Federica Laricchia
Research expert covering the global consumer technology industry
Get in touch with us nowNumerous brands offer stereo speakers
The stereo speaker market has grown substantially in recent years. After falling to 24 billion U.S. dollars in 2022, the stereo speaker market is expected to increase again soon. This trend is reflected in the market volume, which is forecast to amount to over 240 million units in 2023. Many consumer electronics companies have entered the stereo speaker market, with Sonos, Sony, and Harman being among the major market players. Particularly, in 2022, Sonos generated around 1.4 billion U.S. dollars in revenue from stereo speakers, while Sony recorded revenues of 2.4 billion U.S. dollars from its audio and video segment in its financial year 2021. On average, speakers cost around 105 U.S. dollars in 2022, but, based on their features and functionalities, their prices can go up to 500 euros. For instance, Harman Kardon Citation 200 was said to be the best wireless speaker selling for between 200 euros and 499 euros.
The rise of the smart speaker
Over the past few years, Google and Amazon, two tech giants, have ventured into the speaker market with their smart speaker device. Overall, the smart speaker market has increased dramatically in the past decade, with revenues forecast to reach over 18 billion U.S. dollars in 2023. The Google Home and Amazon Echo stand as the firm market leaders, changing the speaker from a device that simply piped music into your home, into one that can plan your day, answer your questions, and control parts of your house. For instance, in a 2022 Statista survey about speaker brands used in U.S. households, Amazon topped the list of most-owned speakers, beating audio brands like Pioneer and Harman.
