Amid the COVID-19 crisis, the global market for global speaker market, estimated at US$29.7 billion in the year 2020, is projected to reach $$83.2 billion by 2027, growing at a compound annual growth rate [CAGR] of 15.8% through 2027, predicts Research and Market.

The wired speaker market is projected to grow at a 14.2% CAGR to reach $32.9 billion by the end of the analysis period, says the research group. The wireless segment is projected to see 17.1% CAGR for the next 7-year period. This segment currently accounts for a 56.3% share of the global speaker market.

The speaker market in the U.S. is estimated at $8 billion this year. The country currently accounts for a 26.96% share in the global market. China, the world’s second largest economy, is forecast to reach an estimated market size of $18.9 billion by 2027.