Microspeaker Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The microspeaker market was valued at 12.22 billion units in 2020 and expected to reach 23.35 billion units by 2026 and grow at a CAGR of 11.4% over the forecast period (2021-2026). Early microspeakers found applications in portable transistor radios, earphones, headphones, personal computers, video games, and so forth. Mobile audio products have increased microspeaker consumption, especially cell phones, which use a receiver for sound reproduction when held to the ear and require a speakerphone function.

- The increasing adoption of earphones and headphones owing to expanding the market for portable audio devices, such as MP3 players, hand-held gaming consoles, and multimedia phones are boosting the growth of the microspeakers market.

- The technological advancements in the fields of earphones and headphones such as the emergence of Active Noise Cancellation that enhances the consumers' listening experience are expected to fuel the market growth over the forecast period.

- Some of the prominent players in the market through strategic partnerships have been able to further the technology and gain ...
... a stronger footprint in the market. For instance, in September 2019 sportswear manufacturer Adidas in collaboration with audio technology developer Zound Industries launched two wireless audio product ranges such as neck-band design earphones and over-the-head earphones. Such collaborations are expected to boost the market growth.

Key Market Trends

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Consumer Electronics to Hold Major Share

- With more than 1.59 billion mobile phones built annually, each with a microspeaker for the speakerphone and another for the receiver, the demand for microspeakers are increasing.

- There is intense pressure from smartphone designers and the rest of the mobile audio industry to make shallow (Z-axis) micro speakers that are less than 2-mm deep. Added to this is the push for a smaller footprint, higher excursion, lower resonant frequency, and higher sensitivity.

- The drive to reduce the footprint and depth continues, but the microspeaker depth (Z-axis) has ratcheted down to 2.5 mm from 3 mm for smartphones, driven by the evaporation of the 3.5 mm headphone jack, which had been the bottleneck. The same product development teams that are demanding increased efficiency, power handling, cleaner sound, and extending the bass and top-end responses are also demanding the lowest possible price.

- The growing trend for slim bezel in the consumer electronics industry is attracting the growth of the microspeakers. Slim bezels aren't just used in smartphones, laptops have also caught up with this trend. Dell XPS 13, for instance, boasted a super-thin bezel, slim body, and metallic exterior. It followed with the launch of a few more laptops that adopted the premium-looking design.

Asia-Pacific to Hold Major Share

- Microspeakers are manufactured predominantly in the Asia-Pacific region. The large presence of microspeaker manufacturers and consumer electronics manufacturing companies such as LG, Sony, Panasonic, Samsung and Xiaomi in the region is contributing to the market share.

- The increasingly high usage of consumer electronics owing to the presence of a high population and the growing disposable income in economies such as China, India Japan, and South Korea is rapidly driving the growth of the microspeaker market in the region.

- Further, with the expansion of mobile device industries in these densely populated countries, the region is expected to lead the overall market. In addition, the growing demand for headsets from offshoring centers in countries such as India and the Philippines is projected to augment the demand. Favorable government initiatives pertaining to the promotion of the smart city and smart home technologies are placing a high demand for microspeakers.

- Moreover, China is poised to remain a leader, in terms of the production volume of smartphones, with almost 34% share. India with its adaption to technology and increasing usage of smartphone is also strengthening its smartphone market share. This emphasizes the importance and growing demand for microspeakers in China as well as India.

Competitive Landscape

The microspeaker market is highly fragmented, as changing consumer demands are pushing companies to innovate in the space to attract more consumers. The competition in this market has intensified over the years, with companies launching a multitude of products owing to the increasing trend of miniaturization. Moreover, the market has many local players, in order to withstand competition from these players the prominent players are investing in research and development activities.

January 2020 - Goertek Inc., Ltd. planned to showcase a series of cutting-edge acoustic, optical and electronic smart hardware at the 53rd International Consumer Electronics Show (CES). Goertek plans to showcase many true wireless stereo (TWS) headsets with active noise reduction and new generation 5 ATM waterproof, super balance micro speakers (SBS) with enhanced sound quality. Furthermore, the company plans to display smart speakers with a screen that supports face and gesture recognition as well as other high-performance intelligent sound reproduction equipment.

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