valued at US$ 92.92 Bn.