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Bluetooth Speaker Market 2019-2024 by Size, Growth, Vendors, Trends, Challenges, Drivers, and Technology Leadership

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Bluetooth Speaker Market 2019-2024 by Size, Growth, Vendors, Trends, Challenges, Drivers, and Technology Leadership

Bluetooth Speaker

This “Bluetooth Speaker Market” report provides a detailed study on market and how it is impacting the industry. The report includes details of emerging trends, growth history, sales channel, manufacturers profiled in business, market share of product, application and regional scope of industry. In addition, the report also mentions opportunities that manufacturers operating in the global Bluetooth Speaker market can use for expanding their business in untapped market to increase their customer base.

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Market Overview:

  • The bluetooth speaker market was valued at USD 4.62 billion in 2018, and it is expected to reach USD 34.56 billion by 2024, at a CAGR of 40.38%, over the forecast period (2019 – 2024). The increasing need for eliminating more than one product in the home and commercial spaces has led to the growth of bluetooth enabled speakers and sound bars.
  • – Bluetooth speakers have witnessed widespread adoption in the past few years, with these devices accounting for a sizeable share in the audio technology category. Bluetooth speakers come in many shapes and sizes, meeting the requirements of the consumers. With the end users utilizing the devices having different requirements, there is a range of bluetooth speakers available in the market.
  • – Rapid innovations and increasing R&D expenditure with new innovative applications have boosted the demand in the bluetooth speakers market. The growing penetration of smartphones and increasing consumer awareness have further boosted the demand for bluetooth speakers, worldwide.
  • – Advanced technologies, such as AI-assisted devices, are expected to influence the growth of the market in the coming years. Products, such as Amazon Alexa and Google Echo, are having high demand in the market. Thus, many manufacturers are looking to integrate these technologies to gain consumers.

    Bluetooth Speaker Market Covers Manufacturers:

  • Sony Corporation
  • Koninklijke Philips NV
  • Bose Corporation
  • Harman International Industries
  • Panasonic Corporation
  • Shure Incorporated
  • Beats Electronics LLC
  • LG Electronics Inc.
  • Best IT World Pvt Ltd (iBall)
  • Logitech International

    Scope of the Report:

  • Bluetooth speakers are used for playing music or other forms of audio files through wireless connection. The audio industry is now trying to meet the rising demand for wireless speakers. The scope of this report is by type (portable and fixed), application (residential and commercial), and geography.

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    Key Market Trends:

    Portable Bluetooth Speaker is the Fastest Growing Segment

    – Portable Bluetooth speakers are devices that are comparably smaller, lighter, and can be moved anywhere. Portable speakers come in many shapes and sizes. Sound bars, tubes, and clips are some of the most widely consumed models in the market.
    – Changing consumer dynamics in the market and increasing preference by the consumers toward portable devices are supporting the growth of the market.
    – The growth of audio streaming technology in various application, like the wireless speakers and in-car-infotainment systems, is driving the portable bluetooth speaker market.
    – The audio streaming technology can be used in point-to-point topology available on bluetooth BR/EDR that is optimized for audio streaming, making it the standard-bearer in wireless audio.
    – According to the Bluetooth.com, with the increasing bluetooth usage in the audio and entertainment industry, 8 out of 10 speakers may include bluetooth by the end of 2022. Additionally, the smart speaker market is expected to grow by three times by the end of 2022.

    Asia-Pacific to Witness the Fastest Growth Rate

    – Asia-Pacific, being the most populated region, is the major developing region and is expected to record the maximum growth rate over the forecast period, 2019-2024.
    – The increasing disposable incomes and technological developments in countries, such as China, India, Japan, and South Korea, help in the growth of the bluetooth speakers market in Asia-Pacific.
    – The increasing number of companies, to meet the growing demand and large availability of products, is expected to drive the market at a high rate in Asia-Pacific.
    – With increasing sales of smartphone and wide adoption of technology, the bluetooth speaker sales are rising in this region.

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    Target Audience of Bluetooth Speaker Market:

    • Manufacturer / Potential Investors
    • Traders, Distributors, Wholesalers, Retailers, Importers and Exporters.
    • Association and government bodies.

    Key Reasons to Bluetooth Speaker Market Report:

    • Analyzing various perspectives of the Bluetooth Speaker market with the help of Porter’s five forces analysis
    • The End User that is expected to dominate the Bluetooth Speaker market is analyzed in detail
    • The regions which are expected to witness fastest growth during the forecast period are analyzed and estimated for growth of Bluetooth Speaker market.
    • Identify the latest developments, market shares and strategies employed by the major market players.
    • Regional analysis of Bluetooth Speaker market studied, during the forecast period
    • The segments that are expected to dominate the Bluetooth Speaker market studied.

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