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Wireless speakers is one of the fast-growing categories in consumer electronics and is dominated by just a few brands. Is the market big enough for other brands to thrive?
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Wireless speakers is poised to enjoy rapid growth as demand is driven by the popularity of smartphones. Critically, sales will be worth USD25 billion in 2024.
The tech giants incorporated smart assistants onto their wireless speakers and sold them at cost price in a bid to encourage greater engagement and usage.
Bose and JBL proved that they can hold their own as consumers who demand high audio quality were willing to pay a premium for these established brands.
While the market is dominated by a few brands, other companies can still thrive by focusing on design, audio quality and packaging.
Unlike other consumer electronics products where sales were mainly via electronics and appliance specialist retailers, retail channels for wireless speakers were much broader.
Voice commerce is projected to be worth USD301 billion in 2023, much bigger than total wireless speakers value sales. Not many companies will be keen to enrich Amazon and Google further.