The waterproof speaker market is estimated at US$8.6 billion in 2022 and is projected to reach US$12.2 billion by 2027. As per newly released data by Future Market Insights (FMI), The waterproof speaker market has reflected a 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%.
The global market is segmented into regions: North America, Latin America, Asia Pacific excluding Japan (APEJ), Europe, Middle East, Africa and Japan. Among the regions, the North America and Asia Pacific excluding Japan 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 US$6,327.4 million in 2017.
In the global waterproof speaker market, companies are focusing on research & developing and launching new product variants, which is a factor driving demand for waterproof speakers across the globe.
Companies operating in the market are investing a significant amount in research and development activities to cater to customers' evolving needs seeking authentic and specialised products. Waterproof speakers feature style, basic functionality and durability.
Technological advancements in several audio devices have changed how people play music. An increase in demand for wireless-based audio devices, which include portable waterproof speakers with different connectivity options such as Bluetooth, Wi-Fi, sound-bars, headphones and microphones, has been witnessed in the audio industry.
The demand for waterproof speakers and similar devices from users is gaining traction. This has expected to drive the North America market over the forecast period.
The manufacturers of waterproof speakers have also 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.
The manufacturers of waterproof speakers 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 target audiences and to reduce the cost of the final product.
Manufacturers focus on developing waterproof speakers due to the rising consumer demand for better and more effective value-added products.
The diversity of premium waterproof speakers on retail shelves is also expected to contribute to the increasing value share of the market.
Features such as long-range connectivity, robustness and the availability of products on e-commerce platforms are expected to boost the market. In addition, the functionalities of multi-room sharing via small devices, 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 popularity of waterproof speakers among the millennial population is also a major driver of the waterproof speaker market.