Global Bluetooth Speaker Market was worth US$ 8.4 Bn. in 2020 and total revenue is expected to grow at a rate of 19 % CAGR from 2021 to 2027, reaching almost US$ 28.39 Bn. in 2027.
In the voice frequency industry, Bluetooth speakers are getting a lot of interest. As a result, the adoption of new generation technology that provides better connectivity is projected to drive demand for Bluetooth speakers. The Bluetooth speaker industry has increased in popularity in the United States and China, thanks to increasing internet penetration and the convenience of purchasing connected products through a variety of online distribution channels. Major players in the industry are Bose, Beat electronics, Samsung, etc. recently Bose launched its new Bluetooth speaker in the market which can provide up to 12 hours of playtime. In 2021 Ikea launches its portable lamp which contains a Bluetooth speaker with a Spotify tap.
Bluetooth Speaker Market Overview:
The Global Bluetooth Speaker Market research study, which keeps a close watch on significant rivals, includes strategic analysis, micro and macro market trend and scenarios, pricing analysis, and a thorough assessment of market circumstances in the near future. It’s a deep dive into primary and secondary market drivers, market share, leading industry categories, and regional market analyses. The global Bluetooth Speaker market study looks at important businesses, notable collaborations, mergers and acquisitions, as well as current innovation and corporate policies.
Market Scope:
According to the forecast period 2021-2027, the global Bluetooth Speaker market is expected to develop at a stable rate between 2021 and 2027. The market is expected to grow fast between now and 2021, with key industry players putting forward aggressive efforts.
Import/export consumption, supply and demand, cost, price, share, sales volume, revenue, and gross margins are all covered in this global Bluetooth Speaker market analysis. In the global Bluetooth Speaker market, this report looks at each producer’s manufacturing sites, capacity, production, ex-factory price, revenue, and market share. The countries (regions) studied include the United States (US), Canada, Mexico, Germany, France, the United Kingdom (UK), Russia, Italy, China, Japan, Korea, India, Southeast Asia, Australia, Brazil, and Saudi Arabia.
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Drivers:
The market has grown due to the rising popularity of Bluetooth speakers among millennial, as well as the high product compatibility with other consumer electronic products, the growing use of smartphones, as well as the influx of video and music streaming apps, has increased global product demand. The demand for Bluetooth speakers has been spurred by shifting customer preferences for lighter, portable, and compact speakers over wired equipment. The increased demand for low-maintenance and battery-powered devices for outdoor applications, as well as the expanding use of Bluetooth in the audio and video business, has boosted product demand. Aside from that, the increasing integration of Bluetooth speakers with in-car infotainment systems, hands-free calling, voice control systems, home theatre, and other devices contributes to the global market’s expansion.
Wireless audio devices and technological advancement are major factors to drive the market. The development in the audio industry is changing day by day, various wireless devices are being launched in the market like Bluetooth speaker, sound bars, headphones and microphones. In the developed countries like US and Canada are moving to the smart home to connect the network and give facility to monitor and play music at remote locations. Piracy is one of the challenge to this market. Many speaker manufacture offer pirated products and customers attack on that.
Segmentation:
Based on Type, the market is sub-segmented into portable and fixed. Portable Bluetooth speakers are compact and lightweight, they are likely to rise at a considerable CAGR throughout the forecast period, gaining significance in the Bluetooth speaker market. These devices can also be readily configured with tablets or smartphones, resulting in a higher rate of acceptance in the residential market. Fixed Bluetooth speakers do not come with batteries and are difficult to transport. In the house, they have a permanent installation. As a result, these models limit the mobility of the equipment, restricting their market expansion. Professionals are increasingly focusing on the introduction of devices that are high on compactness and low on the inconvenience as a result of increasing advancements. Because of the growing popularity of regional music streaming platforms, the APAC region is likely to provide a considerable part of the fixed segment. In the coming years, these platforms will concentrate on creating long-term business strategies. Asia’s consumers are progressively moving away from downloading and toward streaming.
Based on Distribution channel market is sub-segmented into Online and Offline. The offline channels segment dominated the global market, with a revenue of USD 744.8 million. Offline channels provide a full study of the technology used in the product so that users can get a hands-on experience with it. Marshall Amplification PLC, Xiaomi Corp., Apple Inc., and IKEA, for example, own their retail shops in all regions to give consumers simple access and convenience. From 2019 to 2025, the fastest CAGR is expected to be 11.9 % for online channels. This increase can be ascribed to expanding population and smartphone adoption. Technologically advanced regions, such as the United States and the United Kingdom, play a significant role in the segment’s growth. These channels assist in the distribution of the most up-to-date equipment. For example, according to Internet World Stats, Asia had 50.4 % of global internet users in 2019.
Key Players:
• Beats Electronics
• Bose
• Harman
• Samsung
• Sony
• Altec Lansing
• Aversa
• Braven
• Cambridge Sound Works
• Creative Technology
The research focuses into the latest major developments by top manufacturers and innovation profiles in the Global Bluetooth Speaker Market.
The Competition Strategic Window examines the competitive landscape in terms of markets, applications, and geographies to assist the vendor in determining whether their strengths and future growth prospects are a good match. It describes the best or most advantageous fit for vendors to execute future business expansion and growth over a forecast time period by adopting sequential merger and acquisition plans, geographic development strategies, R&D strategies, and new product launch strategies.
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Regional Analysis:
Europe, North America, Asia-Pacific, the Middle East and Africa, and Latin America are the five regions that make up the global Bluetooth Speaker market. The Global Bluetooth Speaker Industry Research digs into the key geographies of the market, as well as notable segments and sub-segments. The study looks at the current condition of regional development in terms of market size, market share, and market volume. Figures, geographies, and revenue are included in this global Bluetooth Speaker market report, as well as an in-depth look at the business chain structure, opportunities, and industry news.
COVID-19 Impact Analysis on Bluetooth Speaker Market:
COVID-19 is a global public health crisis that has harmed practically every industry and is anticipated to hinder industrial progress between 2021 and 2027. Maximize Market Study (MMR) is broadening the scope of its research to include core COVID-19 concerns and possible solutions. COVID-19 is being investigated in light of shifts in consumer demand, purchasing patterns, supply chain rerouting, market dynamics, and government involvement. COVID-19’s influence on the market is assessed in this revised research, which includes insights, analyses, estimates, and forecasts.
Key Questions answered in the Bluetooth Speaker Market Report are:
- Which product segment grabbed the largest share in the Bluetooth Speaker market?
- How is the competitive scenario of the Bluetooth Speaker market?
- Which are the key factors aiding the Bluetooth Speaker market growth?
- Which region holds the maximum share in the Bluetooth Speaker market?
- What will be the CAGR of the Bluetooth Speaker market during the forecast period?
- Which application segment emerged as the leading segment in the Bluetooth Speaker market?
- Which are the prominent players in the Bluetooth Speaker market?
- What key trends are likely to emerge in the Bluetooth Speaker market in the coming years?
- What is the expected global Bluetooth Speaker market size by 2027?
- Which company held the largest share in the Bluetooth Speaker market?
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