FMI estimates the global waterproof speaker market to reach $12.2 billion by 2027, up from around $8.6 billion in 2022.
The global waterproof speaker market is estimated at $8.6 billion in 2022 and is projected to reach $12.2 billion by 2027, according to a new report by Future Market Insights (FMI).
The sector has reflected a compound annual growth rate (CAGR) of 6.3% from 2013 to 2021. The share of the waterproof speaker market in its parent market (global speaker market) ranges between ~5%-15%.
In the global waterproof speaker market, companies across the globe are focusing on R&D and the launching of new product variants, which is a key factor driving demand for waterproof speakers across the globe.
Technological advancements in several audio devices has 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 and Wi-Fi, sound-bars, 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.
Waterproof speaker manufacturers have 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.
They 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.
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, the North America and APEJ regions are estimated to have a substantial value share. The North America 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 $6.3 billion in 2017.
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