Waterproof speaker market to reach $12.2bn in next five years

According to a report from Future Market Insights, the waterproof speaker market is estimated at $8.6bn in 2022 and is projected to reach $12.2bn by 2027.

The research revealed that the waterproof speaker market has reflected a CAGR of 6.3% from 2013 to 2021, and the share of the waterproof speaker market in its parent market (global speaker market) ranges between -5%-15%.

A key factor driving this predicted growth is that companies across the world are said to be focusing on research and development and the launching of new product variants. Companies operating in the market are constantly investing a significant amount on research and development activities to cater to the evolving needs of customers who are seeking authentic and specialised products.

Advancements in technology in several audio devices has changed the manner in which people listen to music. An increase in demand for wireless-based audio devices, which include portable waterproof speakers with different connectivity options such as Bluetooth and Wi-Fi, soundbars, headphones and microphones, has been witnessed in the audio industry.

Further to this, the demand for waterproof speakers and similar devices is gaining traction with end users. This has expected to drive the North America market over the forecast period.

Competing in such a demanding market has led manufacturers of waterproof speakers to adopt some key differentiating strategies. For example, brands operating in the market are targeting mass consumers. They are also offering waterproof speakers with advanced features at competitive prices.

They are also seeking product innovation due to an increase in the awareness of consumers with respect to different brands in the waterproof speakers 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. 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 multiroom sharing via small devices are also increasing the demand. The rising popularity of waterproof speakers among the millennial population is also a major drive of the waterproof speaker market.

Main image: Maria Markevich / Shutterstock

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