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Global Speaker Driver Market to Grow at a CAGR of 2.40% During 2022-2027, Aided by the Growing Digitalisation

According to a new report by EMR titled, ‘Global Speaker Driver Market Report and Forecast 2022-2027’, the market is expected to witness a healthy growth in the forecast period, growing at a CAGR of 2.40% between 2022 and 2027. The market is projected to reach a value of USD 30.2 billion by 2027.

The global speaker driver industry is being driven by the increased adoption of digital technology. This is due to the rising disposable incomes and improved living standards of consumers. In addition, the growing demand for improved audio quality while listening to music and watching movies to enhance the user experience is also projected to catalyse the industry growth in the coming years. Moreover, the heightened adoption of smart speakers that are voice operated such as Amazon Echo Dot is also predicted to add to the industry growth.

The growing emphasis of the leading players in the development of efficient and diverse audio solutions is estimated to significantly catalyse the industry growth in the forecast period. For instance, in November 2021, Knowles Corporation (NYSE: KN) announced the availability of the GM series receiver, a new high-performance, two-way balanced armature receiver, designed for hearing health operations under a partnership with Lucid Hearing, a leader in hearing aids. Apart from this, in November 2019, Knowles Corporation (NYSE: KN) announced the expansion of its partnership with GN Store Nord A/S (OTCMKTS: GNNDY) across its intelligent audio solutions to offer innovative and differentiated solutions. Such developments are expected to positively impact the growth of the speaker driver industry in the forecast period.

Market Breakup by Device Type, Driver Type, Driver Size, Application, and Region:

  • The market is divided, based on device type, into headphones, hearing aids, smart speaker, mobile phones/tablets, and loudspeakers.
  • On the basis of driver type, the market can be distributed into dynamic drivers, balanced armature drivers, planar magnetic, electrostatic, and others.
  • The industry is segmented, on the basis of driver size, into below 20 MM, 20-110 MM, and others.
  • On the basis of application, the market can be  ategorized into consumer, professional/enterprise, medical, and others.
  • Region-wise, the global market for speaker driver can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for speaker driver is being driven by the increased adoption of digital devices among consumers.
  • The growing demand for enhanced sound quality and ease of usage have significantly contributed to the market expansion.
  • Rising disposable incomes and improved living standards of consumers are also aiding the industry growth.
  • The rapid technological advancements such as the integration of voice assistance with smart speakers are further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for speaker driver for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the device types, driver types, driver sizes, applications, and major regions of speaker driver.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global speaker driver market are Goertek Inc., Sony Corporation, Beyerdynamic GmbH & Co. KG, Meilu Industrial Co., Ltd., Eastech Holding Limited, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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