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Portable bluetooth speaker is embracing a market expansion as consumers are progressively drifted towards the product offerings of decent sound quality at a small wireless device. Its simple setup, non-requirement of installation, and its energy efficiency is helping to entice consumers to the product. The increasing manufacturing of smart portable bluetooth speaker, which comes with the voice-controlled capability and is also water and dustproof, is acting as an opportunity for the market growth. For instance, Ultimate Ears comes up with a portable bluetooth speaker called Blast that has a voice-controlled capability, with Amazon Alexa built-in functionality, and is also water, dust, and drop-proof.
The booming growth of the music industry, resulting to increase in the usage of portable bluetooth speakers among consumers around the world, is acting as a driving factor for the market growth. For instance, according to the International Federation of the Phonographic Industry data published, is declaring that in 2018 the global recorded music has experienced a rise of 9.7 percent and is assessed to generate a revenue of USD 19.1 billion. Moreover, the product popularly being used on social occasions such as family and friendship gatherings, birthday parties, achievement celebrations, and others is helping to accelerate the demand.
Nevertheless, the availability of substitute products such as wired speakers available in a reasonable price as compared to portable bluetooth speaker is acting as a restraining factor for the market growth.
Key Market Driver -
The thriving growth of music industry led to surge the usage of the product is acting as a driving factor for the market growth.
Key Market Restraint -
The substitute products available in a less price is hampering the market growth.
Bose Corporation, Sony Corporation, Harman International Industries Inc., Apple Inc., VOXX Electronics Corp., and others are the key companies operating in the portable bluetooth speaker market.
The portable bluetooth speaker market is segmented by audio output, battery duration, end-use, and geography.
On the basis of audio output, the market is fragmented into 1-5 watts, 5-8 watts, and 8 watts and above. 1-5 watts are projected to be the leading segment owing to the product being available in a small pocket size. Thus, this makes it easy to carry around as it still possesses the audio output desire by most consumers.
Based on battery duration, the market is grouped into 1-5 hours,5-10 hours, and 10 hours and above. The 5-10 hours is estimated to be the dominant shareholder on account of the product being able to meet the playtime desire by most users. Likewise, the growing improvement on battery technology led to reducing the cost of the product surges the demand for this segment.
By end-use, the market is bifurcated into personal use and commercial use. Personal use is anticipated to be the prominent segment owing to its lightweight and easy portability. In addition, portable bluetooth speakers still not capable to compete with the audio quality of high voltage fixed speakers reduces the usage in commercial settings.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America is anticipated to hold a leading share and is projected to continue throughout the forecast period of 2021-2028. The growing popularity of the consumption of audio podcasts is evaluated to have a significant contribution. For instance, according to the Podcast Hosting. Org data released, October 2020, is declaring that 55 percent of the United States population or 155 million people has listened to the podcast. Furthermore, the increasing number of people involved in outdoor outing has resulted to drive the consumption of the product owing to its portability. For instance, according to the Outdoor Industry Association data released, in 2018 the United States population went on 1 billion fewer outdoor outings.
Asia Pacific is evaluated to exhibit a vital impact in the portable bluetooth speaker market, owing to the gradual decrease in the youth unemployment rate give rise to higher purchasing power is escalating the usage of the product. For instance, according to the International Labour Organisation, in 2019, the youth unemployment rate is 27.6 percent, which is a decrease of 0.2 percent from the prior year. Furthermore, the youth population of this region increasingly incline towards technological devices assist to escalate the demand. For instance, according to the United Nations Economic and Social Affairs, in 2019 Central and Southern Asia has 361 million, and Eastern and South East Asia has 307 million youth population.
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By Audio Output
By Battery Duration
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