The dominance of wireless speakers in retail volume sales of portable players will continue to deepen during 2021, with portable multimedia players accounting for most of the remainder. However, demand for the latter is in an apparently inexorable decline, driven by the growing popularity of smartphones among local consumers.
Even during 2020, retail volume sales of wireless speakers continued to expand in the face of both the economic shock of the pandemic and the imposition of restrictions on movement. The fact that these devices are complementary to mobile phones, rather than competing with them, is key to their strong performance.
During the latter part of the review period, the attractiveness of wireless speakers was boosted by a significant decline in their unit price. Although the unit price of these devices grew for the first time in four years during 2020, this increase was very modest.
While the rate of growth in retail volume sales of portable players will slow somewhat during 2022, it will remain vigorous for the rest of the forecast period. Within portable media players, portable multimedia players and other portable media players are set to continue to lose out to smartphones, while the latter with continue to support double-digit growth in retail volume sales of wireless speakers.
The rate of growth in the unit price of wireless speakers will more than double during 2022 and remain robust for the rest of the forecast period. Increased demand for smart speakers with AI personal assistants and internet connectivity from such brands as Google Home and Xiaomi will play a role in this.
Retail current value sales of wireless speakers are likely to continue to fragment over the course of the forecast period. Small Chinese manufacturers offering very competitively priced products will continue to widen their distribution, eating into the retail value shares of more established brands.
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This report originates from Passport, our Portable Players research and analysis database.
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