Ultra-Portable Speakers Market – Overview
Ultra-portable speakers are a type of audio speaker that run on batteries. These speakers can be easily transported and carried by the users. Constantly changing consumer preference, constant innovation and developments in technology, and the ever growing adoption of smartphones are some of the key factors influencing the growth of the global ultra-portable speaker market. These speakers are now increasingly becoming a fashion or a style statement among the users, especially among the young adults. With their ease of connectivity and strong sound, the ultra-portable speaker market is expected to show a promising growth in the near future.
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Ultra-Portable Speakers Market – Notable Developments
Some of the recent developments in the global ultra-portable speaker market are given below:
- In May 2018, Harman International, a prominent name in the global ultra-portable speaker market announced the launch of JBL GO2. This new ultra-portable speaker is completely waterproof. The launch of the product was specifically targeted for the Indian audience keeping in the mind the growing trend of small size speaker with high Bluetooth connectivity and high sound-quality.
- Recently, Bose Inc., a leading manufacturer in the global ultra-portable speaker launched a new product called Bose Frames Audio Sunglasses. This innovative product featured best in class surround sound technology by Bose. The sunglasses had in-built Bluetooth speakers that provided high-quality sound and calling facility to the user.
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Ultra-Portable Speakers Market – Drivers and Restraints
One of the biggest driving factors for the growth of the global ultra-portable speaker market is the growing adoption of smartphones across the world. With the easy penetration of internet and availability of near infinite choices of songs and playlists, the trend of possessing an ultra-portable speaker is growing day by day. Moreover, the manufacturers are providing highly innovative and attractive products to scale up their sale. Moreover, with the technological advancement, the sound quality has been considerably enhanced even though the size of the speakers has been reduced considerably. The new age connectivity methods such as Bluetooth connectivity and WiFi connectivity allow multiple users to connect with a device. This has also been a key factor in upscaling the popularity of these devices.
In addition to this, there have been numerous smart and AI driven ultra-portable speaker available in the market. For instance, the soaring popularity of Amazon Eco Dot and Google Home Assistant have changed the dynamics of the traditional speaker market and helped in driving the growth of the ultra-portable speaker market.
Ultra-Portable Speakers Market – Geographical Outlook
There are five key regions that divide the global ultra-portable speaker market. These regions are North America, Asia Pacific, Latin America, Middle East and Africa, and Europe. Of these, the global market is currently dominated by the North America region. The growth of the regional market can be primarily attributed to the presence of several key vendors in the region that are trying to win the loyalty of the customers. With large consumer base and innovative marketing strategies, these companies are thus helping to drive the growth of the ultra-portable speaker market. Moreover, with the growing economic strengths of people, they are willing to pay more for innovative and highly attractive speakers. Thus, the market is experiencing a huge growth in this region.
On the other hand, the ultra-portable speaker market in Asia Pacific is expected to exhibit a promising growth in the coming few years. The growth of the regional market is due to the growing penetration of smartphones and internet in developing economies such as India and China.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.