The global Bluetooth Speakers Market is forecast to reach USD 6.27 Billion by 2030, according to a new report by Reports and Data. Bluetooth speakers have the ability to stream audio content wirelessly and take up minimal space, as compared to other home theater systems. These speakers run on batteries and are perfect for outdoor purposes. Another advantage is their hassle-free maintenance, good functionalities, and increased durability, which will propel the demand for the market. The growth in multi-room streaming trend and introduction of network audio devices which allow modern speakers to stream sound via Bluetooth is also driving the market demand.
The statistical data included in the report has been derived from reliable and authentic sources and has been verified and backed by industry experts to help readers formulate strategic investment plans. The report studies financial information gathered by extensive primary and secondary research to offer accurate market insights. The report also offers a holistic overview of the market share, market size, market revenue growth, and segments and sub-segments along with strategic recommendations to key market players and new entrants. The report also emphasizes nascent market segments and provides insights into the growth prospects and opportunities.
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The COVID-19 impact:
The hit of the COVID-19 has led to a serious result in electronics and electrical products, disrupting the supply chain of the industry. The epidemic has reduced the purchase of consumer appliances, meanwhile reducing the delivery time as well. Limited availability of products, low labor supply, are challenging the market. As the lockdown ended, the industry is anticipated to witness higher consumer traffic, mostly through the online distribution channel.
Key Participants:
Key participants include Harman International Industries Inc., Samsung Group, Bose Corporation, Apple Inc., VOXX Electronics Corp., Sony Corporation, Plantronics Inc., ULTIMATE EARS, Beats Electronics, and 4COM Technologies, among others.
Further Key Findings From The Report Suggest:
- Easy to mount, long life, and minimal effort are some of the essential factors propelling the automotive Bluetooth industry. The emergence of novel in-car smartphone features, self-driving vehicles, and vehicle diagnostics are some of the factors that will push the industry forward in the coming years.
- The increasing investment in smart vehicles and intelligent transportation will also boost the growth of the market. On the flip side, the slow data transfer rate, limited range, and inadequate security technology in Bluetooth are significant restraints on the market.
- The major advantage of this type of Bluetooth is its ease of listening to music and share the social experience. It enables people to listen to music anywhere and anytime. The majority of the speakers are small and lightweight, which adds to their advantage.
- The Asia Pacific held a significant share in 2019 with a valuation of over USD 0.28 billion, owing to its rapidly growing automobile sector, especially in emerging economies like China and India. These emerging economies being the major manufacturing hubs of the world, are also a base to the major players, which has benefited the automotive Bluetooth segment. Europe and North America are expected to show lucrative opportunities for growth during the forecast period.
Market-O-Nomics:
- Technological advancement in electronics and the advent of innovative technologies will propel the demand for the market. The rise in demand for wireless devices is another growth factor.
- Piracy is a growing concern, and the availability of portable Bluetooth speakers knockouts offered at a fraction of prices, especially in developing nations such as India and China, is impacting the sales of the real product. The prevalence of counterfeit products is hampering market demand.
- Fixed Bluetooth speakers are used in automobiles and commercial spaces such as hotels, restaurants, and bars, among others. They have a high demand in commercial place and is forecasted to grow with a CAGR of 11.5% during the forecast period.
- The offline sector held a market share of 46.1% in the year 2019. The availability of Bluetooth speakers in consumer goods outlets is propelling market demand.
- Europe is forecasted to grow due to the high disposable income, and the rising construction of a smart home is augmenting the market growth. The region is forecasted to grow with a CAGR of 11.7% during the forecast period.
Market Segmentation:
Portability Outlook (Revenue, USD Billion; 2019-2030)
- Portable
- Fixed
Application Outlook (Revenue, USD Billion; 2019-2030)
- Residential
- Commercial
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- Online
- Offline
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
Objective of Studies:
- To provide detailed analysis of the market structure along with forecast of the various segments and sub-segments of the global Bluetooth Speakers market.
- To provide insights about factors affecting the market growth. To analyze the Bluetooth Speakers market based on various factors- price analysis, supply chain analysis, Porte five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, Latin America and Rest of the World.
- To provide country level analysis of the market with respect to the current market size and future prospective.
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