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The global consumer landscape is witnessing a notable shift as individuals increasingly opt for higher-priced smartphones, even in traditionally price-sensitive markets like India. This trend underscores a growing willingness among consumers to invest in premium smartphones, a phenomenon observed globally. Key players in the premium smartphone segment, such as Apple Inc. and Samsung Electronics, are strategically expanding their market presence, extending their reach into developing regions. This expansion is propelled by a surging demand for premium smartphones in these countries.
Research findings from Counterpoint Research reveal a substantial increase in the average selling price (ASP) range in 2017, marking a 19% rise, equivalent to USD 144, compared to the previous year. This trend is not exclusive to India but is mirrored in countries like China and the US as well. According to analysis by MRFR, several factors contribute to the consumer preference for premium phones. A pivotal factor is the rise in per capita income globally. Data from the World Bank database indicates an increase in annual GDP per capita, rising from 1.39% in 2016 to 1.99% in 2017. This surge in income has enhanced consumers' purchasing power, encouraging them to allocate more resources to premium smartphone purchases.
Moreover, the relatively stable inflation rate worldwide, especially in developing regions like South East Asia and South America, has contributed to a positive spending trend. Another significant influence is the availability of convenient payment options for consumers. Major retail chains are offering diverse financing choices, including low-interest Equated Monthly Installments (EMIs) and payment through various lending platforms like Zest Money. These financial solutions facilitate consumer access to premium phones, driving an upward trajectory in their adoption.
The increasing prevalence of premium smartphones has triggered a corresponding surge in demand for advanced loudspeaker components by Original Equipment Manufacturers (OEMs). This heightened demand is a key driver propelling the overall market. In essence, the evolving consumer preferences, driven by economic factors and facilitated by flexible payment options, are reshaping the smartphone landscape. As premium smartphones continue to gain traction globally, their impact reverberates through the entire supply chain, influencing market dynamics and presenting new opportunities for manufacturers of advanced components.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Increasing demand for high-quality sound in mobile phones |
| Market Dynamics | Advancements in loudspeaker technology |
Mobile Phone Loudspeaker Market Highlights:
Global Mobile Phone Loudspeaker Market Overview:
The Mobile Phone Loudspeaker Market size was valued at USD 1.27 Billion in 2023. The mobile phone loudspeaker industry is projected to grow from USD 1.3502 Billion in 2024 to USD 2.08 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.55% during the forecast period (2024 - 2032). Increasing demand for high-quality sound in mobile phones, advancement in loudspeaker technology, and growing popularity of music streaming services are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mobile Phone Loudspeaker Market Trends
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An increasing number of smartphone utilizers is driving the market growth
Market CAGR for mobile phone loudspeaker is driven by the growing number of mobile phone utilizers and is predicted to drive the mobile phone micro-speaker market in the forecast period. As per the GSM Association, an organization that conveys the interests of mobile network operators globally, released 'The State of Mobile Internet Connectivity Report 2020', and according to it, the number of mobile phone users raised to around 3.8 billion globally. The improvement in the number of mobile phone users will increase the demand for mobile phone speakers, as these sound amplification devices are an integral part of mobile phones.
Additionally, increasing consumer preference for technologically advanced products. With growing consumer expenditure on smart mobile phones that are easy to use and inbuilt with cutting-edge technology, there has been a significant shift in consumer preference regarding the use of technology in daily life. Moreover, consumer demand for multifunctional, fast, varied, and reliable solutions has pushed many mobile phone loudspeaker manufacturers to integrate voice assistance into speakers. Connected devices and solutions have become prevalent among consumers owing to their user-friendliness. The emergence of smart speakers has allowed users to attach to online platforms and encouraged real-time communication on the go with expanded comfort, safety, convenience, and security.
Growing internet accessibility around the globe, along with various technological advancements such as 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI), among others, is expected to offer growth opportunities to the market. Advancements in technology, such as IoT, have led to the launch of innovative mobile phone accessories, such as smart wearable devices and wireless earphones. Moreover, many consumers in India are tech-savvy and willing to spend on technologically advanced mobile phone accessories. Therefore, advancements in technology are expected to offer significant opportunities for mobile phone accessories vendors all over the globe.
Increasing disposable income and mobile penetration are expected to expand market growth during the forecast period. As per the data issued by the Ministry of Statistics & Programme Implementation, the Gross National Disposable Income (GNDI) was valued at INR 200.86 lakh crore for the year 2020-21. Furthermore, increasing disposable income, along with high mobile penetration in India and improving living standards, has increased demand for mobile phone accessories. As per the Datareportal, at the start of 2022, India's internet penetration rate stood at 47.0 percent of the total population, driving the mobile phone loudspeaker market revenue.
Mobile Phone Loudspeaker Market Segment Insights:
Mobile Phone Loudspeaker Product Insights
The Mobile Phone Loudspeaker Market segmentation, based on product, includes mono and stereo. The stereo segment dominated the market, accounting for 35% of market revenue (0.45 Billion). In developing economies, category growth is driven by technological advancements, and miniaturization makes it possible for electronic companies to embed sensors and microchips into mobile phone loudspeakers. However, mono is the fastest-growing category due to technological advancement.
Mobile Phone Loudspeaker Type Insights
The Mobile Phone Loudspeaker Market segmentation, based on type, includes electric speakers, piezoelectric speakers, electromagnetic speakers, and plasma speakers. The electric speakers category generated the most income due to increased access to online streaming services along with easy availability of ample data storage on phones, tablets, and laptops have enabled consumers. However, electromagnetic speakers are the fastest-growing category due to the rise due the expansion of semiconductors and related industries drives the market growth.
