Bluetooth Speakers Market Set To Record Exponential Growth By 2030
Global
Bluetooth Speakers Market
report added by Reports and Data provides insights into the current market
scenario with regards to sales, growth rate, market share, and market size. The
investigative research report offers a complete analysis of the challenges,
restraining factors, market growth prospects, technological and product
advancements, R&D developments, threats, and investment opportunities in
the global market. The report also covers fundamental aspects of the Bluetooth Speakers market
inclusive of lucrative business approaches, market demands, prominent players
of the industry, and a futuristic outlook for the market for the forecast
period of 2022-2030. The report also offers insights into how the market
revenue is expanding in domestic and international markets and contributing to
global economy.
Bluetooth
is gaining traction in Industrial Internet of Things (IIoT) owing to
various technological advancements in Bluetooth mesh networks (BLE mesh).
Ultra-low power consumption, and growing awareness among enterprises regarding BLE
communication technology is also driving revenue growth of the market. For
instance, on 9 April 2021, Xiaomi released second-generation Mi AI Speaker,
which features greater sound quality and an enhanced Internet of Things (IoT)
experience.
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.
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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.
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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.
Regional
Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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
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.
Thank you for reading this article. You can also get
chapter-wise sections or region-wise report coverage for North America, Europe,
Asia Pacific, Latin America, and Middle East & Africa.
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