BOAT SPEAKERS MARKET REPORT OVERVIEW
-
Request a Free Sample to learn more about this report
The global boat speakers market size expanded rapidly in 2022 and the market is expected to generate substantial revenue by 2032, a robust CAGR during the forecast period.
Music players are not transportable. So, we all want such portable equipment that we may take on our travels. This is the concept behind the invention of headphones and earbuds as a portable substitute for conventional music systems. These portable gadgets may be moved around quickly and provide a similar experience to speakers and music systems.
The majority of these speakers are waterproof, and the minimal waterproofing level is IPX6. In addition to communication uses, these speakers are utilised for entertainment activities like listening to music. earbuds and speakers from the wearable consumer electronics firm boAt, whose presence in India has grown dramatically over a relatively short period of time. boAt has been successful in introducing consumer electronics that are fashionable, inexpensive, and of exceptional quality. From speakers, earbuds, and headphones to portable chargers and high-quality cables, it offers a variety of goods.
COVID-19 Impact: The COVID-19 Underlying Condition Sparked the Music Listeners and Up-veiled the Market Growth
The COVID-19 outbreak had a very optimistic effect on the boat speakers market share. The pandemic caused unfavourable conditions for people to stay at home, but boat speakers benefited from the situation and made it pleasant for people to stay at home by entertaining them and making them feel comfortable and relaxed. With the invention of headphones, music enthusiasts, listeners, and other professionals may now enjoy their favourite music, view the movies of their choice, and converse with friends and coworkers in the office without bothering others. Among them, the boAt firm is one of the key participants, and the brand absolutely steals the show!
LATEST TRENDS
"Innovations Specific for Weather Conditions to Attract Consumers and Boost the Market Sales"
Millennials today own many sets of headphones for listening to audio, watching movies and TV shows, travelling, and watching web series. There is a great desire for personal electronic devices as screens and screen time become more personal. Also supporting it is the expanding market for related accessories, such as headphones. As a result, the expansion of digital devices is helping the Audio industry's sector flourish. Innovations tailored to Indian conditions were what gave boAt an advantage. Due to the year-round humidity, boAt introduced items that are sweat- and water-resistant. Dust resistance was improved on products.
BOAT SPEAKERS MARKET SEGMENTATION
-
Request a Free Sample to learn more about this report
- By Type
Based on type the boat speakers market is classified as magnetic speakers, non-magnetic speakers and others.
The type magnetic speakers is the leading part of the type segment.
- By Application
Based on application the boat speakers market is classified as recreational ships, commercial ships and others.
The type recreational ships is the leading part of the application segment.
DRIVING FACTORS
"The Pandemic Surged Work From Home Culture to Decipher the Market Share"
Over the projected period, it is anticipated that the commercial use segment will increase the quickest. Sales of audio-wearables have skyrocketed as a result of the recent widespread transition to working from home. It is challenging to make a video call or hold an online meeting without headphones when there are so many calls linked to work each day. 60% of boAT's revenue comes from its headphone business.
"The Affordability, Quality and Durability of the Product to Rise up Market Share"
The key to boAt's success is figuring out what Millennials, its target market, require. The target market sought out high quality that could provide them with a wonderful experience yet at a reasonable cost. Because of their incredibly competitive pricing, boAT's products are both aspirational and accessible. They also desired sturdy items that could fit with their way of life. Millennials desired things that were easy to use. (For instance, easily untangling cables or earphone wires). BoAt was ranked among the top five global brands for wearables and hearables in December by market research company IDC.
RESTRAINING FACTORS
"The Availability of Second Copy of Premium Speakers to Restrain the Market Growth"
The challenge is that a lot of customers are still used to using the earbuds that come with cellphones. As a result, they do not see a need to spend more money on only the audio equipment. Moreover, street sellers peddling Chinese goods and counterfeits of well-known brands sold them for considerably less money but with dramatically worse quality and durability. However, in-spite of the all positive factors the second copy of premium speakers is a negative factor that is projected to impede the boat speakers market growth.
BOAT SPEAKERS MARKET REGIONAL INSIGHTS
-
Request a Free Sample to learn more about this report
"Asia Pacific to Lead with Presence of Music Listeners and Growing Demand for Wireless Devices"
Asia-Pacific is a major revenue-generating area in the boat speakers market share. The rising demand for high-performance and durable audio devices is expected to cause the market for boat speakers to expand at a significant rate over the projected period. The availability of a wireless network with a strong network and unrestricted access around-the-clock is one of the distinguishing factors propelling the market for cloud music streaming. The widespread usage of electronic devices by practically all age groups contributes to the growth and market share of cloud music streaming.These factors are also propelling the region's boat speakers market forward.
KEY INDUSTRY PLAYERS
"Prominent Manufacturers to Contribute Towards Expansion of Market"
The report is an extensive research which presents the historic and futuristic performance of industry with competitive landscape analysis which incorporates prominent key players ,and revenue trends of industry. The report provides substantial analysis of company profiling, growth insights, supply-demand chain, production and consumption demand, business expansion strategies adopted by top key players. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and other factors.
List of Market Players Profiled
- Riviera Srl
- FUSION Entertainment Ltd (New Zealand)
- Osculati Srl (Italy)
- Shakespeare Company LLC (U.S.A)
- Wet Sounds, Inc. (U.S.A)
- GME (Australia)
- Kenwood Corporation (Japan)
- Rockford Corporation (U.S.A)
- Aquatic AV (U.S.A)
- Poly-Planar LLC (U.S.A)
- B&G (U.K)
- Raymarine (U.S.A)
- Jobe Sports (Europe).
INDUSTRY DEVEOPEMENT
January 2021: BoAT has obtained over $100 million from Warburg Pincus, a private equity company, at a valuation of about $300 million. BoAt, a major manufacturer of audio electronics, intends to utilise the money to increase its R&D capabilities, broaden its product line, and hasten the pace of product production in India. Fireside Ventures had made an initial investment of INR 21 crore prior to this.
Frequently Asked Questions
-
Which are the driving factors of the boat speakers market?
The pandemic surged work from home culture, the affordability, quality and durability are the driving factors of the boat speakers market.
-
What is the leading region in the boat speakers market?
The Asia Pacific region leads the boat speakers market.
-
Which are the top companies operating in the boat speakers market?
Riviera Srl, FUSION Entertainment Ltd, Osculati Srl, Eval, Shakespeare Company LLC, Wet Sounds, Inc., GME, Kenwood Corporation, Rockford Corporation, Aquatic AV, Poly-Planar LLC, Clarion Marine, B&G, Raymarine, Jobe Sports and others are the top companies operating in the boat speakers market.
