Coherent Market Insights

Bluetooth Speaker Market to Surpass US$ 20,556.4 Mn by 2030

Bluetooth Speaker Market to Surpass US$ 20,556.4 Mn by 2030 - Coherent Market Insights

Publish In: Dec 12, 2022

The Global Bluetooth Speaker Market is estimated to account for US$ 7,050.0 Mn in terms of value by the end of 2021. Bluetooth speakers are usually compact and sturdy. Many have a microphone, which is great for answering phone calls without pulling out user’s smartphone. The built-in mic also allows users to multitask while attending calls. Bluetooth speakers can also be used for group listening. They are also convenient for online business meetings. They can be used to play user’s favorite song with a voice command.

Global Bluetooth Speaker Market: Drivers

Rise in penetration of internet is expected to boost growth of the global Bluetooth speaker market over the forecast period. In the past few years, the broadband and internet connectivity has grown all over the world. Many countries are focused on boosting the internet penetration and deploying Long Term Evolution (LTE) networks, to push the digital economies. Moreover, technological developments in consumer appliances sector is pushing end-users towards adoption of broadband connection with higher speed. This is further supporting the global Bluetooth speaker market to produce greater revenue.

Global Bluetooth Speaker Market: Opportunities

Increasing disposable incomes and consumer living standards are creating various opportunities for growth of the global Bluetooth speaker market. Due to increasing living standards and rise in disposable incomes, the use of modern consumer gadgets like Bluetooth speakers is increasing, specifically in developing countries. The market is witnessing advent of AI-based products such as Echo and Alexa due to several technological development. Consumers in emerging regions are increasingly adopting novel technologies, which is also driving the demand for Bluetooth speakers all over the world. And this in turn is offering lucrative opportunities in the global Bluetooth speaker market.

Global Bluetooth Speaker Market: Restraints

Low cost and commoditization of Chinese Bluetooth speakers is a factor anticipated to obstruct growth of the global Bluetooth speaker market during the forecast period. Commoditization is a situation, where products and services of a company are linked to competitor products and services in terms of features, specifications and cost. Due to technological advancements and rise in information exchanges, the trend of commoditization is likely to increase in the market. With growing transparency in product information, the vendors are facing difficulties in maintaining uniqueness of their products in terms of features and quality. Thus, this factor is projected to limit growth of the market in the forecast future.

Global Bluetooth Speaker Market - Impact of Coronavirus (Covid-19) Pandemic:

The coronavirus outbreak severely impacted several industries around the world. The epidemic affected more than 200 countries worldwide, due to which many countries imposed stringent lockdown regulations. Under these regulations, several industrial operations were disrupted. Due to the lack of raw materials and manpower, production and demand declined in many industries. Several government regulations closed down manufacturing units as well as transportation. Thus, along with production, supply chains and distribution activities in various markets including the one in discussion were disrupted. This further adversely impacted growth of the global Bluetooth speaker market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/bluetooth-speaker-market-5401

Key Takeaways:

The global Bluetooth speaker market was valued at US$ 7,050.0 Mn in 2021 and is forecast to reach a value of US$ 20,556.4 Mn by 2030 at a CAGR of 12.8% between 2022 and 2030.

Portable segment held dominant position in the global Bluetooth speaker market in 2021, accounting for 91.3% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Bluetooth Speaker Market Trends:

Portable Bluetooth speaker segment is gaining traction in the global Bluetooth speaker market. These devices are smaller in size, lightweight and can be moved or carried anywhere. Moreover, portable speakers are available in various sizes and shapes. Tubes, clips, and soundbars are the most popular models in the market. With changing consumer dynamics and rise in preference of consumers toward portable devices, are driving growth of the global Bluetooth speaker market. And this trend will continue in the market over the forecast period.

Increasing penetration of Wi-Fi-based networks and rise in emergence of connected devices is trending in the global Bluetooth speaker market. New speakers come with the ability of providing wireless connectivity. Moreover, the demand for sophisticated speakers is rising due to the improved video quality. And this in turn is anticipated to support growth of the global Bluetooth speaker market over the forecast period.

Global Bluetooth Speaker Market: Competitive Landscape   

Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., LG Electronics Inc., and others

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