Bluetooth Speaker Market Overview
The global bluetooth speaker market size was valued at USD 5600 million by 2019 and is estimated to reach USD 11,800 million with a prominent CAGR of 14.8% during the forecast period of 2020-2026. The key drivers impacting the bluetooth speaker market is the rising demand for wireless speakers as this technology works with a wide range of electronic segments such as home theatres, smartphones, music systems, computers, laptops, and many others. According to the Consumer Technology Association,2019 report in the United States, there were 88% of the wireless speakers sold, which are Bluetooth technology-enabled, and it was followed by Wi-Fi- (67%) and smart speakers (62%)shares.
In addition to this, the growth in online music streaming and a rapidly rising number of IoT connected devices is anticipated to increase the bluetooth speaker market demand under the forecast period. As per the Federation of American Scientists (FAS), The global IoT is expected to grow approximately 37% from 2017 to $1,567B by 2025. Also, the number of active IoT devices is estimated to grow from 9.9 billion in 2019 to 21.5 billion in 2025.
The development of networked audio devices has enabled most modern-day speakers to stream audio through Bluetooth acts as an important determinant adding growth to the market. Also, the growing popularity of multi-room streaming at the global level is considered the key trend that positively impacts the market. However, the Improver disconnectivity amongst the devices may hamper the global bluetooth speaker industry in the long run. Also, the issue of dropping batteries in devices like mobiles and laptops are likely to restrict the market growth. The current industry trends show the growing proliferation of smartphones, tablets, PCs, and technology advancements to give innovative solutions is surging smart devices' requirement in the coming years, thus creating new market opportunities for the key players.
The bluetooth speaker market is vast, with a large number of local and global players. The key leaders follow various strategies to improve their market position, such as mergers, acquisitions, expansions, and improved quality products at the best prices to enhance their market share across the world. For instance, in 2019 May, Sony Corporation had launched its first Bluetooth speakers primarily focused on its outdoor usage. The speaker, Sony GTK-PG10, can provide a battery backup of 13 hours, and it weighs around 6.7 kg. It is integrated with the DSP (Digital Signal Processor) that auto-adjusts the sound according to its surroundings. The report studies a few key players of the global bluetooth speaker market in detail, covering the company profile, product list, and financial information. The dominating key players included in the report are Sony Corporation, Koninklijke Philips NV, Samsung Electronics Co. Ltd. (Harman International Industries), Bose Corporation, Shure Incorporated, Beats Electronics, Harman, Altec Lansing always been the initial targets of bluetooth speaker companies and many others.
In this market research report, the market is segmented by type, distribution channel, and region.
Analysis By Type
By type, the report is categorized into portable and fixed bluetooth speakers. A portable bluetooth speaker dominates the type segment in 2019 with a maximum market share in terms of revenue. It is expected to maintain its dominancy over the forecast period as it can be easily configured with smartphones and tablets. Moreover, they are compact and lightweight, leading to its high adoption in the global market.
Analysis By Distribution channel
By distribution channel, the report is categorized into online and offline channels. Offline channels dominate the distribution channel segment in 2019 with a maximum market share. It is because offline channels display a detailed analysis of the technology integrated into the product to get a practical experience of the same. Online channel is expected to be the fastest-growing segment over the forecast period in the forecast period. It is due to the growing e-commerce industry and mounting customer preference for online purchases. Also, online channels provide information on the latest devices arriving and available in the market.
Analysis By Region
In the regional outlook of the global bluetooth speaker market, North America dominates with maximum shares in 2019. It is expected to maintain its dominancy over the forecast period due to increased penetration of smartphones and other mobile devices and easy availability of online music and video streaming. Asia Pacific region is the significant region globally driving the market share by the end forecast period. The growing penetration of smartphones due to urbanization and the availability of budgeted smartphones are the primary growth factors driving the Bluetooth speaker demand in India and China. Besides, China is a manufacturing hub of electronics, and rapid technological developments lead to APAC region growth.
Market Segmentation covered in the Report:
By Distribution Channel
- North America
- the Asia Pacific
- Latin America
- The Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.