Enjoy complimentary customisation on priority with our Enterprise License!
The bluetooth speaker market size is estimated to grow by USD 10.29 billion at a CAGR of 9.45% between 2023 and 2028. The market experiences significant growth due to its integration into the smart home ecosystem. Manufacturers prioritize connectivity, producing devices compatible with smartphones and voice assistants like Google Home and Amazon Alexa. These speakers collect user data, enabling personalized preferences and enhanced functionality. Advanced sensors linking appliances, such as thermostats, lighting, and security systems, allow for remote control via smartphones and tablets. AI chips embedded in these speakers predict user behavior, further enhancing the user experience. The voice-controlled automation facilitated by home assistants fosters demand in the expanding smart home market.
For More Highlights About this Report, Request Free Sample
Wireless speakers revolutionize audio-visual industries, offering convenience and portability unparalleled by cable speakers. These low-maintenance, battery-powered devices cater to outdoor applications, meeting the rising product demand for on-the-go entertainment. Whether connected to laptops, larger models, or Wi-Fi-based networks, wireless speakers seamlessly integrate into modern lifestyles, providing wireless access to audio content from smartphones, tablets, and computers. With built-in amplifiers and sleek designs, they enhance any environment, from home to outdoor gatherings. While wired connections remain an option, the convenience of wireless communication via Wi-Fi or Bluetooth technology is unmatched. From wall units to compact units, wireless speakers redefine audio experiences, offering versatility and flexibility for consumers worldwide. Our researchers analyzed the data with 2023 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 forecasting 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis 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 research and growth report also includes detailed analyses of the competitive landscape of the market and information about key 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 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.
Get a glance at the market share of various regions Download the PDF Sample
The portable segment shows a gradual increase in the market share of USD 9.20 billion in 2018. 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.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 37% 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 market forecast period.
The market report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion " for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
You may also be interested in:
1. Portable Speaker - Portable Speaker Market by Technology, Distribution Channel, and Geography - Forecast and Analysis
2. Speakers - Speakers Market by Product, Technology and Geography - Forecast and Analysis
3.Smart Speaker - Smart Speaker Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, Germany, China, UK, Japan - Size and Forecast
Battery-powered equipment, including audio devices like car radios, liberates users from the constraints of wires, providing flexibility in sound source placement and mobility. Bluetooth connectivity ensures seamless transmission of audio tracks, delivering high-quality sound without the need for physical connections. Brands like Promate, with products like Glitz-L featuring LumiSound technology, enhance user experiences with innovative features such as light shows and lithium-ion batteries for extended playtime. Quick charging technology and power banks alleviate concerns about battery life, while lightweight designs like the Soundlink Flex ensure easy portability. Specialized transducers deliver clarity and strong bass, catering to various usage scenarios from home entertainment to outdoor adventures. With advancements like Bluetooth mesh and on-device AI, wireless speakers overcome technical limitations, offering energy-efficient solutions for residential and commercial purposes. From compact portable speakers to rugged designs for adventure tourism, the Bluetooth Speaker Industry continues to innovate, expanding its potential user base and transforming the way we experience sound.
Market Scope |
|
Report Coverage |
Details |
Page number |
171 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.45% |
Market growth 2024-2028 |
USD 10.28 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.42 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 37% |
Key countries |
US, UK, China, Japan, 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., inMusic Brands Inc., Koninklijke Philips N.V., 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, and Zebronics India Pvt. Ltd. |
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 the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.