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Redding, California - April 23, 2024

Smart Speaker Market to be Worth $48.8 Billion by 2031

Smart Speaker Market Size, Share, Forecast, & Trends Analysis by Type (Display and Non-display), Audio Output Mode, Portability, Wattage, Distribution Channel (Online Retail and Offline Retail), Application (Personal Usage and Commercial Usage) - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Smart Speaker Market by Type (Display and Non-display), Audio Output Mode, Portability, Wattage, Distribution Channel (Online Retail and Offline Retail), Application (Personal Usage and Commercial Usage), and Geography - Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the global smart speaker market is expected to reach $48.8 billion by 2031, at a CAGR of 18.6% from 2024–2031. By volume, this market is expected to reach 143.1 million units by 2031, at a CAGR of 3.6% from 2024–2031. The growth of the smart speaker market is driven by the growing number of smart homes, the proliferation of multifunctional devices, and the growing demand for voice-activated devices. However, connectivity range issues restrain the growth of this market.

Furthermore, the increasing consumer preference for technologically advanced products and the increasing demand for display-based smart speaker devices are expected to offer significant market growth opportunities. However, technological immaturity of voice user interfaces (VUIs) and privacy & security concerns are some of the challenges impeding the market’s growth.

Advancements in natural language processing (NLP) and the growing focus on multi-room audio and smart displays are prominent trends in this market.

The global smart speaker market is segmented by type (display and non-display), audio output mode (stereo and surround), portability (wired and wireless), wattage (up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W), distribution channel (online retail and offline retail), and application (personal usage and commercial usage). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on audio output mode, the global smart speaker market is segmented into stereo and surround. In 2024, the surround segment is expected to account for the larger share of 77% of the global smart speaker market. This segment's significant market share can be attributed to the benefits offered by surround smart speakers, including hands-free interaction and the delivery of high-fidelity audio experiences. These features make surround smart speakers particularly appealing to audiophiles seeking a voice-controlled smart home speaker with exceptional sound quality. Moreover, continuous innovation in the tech sector is driving the development of advanced and affordable surround smart speaker options.

Additionally, the surround segment is projected to register the highest CAGR during the forecast period.

Based on type, the global smart speaker market is segmented into display and non-display. In 2024, the non-display segment is expected to account for the larger share of the global smart speaker market. The segment’s large market share can be attributed to several factors, including the simplicity of manufacturing these types of speakers, which results in a lower price point. This affordability makes them accessible to a wider range of consumers, especially those who are budget-conscious. Additionally, these speakers excel at voice interaction, enabling a seamless hands-free experience, which is particularly appealing for multitasking or situations where using a phone or screen is inconvenient.

Furthermore, various key players are launching various non-display smart speakers. For instance:

In June 2023, Amazon.com, Inc. (U.S.) launched a new affordable Echo smart speaker in India, namely, the Echo Pop. This smart speaker features a unique semi-sphere design and supports Alexa. The company claims that the AZ2 Neural Edge processor in the speaker enables faster responses to requests made to Alexa. The Echo Pop can track cricket scores, control smart lights, set alarms and reminders, and perform other activities.
In January 2023, Apple introduced the HomePod (2nd generation), a powerful smart speaker that delivers exceptional acoustics. Packed with Apple innovations and Siri intelligence, the HomePod offers advanced computational audio for a groundbreaking listening experience, including support for immersive Spatial Audio tracks.

However, the display segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the benefits offered by smart displays, such as enhanced functionality, improved user experience, visual entertainment, multitasking capabilities, and enhanced accessibility. Furthermore, smart displays act as a central hub for controlling various smart home devices. With a visual interface, users can monitor and manage their smart home ecosystem more intuitively. Additionally, smart displays provide a richer and more intuitive user experience compared to traditional voice-only smart speakers.

Based on portability, the global smart speaker market is segmented into wired smart speakers and wireless smart speakers. In 2024, the wireless smart speakers segment is expected to account for the larger share of 84% of the global smart speaker market. This segment’s large market share can be attributed to several factors, including advancements in voice recognition technology, increased demand for smart home devices, convenience and user-friendly interfaces, expansion of the IoT ecosystem, competitive pricing, and ongoing technological innovations in smart speaker design. Furthermore, the rising popularity of music streaming platforms, podcasts, and audiobooks has fueled demand for devices that can deliver premium audio content seamlessly. Smart speakers offer seamless integration with popular streaming platforms, thereby enriching the overall user experience.

Additionally, the wireless smart speakers segment is projected to register the highest CAGR during the forecast period.

