According to a market report published by Future Market Insights titled ‘Waterproof Speaker Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2027,’ the revenue generated by the market is estimated to be valued at US$ 6740.55 Mn in 2018, which is projected to increase at a CAGR of 7.0 % during the forecast period (2018-2027).
In the global waterproof speaker market, companies across the globe are focusing on research & development and the launching of new product variants, which is a key factor driving demand for waterproof speakers across the globe. Companies operating in the market are constantly investing a significant amount in research and development activities to cater to the evolving needs of customers who are seeking authentic and specialized products. Waterproof speakers have standard features such as style, basic functionality, and durability. Technological advancements in several audio devices have changed the manner in which people appreciate and play music. An increase in the demand for wireless-based audio devices, which include portable waterproof speakers with different connectivity options such as Bluetooth & Wi-Fi, soundbars, headphones, and microphones, has been witnessed in the audio industry. Moreover, the demand for waterproof speakers and similar other devices from end-users is gaining traction. This has expected to drive the North American market over the forecast period.
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The manufacturers of waterproof speakers have also adopted some key differentiating strategies. For instance, brands operating in the market are targeting mass consumers. They are also offering waterproof speakers with advanced features at competitive prices. The manufacturers of waterproof speakers are also seeking product innovation due to an increase in the awareness of consumers with respect to different brands in the waterproof speaker marketplace, as well as to maintain a proper value chain to reach the proper target audience and to reduce the cost of the final product. Manufacturers are focused on developing high-value waterproof speakers due to the rising consumer demand for better and more effective value-added products. Furthermore, the rising diversity of premium waterproof speakers on retail shelves is also expected to contribute to the increasing value share of the market in the near future.
Features, such as long-range connectivity, robustness, and the availability of products on e-commerce platforms, are expected to boost the market. The functionalities of multi-room sharing via small devices, i.e., the pairing of multiple portable waterproof speakers via a single device to make compact devices produce louder sounds, are increasing the demand for waterproof speakers in the market. The rising popularity of waterproof speakers among the millennial population is also a major driver of the waterproof speaker market.
The global market is segmented on the basis of regions, which include North America, Latin America, Asia Pacific Excluding Japan (APEJ), Europe, Middle East & Africa, and Japan. Among all the regions, North America and the Asia Pacific excluding Japan regions are estimated to have a substantial value share. The North American region is expected to grow with the highest growth rate of 8.3% owing to the growing number of smart homes in the region. In terms of revenue, the value of the market was US$ 6,327.4 Mn in 2017.
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Key Players in the Waterproof Speaker Market
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.
Segmentation
On the basis of product type, the global waterproof speaker market is segmented into portable and ultra-portable. The global waterproof speaker market is further segmented on the basis of application. The application type segment of the waterproof speaker market is segmented into household, institutional, offices, and leisure. The global waterproof speaker market is further segmented on the basis of a sound proposition into directional speakers and 360-degree speakers.
The 360-degree speaker 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 also segmented by distribution channels, which include hypermarkets/ supermarkets, specialty stores, multi-brand stores, company websites, and 3rd party online sales.