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The global bluetooth speaker market size is estimated to grow by USD 9.01 billion at a compound annual growth rate (CAGR) of 8.98% between 2023 and 2027. The convenience offered by interconnected devices drives the global popularity of smart homes. Manufacturers introduce devices controllable via smartphones and Bluetooth speakers, collecting user data for enhanced understanding. Integration of advanced sensors links appliances like thermostats, lighting, and security systems, enabling smartphone and tablet control. AI chips predict user preferences, while home assistants like Google Home and Amazon Alexa facilitate voice-controlled automation, fostering the demand in the growing smart home market.
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This bluetooth speaker market research report extensively covers Bluetooth speaker market segmentation by product (portable and fixed) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market share growth by the portable segment will be significant during the forecast period. Portable speakers have an enhanced aesthetic appeal and numerous applications. The increased acceptance of wireless speakers in the tourist sector is one of the major factors which positively influence this segment's growth. The demand for portable speakers is increasing among tourists, especially the younger generation. The battery life is one of the main issues to be confronted by this segment of wireless mobile speakers.
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The portable segment shows a gradual increase in the market share of USD 8.88 billion in 2017 and continue to grow by 2021. In this segment, the increase in the adoption of intelligent home devices and automation, as well as the emergence of voice assistants and wireless speakers. Voice-activated speakers can listen, record, and respond to the users' commands. For instance, Alexa, Google Assistant, and Siri can perform tasks, such as turning off the TV and turning on the lights. The demand for portable speakers is likely to increase as a consequence of increased demand and new product releases from key players in the market, which will increase segment growth during the forecast period.
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North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In North America, the increasing trend toward online communications and digital media, on the other hand, is likely to provide opportunities for music business professionals and international musicians. Nearly half of all North Americans use both free and premium streaming services. This is likely to have an impact on the business of speakers as more and more subscribers are signing up. As the popularity of music streaming services increases, the demand is expected to increase. Such factors will increase the market growth in this region during the forecast period.
The Bluetooth Speaker Market is witnessing rapid growth, fueled by the increasing popularity of online streaming services and smartphones. Consumers seek wireless connectivity and convenience in their audio devices, leading to high demand for Bluetooth speakers and smart speakers. Brands like Skullcandy offer a range of models catering to various needs, emphasizing features such as battery life, portability, and enhanced sound quality. From compact entry-level options to premium models, the market offers choices for diverse preferences. These speakers find applications in social gatherings, household chores, and hospitality venues, with waterproof features enhancing versatility. Online platforms like Amazon, Alibaba, and eBay facilitate easy purchases with hassle-free returns and Cash-On-Delivery (COD) services. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is experiencing significant growth, driven by the rising adoption of smart speakers. These devices play a pivotal role in home automation and the development of smart homes, allowing users to control connected devices through voice commands. Equipped with smart assistants, smart speakers offer a range of functionalities, including providing weather forecasts, news updates, and security alerts. This versatility has led to a surge in demand from consumers, prompting companies to innovate and introduce new products. Furthermore, startups are leveraging crowdfunding to enter the market, capitalizing on the growing interest in smart speakers. The integration of Bluetooth and Wi-Fi connectivity in smartphones has further fueled the popularity of Bluetooth speakers, contributing to market expansion.
The advent of cloud-hosted music streaming services is a primary trend in the market. Cloud-hosted music streaming services allow users to subscribe to online music stores and access digital content, which is stored on remote servers. Users can access music in the cloud as an on-demand service for listening to music instead of purchasing and downloading songs over the Internet. The popularity and availability of networked speakers, which are connected to Wi-Fi, Bluetooth, PlayFi, or Airplay, make it easier for listeners to access content directly over the cloud without the use of any intermediate devices. Bluetooth products such as Amazon Echo, which can connect to the Alexa voice services, can play music and provide real-time information on news, sports events, and weather conditions. The availability of these devices opens up new options for the providers of bluetooth products to provide specialized services concerning those devices.
In addition, the demand for mobile music streaming services is set to increase, requiring that devices can listen to music through speakers and subsequently be connected to them to transmit sound content using a wireless speaker. This will lead to the rise of bluetooth products, which will drive growth in this market during the forecast period as more people are adopting hosted music streaming services.
The threat from fake setup apps and counterfeit products is the major challenge in the market. Consumers' confidence and brand reputation may be affected by such fake setup apps, affecting the tangible and intangible assets of companies. Counterfeits are also a major concern in some markets, such as mobile speakers. The materials, sonic qualities, and durability of pirated devices are inferior to those manufactured by Companies.
In addition, counterfeits of goods are being sold for a fraction of the real price, and consumers, especially in developing countries such as China and India, are more inclined to buy them due to their cost consciousness. A Special Task Force has been set up by the company to keep an eye on this type of activity in the market, and to fight illegal operators and counterfeiters. Counterfeit products degrade customer experience and can also jeopardize privacy and data security and, in some cases, be hazardous. Such factors will hinder the market growth during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth and forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Apple Inc. - The company offers bluetooth speakers such as Apple HomePod Mini.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market Companies, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
The market is witnessing substantial growth fueled by various factors. With the surge in online streaming services and the demand for wireless connectivity, Bluetooth speakers have become popular for personal and residential use. They offer enhanced sound quality, portability, and affordability, catering to a wide range of consumer preferences. From compact entry-level models to premium options, Bluetooth speakers find applications in outdoor activities, social gatherings, and household chores. Commercially, they are deployed in retail stores, restaurants, and hospitality venues, providing immersive audio experiences. Technological innovations like waterproof features, Quick charging technology, and advanced sound technologies such as LumiSound contribute to their popularity. With the rise of e-commerce platforms like Alibaba, eBay, and Flipkart, coupled with hassle-free returns and Cash-On-Delivery (COD) services, consumers have easy access to a diverse range of Bluetooth speakers, driving the market's growth further.
The market forecasting report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Bluetooth Speaker Market Scope |
|
Market Report Coverage |
Details |
Page number |
169 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.98% |
Market growth 2023-2027 |
USD 9.01 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.51 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, China, Japan, UK, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Altec Lansing Inc., Amazon.com Inc., Apple Inc., Best IT World India Pvt. Ltd., Bose Corp., Imagine Marketing Pvt. Ltd., Koninklijke Philips NV, Kunhar Peripherals Pvt Ltd., Lenovo Group Ltd., LG Electronics Inc., Logitech International SA, Onkyo Corp., Panasonic Holdings Corp., Samsung Electronics Co. Ltd., Sharp Corp., Skullcandy Inc., Sony Group Corp., SoundBot, Zebronics India Pvt. Ltd., and inMusic Brands Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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