Bluetooth Speakers Market Assessment Covering Growth Factors and Upcoming Trends

Author : univdatos
Publish Date : 2021-06-01 18:40:42
Bluetooth Speakers Market Assessment Covering Growth Factors and Upcoming Trends

Research report presented by UnivDatos, Emphasis on Device Type (Traditional, Rugged, Waterproof); Price (Low-End, Medium-Range, Premium Range); Portability (Fixed, Portable); Application (Commercial, Residential); and Geographical analysis (key regions and countries).

As per the research report, Global Bluetooth Speakers Market is expected to reach the market valuation of USD 12.2 Billion by 2027 expanding at a reasonable CAGR of 10.57% during the forecast period (2021-2027) from USD 5.3 Billion in 2020. In the audio streaming industry, the popularity of Bluetooth speakers is increasing. Bluetooth was introduced in 1998, since then the shipment of Bluetooth devices has continuously grown. Bluetooth speakers' demand has increased because of its features such as wireless connectivity and versatile functionality. Brand innovation is one of the main drivers of business expansion. This pattern is playing an important role in attracting customer interest. Several models have improved in design, specification, and functionality as a result of the incorporation of new, advanced headphones technology, increasing market demand.

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Over the last 20 years, Bluetooth has been pivotal in enabling compelling customer experiences. It has been one of the key technologies underpinning the consumer wireless revolution. The Bluetooth community continues to grow and extend as the technology enhances its specification to retain its prominent position in future markets. The Bluetooth member community continues to experience strong growth and now has 35,000 companies spread evenly across all regions of the world, Americas, APAC, and EMEA for 34%, 36%, and 29% respectively highlighting the true global footprint of Bluetooth technology.

With the support of a committed member community, Bluetooth technology has met the growing demands for wireless innovation for more than 20 years. Since its introduction in 1998, Bluetooth device shipments continue to increase with no sign of slowing down. The Bluetooth devices shipments were accounted for almost 4 Billion in 2019 and is expected to reach 6.4 billion by the year 2025, growing at a CAGR of 10% from 2021. Bluetooth speakers were sold in the US retail market for an estimated USD 1.96 billion in 2018.

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Bose, Samsung, Apple inc., Sony, Panasonic, Skullcandy, Pioneer, Plantronics Inc., VOXX electronics corp. and inc. are some of the prominent players operating in the global Bluetooth Speakers market. In 2019, held 22.1% market share with 4.6 million shipments of speakers globally. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Device Type, Waterproof segment holds the major share”

Based on the device type, the market is fragmented into traditional, rugged and waterproof. The waterproof Bluetooth speakers are gaining more attention in the U.S. and Western European regions because of their waterproof design. For example, Harman International Industries, Inc., launched JBL GO 2 in 2018 with a waterproof design gaining demand from across the globe.

“Amongst Application, the commercial segmented is anticipated to grow at the highest CAGR during the analyzed period”

Further based on application, the market is fragmented into commercial and residential. The commercial segment is expected to observe significant market growth over the analyzed period in the market because of its increased demand in the industrial, commercial and automotive sectors.

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“Based on Price, low-end Bluetooth speaker market has gained traction over the years”

Based on based price, the market is fragmented into low-end, medium-range, and premium ranges. Low-end Bluetooth gained traction in the market because of its convenient use and good sound quality and with increased popularity among the masses.

“Amongst Portability, Portable speakers are expected to increase the CAGR growth in the forecasted period”

Based on portability, the market is divided into fixed and portable. Portable speakers are light weighted and can be moved everywhere. Consumers are more attracted to easy, wireless devices with easy portability and a wide range of functions.

“North America signifies one of the largest markets of Bluetooth Speakers Market”

For a better understanding of the market adoption of the Bluetooth speakers, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, Italy, UK, France, Spain, Rest oF Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and Rest of the world. North America is the major market for Bluetooth speakers. North America was the largest revenue to the market. The United States grabbed the majority of revenue share in North America, the growing popularity of music streaming services among millennials is expected to boost demand for Bluetooth speakers in the region.

Customization Options:

Bluetooth Speakers Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Category : business

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