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Amazon (AMZN) Expands Echo Family by Launching New Devices
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Amazon (AMZN - Free Report) unveiled Echo Pop, Echo Show 5, Echo Show 5 Kids and Echo Buds in order to expand its family of Echo devices.
The Echo Pop is a semi-sphere-shaped device with a front-facing speaker, which is available in Lavender Bloom and Midnight Teal colors for $39.99. It allows users to listen to audiobooks, control smart lights, order household essentials and perform other functions just by giving voice commands to Alexa.
The Echo Show 5 has a redesigned speaker system with better bass and clearer sound quality. It is priced at $89.99. It lets users view news clips, check Ring doorbell camera clips and see shopping lists via a compact screen on it.
The Echo Show 5 Kids features a space-themed design, kid-friendly responses and free access to a suite of parental controls. It is priced at $99.99.
The new Echo Buds features customizable tap controls, VIP Filter and multipoint pairing. These earbuds are available for $49.99.
With the launch of new Echo devices, Amazon strives to deliver an enhanced experience of Alexa to customers.
The latest launch of Echo Pop, Echo Show 5 and Echo Show 5 Kids positions Amazon well to capitalize on the growth prospects in the booming smart speaker market.
A report from imarc indicates that the market is likely to witness an annual compound growth rate (CAGR) of 25.9% between 2023 and 2028, reaching $27.5 billion by 2028.
According to a Market.us report, the global smart speaker market size is expected to reach $100 billion by 2032 from its current value of $10.8 billion, witnessing a CAGR of 25.60% from 2023-2032.
We believe that Amazon’s solid prospects in this promising market will help it win investors’ confidence in the days ahead. It is also expected to drive its top-line growth in the near term.
The Zacks Consensus Estimate for second-quarter 2023 sales is pegged at $131.51 billion, indicating growth of 8.5% from the year-ago reported figure.
Coming to the price performance, AMZN has gained 37.5% in the year-to-date period compared with the industry’s rise of 19.7%.
Intensifying Smart Speaker Competition
Amazon, which carries a Zacks Rank #2 (Buy) at present, is likely to continue strengthening its competitive position against its contenders like Alphabet (GOOGL - Free Report) , Lenovo (LNVGY - Free Report) and Apple (AAPL) on the back of its expanding Echo device offerings.
Given the upbeat scenario in the smart speaker market, Alphabet’s Google is also leaving no stone unturned toward enhancing its smart speaker and smart display offerings.
The search giant’s Google Nest smart speakers like Google Nest Mini, Google Nest Audio and Nest Hub Max, to name a few, can be used for listening to music, checking morning news, adjusting your thermostat and more, powered by Google Assistant.
The addition of a feature called “Look and Talk” to its Nest Hub Max remains noteworthy. With the help of this capability, users can look at the onboard camera to activate the microphone for commands without using the “Hey Google” keyword.
Meanwhile, Lenovo’s smart display provides an enhanced visual experience to users. It is enabled with Google Assistant and designed for smart home applications. The underlined smart display runs on a simplified version of Google's Android mobile OS, Android Things.
Apple remains a notable player in the smart speaker space on the back of its advanced voice assistant – Siri and HomePod speakers. The iPhone maker has gained popularity for its HomePod mini. Its loyal customer base and brand loyalty are major positives.
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Amazon (AMZN) Expands Echo Family by Launching New Devices
Amazon (AMZN - Free Report) unveiled Echo Pop, Echo Show 5, Echo Show 5 Kids and Echo Buds in order to expand its family of Echo devices.
The Echo Pop is a semi-sphere-shaped device with a front-facing speaker, which is available in Lavender Bloom and Midnight Teal colors for $39.99. It allows users to listen to audiobooks, control smart lights, order household essentials and perform other functions just by giving voice commands to Alexa.
The Echo Show 5 has a redesigned speaker system with better bass and clearer sound quality. It is priced at $89.99. It lets users view news clips, check Ring doorbell camera clips and see shopping lists via a compact screen on it.
The Echo Show 5 Kids features a space-themed design, kid-friendly responses and free access to a suite of parental controls. It is priced at $99.99.
The new Echo Buds features customizable tap controls, VIP Filter and multipoint pairing. These earbuds are available for $49.99.
With the launch of new Echo devices, Amazon strives to deliver an enhanced experience of Alexa to customers.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Growth Prospects
The latest launch of Echo Pop, Echo Show 5 and Echo Show 5 Kids positions Amazon well to capitalize on the growth prospects in the booming smart speaker market.
A report from imarc indicates that the market is likely to witness an annual compound growth rate (CAGR) of 25.9% between 2023 and 2028, reaching $27.5 billion by 2028.
According to a Market.us report, the global smart speaker market size is expected to reach $100 billion by 2032 from its current value of $10.8 billion, witnessing a CAGR of 25.60% from 2023-2032.
We believe that Amazon’s solid prospects in this promising market will help it win investors’ confidence in the days ahead. It is also expected to drive its top-line growth in the near term.
The Zacks Consensus Estimate for second-quarter 2023 sales is pegged at $131.51 billion, indicating growth of 8.5% from the year-ago reported figure.
Coming to the price performance, AMZN has gained 37.5% in the year-to-date period compared with the industry’s rise of 19.7%.
Intensifying Smart Speaker Competition
Amazon, which carries a Zacks Rank #2 (Buy) at present, is likely to continue strengthening its competitive position against its contenders like Alphabet (GOOGL - Free Report) , Lenovo (LNVGY - Free Report) and Apple (AAPL) on the back of its expanding Echo device offerings.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Given the upbeat scenario in the smart speaker market, Alphabet’s Google is also leaving no stone unturned toward enhancing its smart speaker and smart display offerings.
The search giant’s Google Nest smart speakers like Google Nest Mini, Google Nest Audio and Nest Hub Max, to name a few, can be used for listening to music, checking morning news, adjusting your thermostat and more, powered by Google Assistant.
The addition of a feature called “Look and Talk” to its Nest Hub Max remains noteworthy. With the help of this capability, users can look at the onboard camera to activate the microphone for commands without using the “Hey Google” keyword.
Meanwhile, Lenovo’s smart display provides an enhanced visual experience to users. It is enabled with Google Assistant and designed for smart home applications. The underlined smart display runs on a simplified version of Google's Android mobile OS, Android Things.
Apple remains a notable player in the smart speaker space on the back of its advanced voice assistant – Siri and HomePod speakers. The iPhone maker has gained popularity for its HomePod mini. Its loyal customer base and brand loyalty are major positives.