The global Bluetooth speaker market size was valued at US$ 7,050.0 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 12.8% from 2022 to 2030. Increasing demand for wireless audio devices such as Bluetooth speakers has led to a sudden increase in the market. Bluetooth speakers have also become integrated with other devices, such as in-car infotainment systems. Moreover, these speakers are more and more being integrated with voice control and hands-free calling. This increase in demand is expected to propel the market in the next few years.
Global Bluetooth Speaker Market: Regional Insights
The global Bluetooth speaker market is geographically segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
North America among regions is anticipated to dominate the global Bluetooth speaker market over the forecast period. This is attributed to rise in spending power of millennials, growing adoption of smartphones, emergence of novel technology, and increasing urbanization in the region. Countries such as the U.S. is driving the market growth in the region due to rise in presence of tech-savvy and smartphone using millennial population. Increasing use of smartphones is driving the need for high speed internet connectivity to stream songs anywhere and at any time. This in turn is driving the market growth across the region.
Europe is also anticipated to witness substantial growth in the global Bluetooth speaker market over the forecast period, owing to increasing digitalization, increasing inclination towards e-commerce platforms among users. Moreover, rise in number of online shoppers, with continuously changing in buying trends among consumers in the regions is also driving the market growth in Europe. Availability of internet allows consumers to compare costs and feedback of various devices, which allows them to choose brands of their preference. This in turn drive growth of the global Bluetooth speaker market.
Figure 1. Global Bluetooth Speaker Market Share (%), By Region, 2021
Global Bluetooth Speaker Market Drivers:
Increasing rate of online music streaming is expected to augment growth of the global Bluetooth speaker market over the forecast period. Due to several technological advancements in the music and entertainment industries, market players are offered various growth opportunities. The introduction of cloud-based streaming services along with use of cassettes and CDs, and music downloads, the market is losing relevance. The market is adopting significant changes in order to provide the shifting demands of customers in the way of them purchasing products such as home theaters and listening to music. Consumers are increasingly shifting towards use of online music streaming, which in turn is expected to propel growth of the global Bluetooth speaker market during the forecast period.
Increasing technological development in batteries is also expected to fuel growth of the global Bluetooth speaker market over the forecast period. Several Public Address Systems today depend on wired systems, which are at risk of by-passing and unauthorized obstruction. Moreover, the cost required for installation and maintenance of these devices is higher. New wireless technologies include Bluetooth devices that are used widely for short-range wireless communication and other purposes. These devices are powered by batteries, which are advancing technologically with increasing R&D activities. Thus, this factor is expected to drive growth of the market in the near future.
Global Bluetooth Speaker Market Opportunities:
Rise in technological advancements and innovative solutions is expected to create growth opportunities for market players in the global Bluetooth speaker market over the forecast period. Product innovations is important to gain customer attention. Several products are witnessing improvements in specifications, designs and features, as the latest technologies are increasingly being incorporated in the product segments. Thus, the demand for new products is increasing in the market across the globe. For instance, the Bluetooth Special Interest Group (SIG), introduced the Bluetooth LE Audio, in the Consumer Electronics Show 2020, at Las Vegas, U.S.
Moreover, market vendors are increasingly investing in Internet of Things, this in turn is expected to offer growth opportunities in the global Bluetooth speaker market over the forecast period. The penetration of internet is growing around the world, more and more household appliances are becoming digitized, and households have become smarter. The penetration of IoT is rising in the consumer durable industry all over the world and many brands are adopting IoT for streamlining manufacturing processes as well as supply chain management. This in turn is anticipated to create various growth opportunities in the market.
|Base Year:||2021||Market Size in 2021:||US$ 7,050.0 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||12.8 %||2030 Value Projection:||US$ 20,556.4 Mn|
Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., LG Electronics Inc. and others
|Restraints & Challenges:||
Global Bluetooth Speaker Market Trends:
Growing e-commerce platforms around the world is a growing trend in the Bluetooth speaker market. E-commerce industry around the world is witnessing strong growth due to rise in trading activities, which in turn is likely to support the demand for appliances. Today’s e-commerce platforms provide several businesses with growth opportunities and many of these businesses are focusing on expansion to provide changing needs of consumers. Thus, e-commerce industry has changed the way of companies investing in their businesses. This trend is likely to continue in the global Bluetooth speaker market over the forecast period.
Rise in shift among consumers from physical media to digital and streaming media is another trend in the global Bluetooth speaker market, which is likely to boost the market growth. Today, the rate of consumers transferring music from cloud-based streaming services, smartphones and networked PCs to different wireless speakers equipped with Wi-Fi is growing all over the world. The home theater systems are increasingly witnessing advancements and smart TVs can stream movies using soundbars from the cloud. Bluetooth speakers powered with batteries are capable of playing music from smartphones inside the houses. This factor is expected to propel the market growth in the near future.