Based on wattage, the global smart speaker market is segmented into up to 99W, 100W to 199W, 200W to 499W, 500W to 799W, and more than 800W. In 2024, the up to 99W segment is expected to account for the largest share of the global smart speaker market. The segment’s large market share can be attributed to the superior sound quality, deeper bass, and louder volume levels offered by speakers within this range (up to 99W), appealing to audiophiles and users who prioritize high-quality audio experiences. As consumer demand for immersive audio continues to rise, there is an increasing preference for smart speakers with higher power output.

However, the 100W to 199W segment is projected to register the highest CAGR during the forecast period. Smart speakers within this wattage range (100W to 199W) are versatile and serve applications beyond consumer use, particularly in professional settings like offices, retail stores, restaurants, and event venues. The increasing demand for these speakers for business and commercial purposes drives the growth of this segment.

Based on distribution channel, the global smart speaker market is segmented into online retail and offline retail. In 2024, the online retail segment is expected to account for the larger share of the global smart speaker market. Online platforms enable customers to effortlessly browse, compare, and purchase smart speakers from the comfort of their homes or while on the move using various devices. Moreover, online retailers offer a wide range of smart speakers spanning different brands, models, and price points, providing consumers with various options tailored to their preferences and requirements. Additionally, the competitive pricing offered by online retailers, facilitated by lower overhead costs compared to brick-and-mortar stores, is a significant draw for price-conscious consumers seeking the best deals on smart speakers. These factors contribute to the large market share of the online retail segment.

Additionally, the online retail segment is projected to register the highest CAGR during the forecast period.

Based on application, the global smart speaker market is segmented into personal usage and commercial usage. In 2024, the personal usage segment is expected to account for the larger share of 89% of the global smart speaker market. The segment’s large market share can be attributed to the hands-free operation and voice control capabilities offered by smart speakers, enabling users to perform a wide range of tasks through voice commands. Furthermore, smart speakers have evolved beyond their traditional role of playing music, now facilitating functions like making calls, sending messages, setting reminders, shopping online, and providing news updates, making them indispensable devices for everyday use.

Additionally, the personal usage segment is projected to register the highest CAGR during the forecast period.

Based on geography, the smart speaker market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of 39% of the global smart speaker market. North America’s significant market share can be attributed to the growing consumer preference for convenience-oriented products. This region has been an early adopter of technologically advanced products, reflecting the willingness of consumers to embrace and integrate new technologies into their lives. This trend has, in turn, spurred manufacturers to innovate and develop increasingly advanced products. Furthermore, the U.S. and Canada stand out as leaders in technology adoption across various sectors. Additionally, North America benefits from the presence of major smart speaker providers and the widespread adoption of these devices, which further accelerates the growth of this regional market.

However, the market in Asia-Pacific is projected to register the highest CAGR of 20% during the forecast period. The growth of this regional market can be attributed to the availability of a diverse range of smart appliances and systems, the rising adoption of advanced technologies, continuous technological advancements in IoT devices, and the presence of established market players in the region.

Additionally, the growth of the smart speaker market in Asia-Pacific is supported by the increasing production of consumer electronics, the growing population, and the rapid increase in purchasing power parity (PPP). Furthermore, smart speakers equipped with local language support have significant potential for growth in technologically advancing countries across the region.

Key Players

The key players operating in the global smart speaker market include Apple Inc. (U.S.), Amazon.com, Inc. (U.S.), Bose Corporation (U.S.), Google LLC (U.S.), Harman International Industries, Inc. (U.S.), Baidu, Inc. (China), Sony Group Corporation (Japan), Sonos, Inc. (U.S.), Panasonic Holdings Corporation (Japan), Samsung Electronics Co., Ltd. (South Korea), Lenovo Group Limited (China), SK Telecom Co., Ltd. (South Korea), LG Electronics Inc. (South Korea), Onkyo Corporation (Japan), and Xiaomi Corporation (China).

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Key Questions Answered in the Report:

What are the high-growth market segments in terms of type, propulsion type, audio output mode, portability, wattage, distribution channel, and application?
What is the historical market size for the global smart speaker market?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the global smart speaker market?
Who are the major players in the global smart speaker market, and what are their market shares?
What is the competitive landscape like?
What are the recent developments in the global smart speaker market?
What are the different strategies adopted by major market players?
What are the trends and high-growth countries?
Who are the local emerging players in the global smart speaker market, and how do they compete with other players?

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Redding, California - April 23, 2024

Smart Speaker Market to be Worth $48.8 Billion by 2031

Smart Speaker Market Size, Share, Forecast, & Trends Analysis by Type (Display and Non-display), Audio Output Mode, Portability, Wattage, Distribution Channel (Online Retail and Offline Retail), Application (Personal Usage and Commercial Usage) - Global Forecast to 2031

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