Acoustics: from microphone to speaker. The complete acoustic system in electronic products consists of three parts: 1. Acquisition. It is mainly implemented by a microphone. 2. Processing. Implemented by various audio ICs or the cloud, such as ADC, DAC, audio encoder / decoder, etc. 3. Play. It is mainly realized by audio amplifier (which belongs to audio IC) and speakers. The most important components are the microphone, speaker and audio IC.
Market size: The market for miniature speakers is the largest (about $ 9.1 billion), followed by audio ICs (about $ 3.4 billion), and the smallest microphone market (about $ 1.7 billion). According to Yole's statistics, the overall acoustic device market in 2018 totaled approximately $ 14.1 billion, of which the speaker market accounted for about 65%, the audio IC market accounted for about 24%, and the microphone market accounted for about 12%. Yole expects the overall market to reach $ 20.8 billion in 2024, with a compound growth rate of 6.6%.
Development trend: In the microphone market, MEMS microphones have replaced ECM and become mainstream. In the future, the smart speaker and TWS headphone drive MEMS market will continue to expand; in the audio IC market, high-sampling-rate / resolution audio conversion and control is the direction of chip algorithms, and high-performance integration It is the big trend of audio IC; the mini speaker market is benefiting from the increase in the number of stand-alone devices and the price and price.
Incremental measurement of acoustic devices brought by TWS headphones and smart speakers. TWS headsets: We predict that the overall sales of TWS headsets will reach 110 million units in 2019, including 6000 Airpods and 5000 non-Airpods TWS; next year TWS headset sales will reach 200 million, including 100 million Airpods and 100 million non-Airpods TWS. Under this assumption, we estimate that TWS 'microphone market size will reach 590 million and 1.5 billion this year and next, with a year-on-year growth rate of 115.33% and 154.224%, and is expected to reach 8.4 billion in the long term; the audio IC market size will reach 2.05 billion and 3.5 billion , A year-on-year growth rate of 118.09% and 70.73%, and is expected to reach 19 billion yuan in the long run. Smart speaker market: We expect the global smart speaker market to sell 120 million units in 2019 and 144 million units next year. Under this assumption, we estimate that the microphone market for smart speakers will reach 1.2 billion and 1.44 billion this year and next; the speaker market will reach 3.6 billion and 4.32 billion; the audio IC market will reach 2.4 billion and 2.88 billion. Overall, TWS headphones and smart speakers will bring greater growth flexibility to the acoustic device market.
China occupies a more important position in the acoustic device market besides audio ICs. For example, the MEMS microphone market GoerTek (002241), AAC and Minxin have entered the top five in the world; in the field of speakers, GoerTek They also occupy a more important position. It is recommended to pay attention to enterprises with large business increase in the acoustic supply chain in the field of TWS and smart speakers.