Speakers - Bosnia and Herzegovina

In 2024, the revenue generated in the Speakers market in Bosnia and Herzegovina amounts to US$10.4m.
It is projected that the market will experience an annual growth rate of 4.68% (CAGR 2024-2029).
When compared globally, China generates the highest revenue in the Speakers market, with an estimated amount of US$12.4bn in 2024.
In terms of per capita income, the revenue per person in Bosnia and Herzegovina is US$3.21 in 2024.
Looking ahead to 2029, it is expected that the volume of the Speakers market will reach 225.2k pieces units.
Additionally, there will be a volume growth of 6.4% in 2025.0.
The average volume per person in the Speakers market is projected to be 0.1pieces in 2024.
The demand for high-quality, wireless speakers in Bosnia and Herzegovina has been steadily increasing, driven by the growing popularity of streaming services and smart home technology.

Definition:

Speakers are devices that convert electrical signals into sound waves. Stereo speakers are typically used for music listening, home theater systems, and computer audio, among other applications. The two speakers in a stereo system are placed in different locations to create a sense of spatial separation and create a more immersive listening experience. Smart speakers are a type of speaker that are connected to the internet and can be controlled using voice commands. They usually have built-in virtual assistants, such as Amazon Alexa or Google Assistant, that can be used to play music, control smart home devices, set reminders, and perform other tasks.

Additional information:

The market comprises revenue, average revenue per capita, volume, average volume per capita and price. Figures are generated through both online and offline sales channels and include spending by consumers (B2C). Key players in the market are companies such as Bose, Sennheiser, and Bang & Olufsen. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Loudspeakers and sound systems
Smart speakers

Devices incorporating speakers, but with the other primary function (e.g., television sets)
Smart displays (smart speakers with a touchscreen)

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on electronic and digital devices used privately either for entertainment (televisions, game consoles, smart speakers, etc.), communication (telephones, smartphones, etc.) or home-office activities (printers, copiers, etc.).

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Global Consumer Survey), as well as performance factors (e.g., user penetration, price per product, usage). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, number of internet users, smartphone penetration rate, household number and consumer price index. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electronic products due to the non-linear growth of technology adoption and regular product upgrade. The main drivers are GDP per capita, consumer spending per capita, and 5G penetration rate.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). GCS data is reweighted for representativeness.

Nowadays, no party is a proper party without a good speaker. As consumer demand for speakers continues to increase, the industry is set to grow steadily. The speaker market offers a wide range of products, including home theatre systems that provide an encompassing listening experience and wireless speakers that can play your favorite song wherever you like. Furthermore, in an era dominated by artificial intelligence (AI) and smart technology, the growth of the industry is also driven by the increasing popularity of smart speakers, that is, speakers with an embedded voice assistant that work as a smart home hub and can perform a vast array of activities, from playing music and movies to answering questions to writing a shopping list.