The Loudspeakers Market Saw An Increase In Use Of Smart Speakers Due To COVID-19 Needs For New Forms Of Entertainment And Communication

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LONDON, Aug. 26, 2021 (GLOBE NEWSWIRE) — According to The Business Research Company's loudspeakers industry analysis report, the onset of COVID-19 has forced people to look for different forms of communication, entertainment, and ways to continue on with normal human interactions. This has led to people adopting new mediums such as smart speakers during the pandemic for entertainment and information.

For instance, according to a 2020 survey by NPR and Edison Research, 35% of U.S. smart speakers owners said that they were listening to more news and information through their device, and 36% said that they increased their consumption of music and entertainment. Also, the total time spent listening to news content through smart speakers increased since the same time last year by 32% (3+ hours.), 43% (1 to <3 hours.), and 25% (<1 hour), respectively. The percentage of smart speaker owners considering buying another device to entertain their kids increased from 47% in 2019 to 71% in 2020.

The global loudspeakers market is concentrated, with a small number of large players in the speaker industry. The top ten competitors in the market made up to 49.51% of the total market in 2020. This can be due to the existence of number of local players in the market serving customers in particular geographies.

Bose Corporation was the largest competitor with 21.12% of the market, Harman International Industries with 20.36%, followed by Altec Lansing with 2.36%, Bowers & Wilkins with 1.76%, Voxx International with 1.30%, Focal with 0.80%, Dynaudio with 0.78%, KEF with 0.70%, QSC with 0.57% and Sony Corporation with 0.54%.

The loudspeakers market reached a value of nearly $4,602.7 million in 2020, having increased at a compound annual growth rate (CAGR) of 1.8% since 2015. The market is expected to grow from $4,602.7 million in 2020 to $6,168.1 million in 2025 at a rate of 6.0%. The market is then expected to grow at a CAGR of 6.7% from …

Full story available on Benzinga.com

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