Market insight VOICE ASSISTANTS
22
Consumer audio poised for rapid growth
Consumer audio hardware is making a comeback and poised for a period of rapid growth; this was the central theme in a key trends presentation at Futuresource Consulting’s Audio Collaborative event in November.
“When it comes to consumer audio, we’re back in boom time,” said Jack Wetherill, Principal Consultant, Futuresource Consulting. “Just a decade ago the market was being swallowed up by mobile phones, resulting in a worldwide decline in trade value of 25 per cent over the four years to 2012. Standalone mp3 players were being supplanted and the future was grim. “That all began to stabilise with the emergence of mobile accessories, as headphones capitalised on the growth of smartphones. From there, the market opened up as wireless speakers began to take hold. Now we’re knocking on the door of another growth curve. It’s a great time to be in consumer audio and this is only the beginning.”
Wetherill’s presentation focused on the European market and was based on Futuresource Consulting’s recent Headphones Market Report, as well as the upcoming Futuresource Home Audio Market Report. “Smart speakers and voice control are part of the story, but not the whole story,” said Wetherill. “Headphones are still leading the way and making a major contribution to audio hardware’s ascendance. They’re playing a leading role that will see the total retail value of consumer audio hardware power past the 11 billion euros mark in Europe this year. Watch out for hearables as the nex t frontier for headphones, helping people who are hard of hearing, but not yet ready to purchase a hearing aid. “Wireless speakers are on a steep trajectory,” added
Wetherill. “Bluetooth-only speakers are still the king in terms of volume, but momentum is beginning to fade with the growth of Wi-Fi functionality, due to the introduction of smart speakers. From a music perspective, voice assistants are driving up the capability for search and
discovery. It can be so much easier for people to fi nd the music that they love.” Wetherill referenced a recent consumer ownership and attitudes survey carried out by Futuresource, showing that in France, Germany, UK and USA, the principal use for smart speakers is listening to music, an activity that has risen by four percentage points since last year’s survey. Other key uses include checking the news, checking weather, setting reminders and managing calendars.
The future of the consumer audio hardware market is looking bright, with Wetherill ending his presentation by showing projections through to 2022. “In all the categories we’re seeing growth,” said Wetherill. “Our forecasts are pointing to 6.6 per cent retail value CAGR out to 2022. It’s all about wireless, smart, premium, and devices that suit people’s lifestyle. There are rewarding times ahead for businesses operating in consumer audio.”
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