Global Bluetooth Speaker Market

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 News

  • 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.
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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).

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. 'Sony Group Corporation', 'Beats Electronics', 'Marshall Group AB', 'VOXX International Corporation', 'Bang & Olufsen', 'Fugoo', 'Samsung', 'Apple Inc.', 'HARMAN International', 'Bose Corporation', 'JVCKENWOOD Corporation', 'Logitech'

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.

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.

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.

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Global Bluetooth Speaker Market

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