Mobile Phone Loudspeaker Sound Output Insights
The Mobile Phone Loudspeaker Market segmentation, based on sound output, includes less than 80 DB, 80-90 DB, and more than 90 DB. The 80-90 DB category generated the most income due to changing consumer lifestyles and the need for entertainment driving the market growth. However, more than 90 DB is the fastest-growing category due to the growing use of these products in podcasting, public speaking, entertainment, and television broadcasting.
Figure 1: Mobile Phone Loudspeaker Market, by Sound Output, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Mobile Phone Loudspeaker Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American mobile phone loudspeaker market will dominate owing to the growing demand for Internet-of-Things (IoT)-enabled services, and wireless devices will boost the market growth in this region. Further, the US mobile phone loudspeaker market held the largest market share, and the Canadian mobile phone loudspeaker market was the fastest-growing market in the North American region.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Mobile Phone Loudspeaker Market SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's mobile phone loudspeaker market accounts for the second-largest market share due to the growing willingness of consumers to use and accept recent technologies has allowed manufacturers to develop advanced and unique products. Further, the German mobile phone loudspeaker market held the largest market share, and the UK mobile phone loudspeaker market was the fastest-growing market in the European region.
The Asia-Pacific mobile phone loudspeaker market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to a growing preference toward technology-led superior products in emerging nations, such as India and China. Moreover, China’s mobile phone loudspeaker market held the largest market share, and the Indian mobile phone loudspeaker market was the fastest-growing market in the Asia-Pacific region.
Mobile Phone Loudspeaker Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the mobile phone loudspeaker market grow even more. Market participants are also undertaking various strategic activities to expand their global footprint, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the mobile phone loudspeaker industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is a critical business tactic manufacturers use in the global mobile phone loudspeaker industry to benefit clients and increase the market sector. Major players in the mobile phone loudspeaker market, including Gettop Acoustic Co., Ltd. (China), BeStar Electronics Co., Ltd (China), BSE Co., Ltd (South Korea), Fortune Grand Technology Inc. (Taiwan), CUI Inc. (US), Dain, Inc. (China), and others, are attempting to increase market demand by investing in research and development operations.
Samsung Electronics Co Ltd, a subsidiary of Samsung Group, manufactures consumer electronics, information technology and mobile communications, and device solutions. The company's product portfolio includes televisions (TV), refrigerators, washing machines, air conditioners, medical devices, printers, monitors, computers, network systems, and digital cameras. It also manufactures LCD and LED panels, mobile phones and smartphones, tablets, and accessories. Samsung provides solutions to retail, hospitality, healthcare institutions, finance, education, transportation, and government sectors. In June 2022, Samsung launched the Q and S series of wireless soundbars with Dolby Atmos support in India. The Q series is expressed to have the world’s first built-in wireless Samsung TV-to-Soundbar Dolby Atmos connection. In contrast, the S series is the world’s slimmest soundbar series.
Sony Group Corp manufactures electronic equipment, semiconductors, medical-related equipment, instruments, and devices. The company's products include televisions, mobile phones, cameras, music systems, game consoles and software, batteries, and other electronic components. Sony produces, acquires, and distributes recorded music, motion pictures, and television programming; and operates television and digital networks. The company markets products through sales subsidiaries, distributors, and direct sales through the Internet. It sells products under Sony, PlayStation, Walkman, Blu-ray, Cyber-shot, Bravia, Exmor, Experia, and Airpeak brands. The company operates in Asia-Pacific, Europe, the Middle East, Africa, and the Americas. In February 2022, Sony Corporation declared the newest addition to its premium mobile ES car subwoofer and amplifier line-up. This will deliver higher power output and clarity.
Key Companies in the Mobile Phone Loudspeaker market include
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Get top Acoustic Co., Ltd. (China)
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BeStar Electronics Co., Ltd (China)
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BSE Co., Ltd (South Korea)
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Fortune Grand Technology Inc. (Taiwan)
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CUI Inc. (US)
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Dain, Inc. (China)
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EM-Tech.CO., LTD (South Korea)
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Regal Electronics, Inc. (US)
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Changzhou Su Yang Electronics Co., Ltd. (China)
Mobile Phone Loudspeaker Industry Developments
June 2022: Bose introduced its most outstanding Bluetooth speaker as part of its Soundlink sequence in India. The speaker's robust strategy comes with the firm's proprietary Bose PositionIQ technology, which automatically notices the speaker's orientation to deliver improved audio playback.
October 2020: apple launched a new smart speaker called the Apple HomePod mini. HomePod Mini is organized to work with Apple Music, podcasts, and radio stations and delivers an immersive sound quality.
October 2021: Bose Corporation launched a Bluetooth speaker in the USA called Soundlink Flex. It features a portable and rugged design and comes with Bose PositionIQ technology that automatically detects the speaker's orientation to optimize sound delivery.
Mobile Phone Loudspeaker Market Segmentation:
Mobile Phone Loudspeaker Product Outlook
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Mono
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Stereo
Mobile Phone Loudspeaker Type Outlook
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Electric Speakers
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Piezoelectric Speakers
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Electromagnetic Speakers
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Plasma Speakers
Mobile Phone Loudspeaker Sound Output Outlook
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Less Than 80 DB
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80-90 DB
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More Than 90 DB
Mobile Phone Loudspeaker Regional Outlook
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North America
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US
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Canada
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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Rest of Asia-Pacific
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Rest of the World
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Middle East
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Africa
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Latin America
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