Federica Laricchia
Research expert covering the global consumer technology industry
Speakers - statistics & facts
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.
The stereo speaker industry has grown substantially in recent times, with expected revenues of around 26.5 billion U.S. dollars in 2024. Many consumer electronics companies have gradually joined the stereo speaker market, with Sonos, Sony, and Harman being among the major market players. Particularly, in 2023, Sonos stereo speakers generated revenues of over one billion U.S. dollars, while Sony recorded revenues of over two billion U.S. dollars from its audio and video segment in its 2022 fiscal year. Speaker manufacturers offer various models, and their prices vary based on their features and functionalities. For instance, Harman Kardon Citation 200 and Sonos Five were said to be the best wireless speakers selling for between 200 euros and 499 euros.
With the advancement of technology, we can expect speakers to continue being improved upon their features, functionalities, and intelligence to both deliver great entertainment experiences and facilitating tasks.
Numerous brands offer stereo speakers
The stereo speaker industry has grown substantially in recent times, with expected revenues of around 26.5 billion U.S. dollars in 2024. Many consumer electronics companies have gradually joined the stereo speaker market, with Sonos, Sony, and Harman being among the major market players. Particularly, in 2023, Sonos stereo speakers generated revenues of over one billion U.S. dollars, while Sony recorded revenues of over two billion U.S. dollars from its audio and video segment in its 2022 fiscal year. Speaker manufacturers offer various models, and their prices vary based on their features and functionalities. For instance, Harman Kardon Citation 200 and Sonos Five were said to be the best wireless speakers selling for between 200 euros and 499 euros.
The rise of the smart speaker
The past few years have seen tech giants, such as Google, Amazon, and Apple, venturing into the speaker market with their smart version of the device – which contributed to the exponential growth of the smart speaker market. The Google Home, Amazon Echo, and Apple HomePod have changed the concept of speakers from a device simply piping music into your home into one that can plan your day, answer your questions, and control parts of your house. Smart speakers from varied brands have quickly become popular everywhere. For instance, most Americans owned an Amazon Echo speaker in 2023, while only 15 percent of British owned a Google Home in the same year.With the advancement of technology, we can expect speakers to continue being improved upon their features, functionalities, and intelligence to both deliver great entertainment experiences and facilitating tasks.
