Smart Speaker Market Anticipated to Grow $2.8 Billion by 2025, at a CAGR of 23.6% | MarketsandMarkets™ Study

November 08 19:00 2022
Smart Speaker Market Anticipated to Grow $2.8 Billion by 2025, at a CAGR of 23.6% | MarketsandMarkets™ Study
Smart Speaker Market
The global smart speaker market size is expected to reach USD 15.6 billion by 2025 from USD 7.1 billion in 2020, at a CAGR of 17.1%

According to the new market research reportSmart Speaker Market with COVID-19 Impact Analysis by IVA (Alexa, Google Assistant, Siri, DuerOS, Ali Genie), Component (Hardware (Speaker Driver, Connectivity IC, Processor, Audio IC, Memory, Power IC, Microphone) and Software), Application, and Region – Global Forecast to 2025”, the smart speaker market in Asia Pacific is projected to grow from USD 1 billion in 2020 to USD 2.8 Billion by 2025, at a CAGR of 23.6% from 2020 to 2025. Major factors driving the smart speaker market growth in the Asia Pacific region are the increasing number of smart homes and rising disposable income, the proliferation of internet services, and rapid internet penetration.

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Smart Speaker Market Source: Press Releases, Expert Interviews, and MarketsandMarkets Analysis

The Asia Pacific smart speaker market for smart home applications is expected to hold the largest share during the forecast period.

The smart home is the major application of smart speakers owing to their features and usability. Smart speakers can control smart devices with the user’s voice, thus making day-to-day tasks easy. With a voice command, the user can control all smart devices by connecting the device to the Internet. APAC’s overall smart home market has high growth potential, primarily driven by strong economic growth, rising population, and rapid urbanization, leading to a sophisticated infrastructure. Furthermore, the significant share of Japan and South Korea in the market in APAC can be attributed to their leading position in terms of technological advancements in smart homes. However, the market in China is expected to grow at the highest CAGR during the forecast period owing to the rising automation demand for many new and existing residential projects.

The Asia Pacific smart speaker market for Alexa, Google Assistant, DuerOS, and AliGenie intelligent virtual assistant are expected to dominate the market during the forecast period.

The Asia Pacific smart speaker market for Alexa, Google Assistant, DuerOS, and AliGenie are expected to dominate the market during the forecast period.  Alexa is a highly preferred voice assistant for smart speakers in the Asia Pacific region. Alexa smart speakers are offered by companies such as Onkyo (Japan), Pioneer Electronics (Japan), Sonos (US), Harman International (US), Altec Lansing (US), Lenovo (US), Invoxia (France), and Ultimate Ears (US), which have strong distribution networks in Asia Pacific region. DuerOS and AliGenie are the major IVA being adopted in China for the smart speaker market.India is projected to witness the highest CAGR in the smart speaker market from 2020 to 2025

The growth of the smart speaker market in India can be mainly attributed to demographic factors such as the young urban population, shifting consumer landscape, and high adoption of consumer electronics; and economic factors such as the increase in per capita income and consumer spending capacity. India has a small market for smart speakers with high sales potential. The country has the world’s largest youth (up to 25 years) population and is considered one of the fastest-growing economies globally. Hence, increasing Internet penetration, smartphone usage growth, and consumer spending power will drive this market. It is one of the fastest-growing markets for consumer electronics; thus, key players such as Google and Apple are also launching their products in India to increase their market share.

Key Players in the Market

The key players operating in the Asia Pacific smart speaker market are Baidu (China), Alibaba (China), Xiaomi (China), Lenovo (China), Samsung (South Korea), Onkyo Corp. (Japan), Sony Corp. (Japan), and LG Electronics (South Korea), among others.

  • In September 2022, Amazon introduced the next generation of Echo Dot and Echo Auto, giving users more ways to bring the convenience of Alexa to every room of the home and into the car.
  • In May 2022, Apple announced that it plans to launch a new version of its HomePod smart speaker in late 2022 or early 2023.
  • In July 2022, Xiaomi launched its second ever smart speaker in India. The Xiaomi smart speaker comes with new and improved features such as IR Control, smart home control center, balanced sound field, LED clock display, and much more. The speaker comes with a built-in intelligent voice assistant and Bluetooth 5.0.

Study Coverage

This research report categorizes the smart speaker market based on intelligent virtual assistants, components, applications, and regions. This report describes the drivers, restraints, opportunities, and challenges influencing the market’s growth. The value chain analysis and the competitive landscape of the market leaders have also been included in the report.

“Brief information on the research methodology for the report can be found in the report description provided on the website.”

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