A 2-way speaker has two types of drivers which are known as a woofer and tweeter. The woofer is a speaker built exclusively for low-frequency sounds, while the tweeter is designed for high-frequency sounds. A 3-way speaker generates sound from three individual devices known as the mid-range, woofer and tweeter drivers.
Each of these owns its specific efficiency in a wide range of sound frequencies. Due to the ability to get optimized to run in a certain range, this type of speaker can produce much clearer, fuller, and more precise sound than ever!
A 2-way loudspeaker has two speakers in it, each of them is meant to provide a separate frequency selection, usually high and low. Whereas, if the conversation is about a 3- way loudspeaker, it contains three speakers, wherein each loudspeaker is meant to deliver separate frequency ranges; high, mid-range and low. This gives you a basic idea about the audio spectrum that each category offers.