Bluetooth Speakers Market Size, Share & Industry Analysis, By Category (Portable, Fixed), By Application (Residential, Commercial), By Distribution Channel (Specialty Stores, Online Stores, Others) And Regional Forecast, 2024-2032

Bluetooth speakers are commonly used by youngsters to listen to music as per their choices at any time & place. Increasing the adoption of wireless electronic devices by consumers has given rise to the demand for such products. Nowadays, users widely use multi-colored Bluetooth speakers in their living & hall rooms for decoration purposes. Interactive Bluetooth speakers such as Alexa, Amazon, and others are growing in popularity as users can quickly get a response to their queries without any need to make a web search.

The uncertain occurrence of the COVID-19 outbreak has given rise to the demand for the remote style of working among corporate professionals. This has uplifted the professional’s demand for various kinds of home-based work station devices such as speakers, laptops, headphones, music players, and others. For instance, in August 2020, Goldmedal Electricals Pvt. Ltd., an Indian electrical accessory maker launched the innovative Bluetooth speaker I-sense FM Bluetooth Music Player (3M) to cater to professional’s work from home style of speaker demand.

Increasing demand for smart home products such as interactive Bluetooth speakers, accessories, and other gadgets among the higher income group of the global population is expected to drive the growth of the market. According to the data presented by the National Council For Home Safety and Security, as of February 2020, 47% of the U.S. millennials preferred to buy smart home products. Additionally, the growing popularity of online streaming services has further added impetus to the growth of the market.

Moreover, growing outdoor activity trends such as picnic, hiking, and others are further driving the demand for portable Bluetooth speakers. Rising festival celebration trends are likely to provide ease in the demand for the bass sound system-based Bluetooth speakers across the globe.

However, the availability of low-cost wired speakers as well as the regular repair needs of the Bluetooth speakers are anticipated to restrain the market growth.

Key Players Covered: 

The key players involved in the global Bluetooth speaker market are Bose Corporation, Harman International Industries Inc., Sony Corporation, LG Electronics, CAMBRIDGE AUDIO, Amazon.com Inc., Anker Technology (UK) Ltd., DOSS Audio, Logitech, Aomais.Com, Beats Electronics LLC., The Samsung Group, Sound United LLC., and many others.

The global Bluetooth speaker market is segmented based on category, application, distribution channel, and geography.

By category, the global market is segmented into portable and fixed. The portable segment is expected to hold a major share of the market owing to the greater flexibility it offers in usage. Portable speakers can be carried along at any place as per the user’s need compared to that of the fixed category. Additionally, the wide availability of innovative portable speakers is likely to drive future segmental growth.

By Applications, the market is segmented into residential and commercial. The commercial segment is expected to exhibit a significant share of the market owing to the large necessities of the bass-system-based Bluetooth speakers at the various parties and festival celebration auditoriums. Additionally, growing outdoor activity trends is further supporting future segmental growth.

Based on the distribution channel, the global market is segmented into specialty stores, online stores, and others. The specialty store’s segment is projected to hold a significant share of the market owing to the availability of the wide variety of branded Bluetooth speaker products at the specialty appliance stores. Additionally, users can effectively purchase such products as per their choices and under the guidance of the sales representatives at such stores.

Regional Analysis:

By geography, the global Bluetooth speaker market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

The largest share of the North America region is attributed to the rising spending for online music streaming services among the population in the countries such as the United States and Mexico which is likely to support the demand for the Bluetooth speakers in the region. According to the data presented by the Digital Media Association, in 2019, overall music streaming revenues in the U.S. increased by 21% over to that of USD 10,300 million in 2018. Additionally, growing pop and partying culture among the population in the region is further driving the growth of the market in the region.

The fastest growth of the Asia Pacific region is attributed to the rising smartphone penetration in countries such as India and China which is further driving the demand for the Bluetooth speakers in the region. According to the article ‘India’s Trillion Dollar Digital Opportunity’ presented by the Ministry of Electronics & Information Technology Government of India, in India, smartphone penetration is quadrupled from 5.5 per 100 people in 2013 to that of 26.2 in 2018. Additionally, increasing the income of the population as well as the urbanization rate is further driving the growth of the market.

Segmentation

Key Industry Developments:

• In August 2020, Killer Concepts, an electronic accessories and devices product’s provider launched ROCKsteady Stadium, a portable, AI-enabled Bluetooth speaker where users can hear the musical sounds with its original clarity. 


• In June 2020, LG Electronics Inc. launched the XBOOM Go Portable Speaker line-up with its LG XBOOM Go PL Series enabled with meridian’s advanced audio technology to provide premium quality sound speakers to the consumers in the USA.