"Assisting You in Establishing Data Driven Brands"
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 Market Driver -
Rising demand for smart homes products is expected to drive the market growth.
Key Market Restraint -
Regular repair needs of the Bluetooth speakers are anticipated to restrain the market growth.
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.
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.
To gain extensive insights into the market, Request for Customization
By Distribution Channel
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry