North America Speaker Market Report and Forecast 2024-2032

North America Speaker Market Size

The speaker market in North America reached approximately USD 11.1 billion in 2023. The market is projected to grow at a CAGR of 6.20% between 2024 and 2032, reaching a value of around USD 19.07 billion by 2032.

North America Speaker Market Outlook

• As per the industry reports, 60.4 million US households used smart home devices in 2023, offering a lucrative landscape for smart speakers.

• New vehicle sales in the United States witnessed an increase of around 5 per cent from January to March 2024, contributing to the growth of in-vehicle speaker demand and boosting the North America speaker market value.

• Sonos, an American audio equipment provider, announced the launch of an 8-inch in-ceiling speaker in January 2024, in partnership with Sonance. This speaker is renowned for its superior bass quality and wide sound coverage capabilities.

North America Speaker Market Growth

Growing deployment of smart home systems, rising demand for high-resolution audio, and burgeoning popularity of wireless speakers are some of the prominent drivers influencing the growth of the North America speaker market. There has been a noticeable trend towards wireless speakers, resulting in less hassle of wires. Bluetooth speakers, specifically, have experienced increased expansion owing to their portability and ability to connect with various mobile devices.

North America Speaker Market Trends

Manufacturers are also providing a wider range of customised choices in terms of appearance, including colour and design, in order to attract a larger audience, which is a crucial trend in North America speaker market. Some are further introducing modular designs that enable users to upgrade a few components instead of having to replace the entire speaker system. Moreover, the e-commerce sector is expanding rapidly, giving customers access to a wide range of items from both domestic and global brands, often at more cost-effective prices compared to traditional stores.

Recent Developments

As per the North America speaker market dynamics and trends, Bose launched a Bose SoundLink Max speaker which offers superior sound and comes at an optimal price of USD 399. This speaker is the part of SoundLink family and especially focuses on the low end which makes it popular among users.

Industry Outlook

According to the North America speaker industry analysis, data from the Infinite dial 2022 stated that around 193 million people in the US preferred podcast listening. The average daily listening time in 2022 was an hour and 37 minutes for the podcasts. On the other hand, around 131 million people in the country in 2022 listened to an audiobook, which showcased an increase of 1% compared to 2021. As per the data from the Listen-Through-Ratio (LTR) for audio versions of news items and blog entries, 59% of their listeners listened to the entire audio content. These factors are expected to contribute to the demand of speakers in the North American region.

According to the industry data, the sales of new vehicles in the US region witnessed an increase of 5% from January to March 2024. The automaker discounts in the country in March were around two-thirds higher than the previous year. Furthermore, the sales of EVs in the country grew by 2.7%, during the first quarter of 2024. This rise in the sales of the vehicles is expected to fuel the demand for in-vehicle speakers that offer high-quality sound and immersive experiences, contributing to the growth of the North America speaker industry.

As per the recent industry statistics, 60.4 million U.S. households used smart home devices as of 2023. Around 60% of the smart device owners in the country stated that smart devices had a positive impact on their lives. The number of digital voice assistants in the US is expected to reach around 8.4 billion units in the forecast of 2024. Around 34% of US citizens use the search-by-voice feature at least once a month every year. These factors are expected to assist the market growth and increase the North America speaker industry revenue.

Technological Advancements and Presence of Well-Established Brands is Supporting the Market Growth

• Technological Advancements: Continuous innovation in audio technology, including smart speakers, wireless connectivity, and voice-assistant integration, drives market growth.

• High Consumer Demand: Strong preference for high-quality audio experiences and home entertainment systems fuels North America speaker demand growth.

• Established Brands: Presence of well-established brands like Bose, Sonos, and JBL, which are trusted by consumers.

• Diverse Product Range: Wide variety of speakers, from portable Bluetooth speakers to high-end home theatre systems, catering to different consumer needs and preferences.

High Investment Cost and Stiff Competitive Landscape May Challenge the Growth of the Market Players

• High Competition: Intense competition among numerous brands can lead to price wars, impacting profit margins.

• High Research and Development Costs: Significant investment in research and development to keep up with technological advancements can strain financial resources and North America speaker demand forecast.

• Dependence on Imports: Many components are sourced from overseas, making the market vulnerable to supply chain disruptions and tariffs.

• Market Saturation: In mature markets, growth opportunities may be limited, leading to challenges in achieving market expansion.

• Counterfeit Products: The presence of counterfeit and low-quality products can negatively affect consumer trust and brand reputation.

• Rapid Technological Changes: Fast-paced technological advancements can lead to product obsolescence and increased pressure to innovate.

• Regulatory Changes: Changes in trade policies, tariffs, and regulations can affect the cost and availability of components and finished products and hinder North America speaker demand.

Smart Home Integration is Fuelling the Demand for Speakers in the North America

• Smart Home Integration: Increasing adoption of smart home technologies presents opportunities for integrated speaker systems. 

• Rising Disposable Income: Growing disposable income levels in North America can boost spending on premium and high-end audio products. 

• Expansion in IoT: The proliferation of Internet of Things (IoT) devices offers opportunities for interconnected and smart audio solutions.

• Growing Streaming Services: The rise of music and video streaming services enhances the demand for high-quality audio equipment and fuels North America speaker market opportunities.

Key Indicators of Prices in the North America Speaker Market

• Raw Material Costs: Fluctuations in the prices of raw materials like metals, plastics, and electronic components directly impact speaker prices.

• Technological Innovations: Introduction of new technologies can initially increase costs but may reduce prices over time as production scales up.

• Supply Chain Dynamics: Disruptions in the supply chain, including shipping delays and component shortages, can lead to price increases.

• Brand Positioning: Premium brands tend to maintain higher prices due to their perceived quality and reputation, while newer or less-known brands may offer lower prices to attract customers.

• Market Competition: Competitive pricing strategies among key players can lead to price reductions, benefiting consumers and aiding the North America speaker market revenue.

• Economic Conditions: Factors such as inflation rates and consumer spending power can affect pricing strategies.

• Production Costs: Advances in manufacturing processes can lower production costs, potentially reducing consumer prices.

• Marketing and Distribution Costs: Total spending on marketing campaigns and distribution logistics contributes to the final pricing of speakers.

• Import Tariffs and Trade Policies: Changes in tariffs and trade agreements can affect the cost of imported parts and finished goods, impacting the overall final prices.

North America Speaker Industry Segmentations

“North America Speaker Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• Wired Speaker

• Wireless Speaker

Market Breakup by Application

• Consumer Electronics

• Professional Audio

• Automotive

• Others

Market Breakup by Country

• United States

• Canada

North America Speaker Market Share

Based on application, the market is divided into consumer electronics, professional audio, and automotive, among others. The consumer electronics sector occupies a substantial market share due to the rising sales of home audio systems and portable speakers, among others. The speaker share in North America is further boosted due to the incorporation of smart speakers featuring voice assistants like Amazon Alexa, Google Assistant, and Apple Siri as these devices are not only used for playing music but also for controlling smart home gadgets.

Competitive Landscape

The market players are expanding their product line to include wide range of speakers to meet the evolving regulatory landscape.

• Sony Corporation

• Samsung Electronics Co. Ltd.

• Bose Corporation

• Sonos, Inc.

• LG Corporation

• Panasonic Holdings Corporation

• Apple, Inc.

• Amazon.com Inc.

• Alphabet Inc.

• Marshall Group AB

• Others

Key Highlights of the Report

North America Speaker Market Report Snapshots

North America Speaker Market Size

North America Speaker Market Growth

North America Speaker Market Trends

North America Speaker Market Share

North America Speaker Companies