Global Bluetooth Speaker Market Restraints:
Instability in costs of raw materials is projected to hamper growth of the global Bluetooth speaker market over the forecast period. Raw materials such as minerals, steel, crude oil or plastic has differing cost points that keep changing depending on their supply and demand. This can be due to several variables that are likely to impact costs of raw materials and lead to lower or higher prices for manufacturers, distributors and consumers. Over last few years, the cost of raw materials utilized in Bluetooth speakers has increased significantly, and this is likely to hamper growth of the market.
Increasing popularity of smart speakers is another factor expected to restrain growth of the global Bluetooth speaker market over the forecast period. Smart speakers are trending in technology all over the world. These speakers are capable of supporting Wi-Fi, Speakerphones, Bluetooth, NFC and can be controlled through apps. The wireless multi-room speakers launched today consist smart speakers or voice assistant that are equipped with Wi-Fi. Moreover, these speakers also comprise of far-field microphones and cloud-based digital assistants such as Google Assistant, Microsoft Cortana, and Amazon Alexa. These speakers are capable of easily accessing and reading back news reports or calendars. Thus, rise in popularity of such smart speakers is likely to impede growth of the market in the near future.
Figure 2. Global Bluetooth Speaker Market Share (%), By Segment Type, 2021
Global Bluetooth Speaker Market Segmentation:
The global Bluetooth speaker market report is segmented into Pricing, Portability, Device, End-User and Geography.
Based on Pricing, the market is segmented into Low-end, Mid-range, and Premium Range. Out of which, Low-end is expected to dominate the global market over the forecast period and this is attributed to the various benefits offered by these speakers and low cost leading to high demand in residential sector.
Mid-range segment is also expected to witness significant growth in the near future and this is owing to the increasing use of mid-range Bluetooth speakers in various applications such as in parks, at the beach, party or any other function along with sports, leisure activities, where they are easy and convenient to use with a wide range of playlists.
Based on Portability, the market is segmented into Fixed, Portable. Out of which, Fixed is expected to dominate the global market over the forecast period and this is attributed to the rise in technological inventions, professionals are focused on the launch of devices with lightweight fpr catering requirements of residential end-users.
Portable segment is also expected to witness significant growth in the near future and this is owing to the rising prominence in users as these devices are lightweight and small in size, which allows users to carry them easily anywhere. Moreover, these devices come with batteries, which allows them to function without needing to be plugged in a power source.
Based on Device, the market is segmented into Traditional, Waterproof, and Rugged. Out of which, Traditional is expected to dominate the global market over the forecast period and this is attributed to growing demand for product innovation from end-users, and high usage of these speakers to share music files and play music outside and inside the house. For instance, according to the Coherent Market Insights, there was total 45.16 million units of shipment of traditional Bluetooth speakers across the world, in 2019.
Waterproof segment is also expected to witness significant growth in the near future and this is owing to the due to mid-range cost of waterproof Bluetooth speakers and increasing ability of consumers to spend highly on innovative speakers in developed countries.
Based on End-User, the market is segmented into Residential and Commercial. Out of which, Residential is expected to dominate the global market over the forecast period and this is attributed to the rising popularity of Bluetooth speakers in smart homes and as home theater systems, as the lifestyle among consumers continues to change all over the world.
Commercial segment is also expected to witness significant growth in the near future and this is owing to the rise in popularity of Bluetooth speakers in smart offices, home offices, small retail stores and educational institutions among various others.
Global Bluetooth Speaker Market: Key Developments
In March 2017, Samsung acquired Harman International, a leading global developer, designer and seller of sound reinforcement systems, after which, HARMAN began operating as subsidiary of Samsung Electronics.
Global Bluetooth Speaker Market: Key Companies Insights
The global Bluetooth speaker market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global Bluetooth speaker market are Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., and LG Electronics Inc.
Bluetooth speakers are an amplifier and loudspeakers with wireless Bluetooth connectivity that can be paired with one or more computers, smartphones, tablets, or iPods. Bluetooth speakers are also great for hands-free calling. Some speakers come with built-in microphones that allow user to make and receive calls without ever having to lift a finger
Bluetooth speakers can be found in a variety of sizes and prices. Most are loud enough to hear, while others can provide a surprising punch. They are also easy to clean. Some are even waterproof. They may also have a special "Aux In" socket, which allows users to connect other audio devices, such as their TV or stereo. There are plenty of other Bluetooth speakers available, including some that can be controlled with an iPhone. Some models even have a built-in Google Assistant. Some are even waterproof.
Rise in the number of mergers and acquisitions. Companies are also investing in R&D to improve the battery life of Bluetooth speakers. The industry is also witnessing a high demand for wireless connectivity as many homes in the developed nations are becoming smart homes. The introduction of smart Bluetooth speakers has also increased the demand for innovative applications.
However, the market is expected to witness restraints such as rise in popularity of smart speakers and fluctuating costs of raw materials, during the forecast period.
Key features of the study: