USD 7.95 billion
Bluetooth Speaker Market Size, Share, Growth Analysis, By Type(Smart Bluetooth Speakers, Conventional Bluetooth Speakers), By Portability(Portable, Fixed), By Application(Residential, Commercial), By Distribution Channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25E2105 |
Region:
Global |
Published Date: August, 2024
Pages:
223
|Tables:
87
|Figures:
68
Bluetooth Speaker Market Insights
Global Bluetooth Speaker Market size was valued at USD 7.95 billion in 2022 and is poised to grow from USD 8.97 billion in 2023 to USD 23.50 billion by 2031, growing at a CAGR of 12.8% during the forecast period (2024-2031).
Speakers that can connect to any device using Bluetooth are known as Bluetooth speakers. The growing popularity and adoption of wireless technologies around the world to eliminate the hassle of cords and wires have led to increased sales of Bluetooth speakers. The rising number of people using online streaming to access content, the growing use of Bluetooth speakers to interact with voice assistants in smart homes, and the increasing proliferation of technology in all walks of life are other factors that are slated to uplift Bluetooth speaker demand in the future. Increasing launches of new and advanced speakers with advanced Bluetooth technologies around the world are also contributing to market growth over the coming years.
The rising number of people participating in outdoor activities requiring portable music speakers is also slated to create new opportunities for Bluetooth speaker vendors in the future. High demand for smart speakers in homes, offices, and other infrastructure is also slated to bolster market growth in the long run. Speakers with prolonged battery life, quick charging, smart connectivity, and improved audio quality are predicted to be highly popular among residential as well as commercial users around the world.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Portable
Fastest Growth
Portable
Growth Rate
12.8% CAGR
Bluetooth Speaker Market ($ Bn)
Country Share for North America Region (%)
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Bluetooth Speaker Market Segmental Analysis
The global Bluetooth speaker market is segmented based on type, portability, application, distribution channel, and region. Based on type, the market is segmented into smart Bluetooth speakers and conventional Bluetooth speakers. Based on portability, the market is segmented into portable and fixed. Based on application, the market is segmented into commercial and residential. Based on the distribution channel, the market is segmented into online and offline. On a regional level, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Type
Fixed Bluetooth speakers account for a notable share of the global marketplace at present. Traditionally, Bluetooth speakers were plugged into a power source and only then remained operational, which is why they were fixed in a place. However, with the advent of advanced batteries in recent years Bluetooth speakers need not be plugged in to be used, which has contributed to the high popularity and adoption of portable Bluetooth speakers thereby reducing the market share of fixed Bluetooth speakers.
Demand for portable Bluetooth speakers is estimated to soar high across the forecast period. Technological advancements have led to the creation of novel portable Bluetooth speakers that are gaining popularity among people all over the world. Bluetooth speaker manufacturers are using lightweight materials to increase the portability of their products by decreasing weight wherever possible. Changing consumer preferences also play a crucial role in driving sales of portable Bluetooth speakers around the world.
Analysis by Distribution Channel
Offline distribution channels account for a major share of the global Bluetooth speaker market. The dominance can be linked to the presence of multiple brick-and-mortar stores selling Bluetooth speakers and their ability to allow consumers to check and use the product before purchase. Presence of different discount offers. Offline distribution channels have shown to have a positive impact on the buying decisions of consumers and this is also a key factor that is slated to bolster the demand for Bluetooth speakers via offline distribution channels going forward.
Meanwhile, increasing digitization and expansion of the e-commerce industry are forecasted to be key factors that make the online distribution channels segment a fast-growing one. Adoption of fast-paced lifestyles has influenced the buying habits of people and their preference for online shopping has increased substantially in recent years. The wide availability of products to choose from, free shipping, and great discounts with doorstep delivery are some factors of online shopping that are boosting online sales of Bluetooth speakers.
Bluetooth Speaker Market By Portability
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Bluetooth Speaker Market Regional Insights
An increasing number of online music streamers and rapid adoption of advanced Bluetooth speaker technologies are forecasted to be key factors contributing to the dominant market share of the North American region. High consumer spending potential, frequent product launches, rising adoption of smart home trends, and the presence of a developed retail infrastructure are slated to be key prospects driving Bluetooth speaker sales in this region. The United States and Canada are projected to emerge as the leading markets in the North American region across the forecast period.
Asia Pacific is forecasted to emerge as a highly opportune space for Bluetooth speaker suppliers owing to the increasing disposable income of people and evolving consumer preferences. China, India, Japan, and South Korea are forecasted to be the top markets for Bluetooth speaker companies in this region due to the expanding middle-class population. The rising popularity of e-commerce and the increasing availability of new and advanced Bluetooth speakers are also slated to benefit market development in this region.
Bluetooth Speaker Market By Region
- Largest
- Fastest
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Bluetooth Speaker Market Dynamics
Drivers
Increasing Number of Music Streamers
- The high proliferation of smartphones and the internet around the world has popularised the online music streaming trend and this is projected to bolster sales of Bluetooth speakers over the coming years.
Rising Disposable Income
- The spending capacity of people around the world is increasing as their disposable income rises and this is also estimated to boost Bluetooth speaker demand going forward. Evolving consumer preferences and modernization of lifestyles are also contributing to the Bluetooth speaker market growth.
Restraints
Low-Cost Wired Speakers
- The high availability of different types of low cost wired-speakers around the world is influentially slowing down sales of Bluetooth speakers around the world as low prices of alternatives are impacting buying decisions.
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Bluetooth Speaker Market Competitive Landscape
The global Bluetooth speaker market is highly fragmented with a mix of regional as well as international companies vying for market share. Regional Bluetooth speaker providers are being acquired by global market leaders to improve their market share and gain a competitive advantage over other market players. Bluetooth speaker companies are also continually investing in improving the connectivity and audio quality of their products to improve their sales potential in the long run. Mergers, collaboration, and partnerships are also key strategies that will allow companies to expand their business reach on a global level. Influencer marketing and celebrity endorsements could help Bluetooth speaker companies maximise their sales and improve brand awareness among consumers.
Top Player’s Company Profiles
- Sony Group Corporation
- Beats Electronics
- Marshall Group AB
- VOXX International Corporation
- Bang & Olufsen
- Fugoo
- Samsung
- Apple Inc.
- HARMAN International
- Bose Corporation
- JVCKENWOOD Corporation
- Logitech
Recent Developments
- In September 2023, boAt, a renowned provider of audio products based in India, announced the launch of its new Bluetooth speakers. The boAt Stone 1800 is a portable speaker capable of running for up to 5 hours and also features RGB lights.
- Promate, a renowned supplier of consumer electronics, launched a new Bluetooth speaker in May 2023. The Glitz-L speaker is specifically designed for outdoor use and comes in a lightweight cylindrical design.
Bluetooth Speaker Key Market Trends
- Integration of Smart Assistants: Rising popularity of smart technologies and growing adoption of smart home trends have bolstered the demand for speakers with integrated smart assistants such as Alexa and Siri. Companies can focus on integrating more smart technologies and features that expand the usability and application scope of Bluetooth speakers.
Bluetooth Speaker Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rising disposable income and the growing popularity of online music streaming are estimated to be the key Bluetooth speaker market drivers going forward. The expanding middle-class population, changing consumer preferences, the launch of new portable Bluetooth speakers, and the expanding e-commerce industry are other factors that are slated to boost market growth in the future. However, the high availability of low-cost wired speakers is estimated to slow down Bluetooth speaker demand outlook across the forecast period. Asia Pacific is estimated to emerge as the fastest-growing regional market for Bluetooth speaker companies owing to the increasing consumer spending potential of people in countries such as China, Japan, and India over the coming years. Integration of smart features with Bluetooth speakers is slated to be a key trend that most companies will capitalise on going forward.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.95 billion |
| Market size value in 2031 | USD 23.50 billion |
| Growth Rate | 12.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Bluetooth Speaker Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Bluetooth Speaker Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Bluetooth Speaker Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bluetooth Speaker Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bluetooth Speaker Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bluetooth Speaker Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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