Staying and working at home because of the COVID-19 pandemic has boosted demand for home entertainment, with volume sales growth of wireless speakers notably higher than in 2019. The wish to listen to music is the biggest draw factor for wireless speakers, which benefit from their fast connection with laptops or smartphones.
Voice-assistance technologies have excited young people and the tech-savvy, with smart wireless speakers proving popular with apartment owners in recent years. Consumers now expect to see more new launches from brands every year with prices that cover the whole spectrum from low-priced to premium.
Portable players categories have seen more attractive promotional programmes during the pandemic through online channels. This is mainly because consumers are becoming more open to buying these items online than in the past, as trustworthy famous brand names have official shops on e-commerce sites such as Shopee, Tiki and Lazada.
Although consumers have been listening to music and reading more in 2020 and 2021, given their home seclusion, they have come to rely more intensively on their smartphones. This is because their smartphones link with other activities: shopping, keeping in touch on social media or even working.
Over the forecast period, the wireless speakers category is expected to register further strong growth in retail volume terms. Key players in wireless speakers are projected to offer various discounting activities to boost sales while awareness of these products is set to rise, with smartphone users enjoying the ability to boost the audio output of their devices for on-the-go usage.
Google Home and Amazon Echo smart speakers, which are recognised globally, have already amassed major volume share in Vietnam. They are expected to make further gains in the forecast period as Vietnamese consumers still wish to follow trends in Western countries by having smart speakers with innovative and convenient features such as voice-recognition – for which Google Home and Amazon Echo are famous.
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Understand the latest market trends and future growth opportunities for the Portable Players industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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