DUBLIN--(BUSINESS WIRE)--The "Bluetooth Speaker Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The global Bluetooth speaker market is expected to reach $36.06 billion by 2029 from $20.98 billion in 2023, growing at a CAGR of 9.45% from 2023 to 2029.
The global Bluetooth speaker market report consists of exclusive data on 60 vendors. The market is highly competitive with a mix of established players and new entrants. The companies are differentiating themselves through design, audio quality, battery life, multi-speaker pairing, price points, etc. The major players Anker, Apple, Bose Corporation, Logitech, Marshall Group AB, Samsung, Sonos, and Sony are offering a wide range of Bluetooth speakers with premium-quality audio.
They are focusing on launching waterproof and rugged models that can cater to different market segments. The companies are focusing on offering superior audio performance-based Bluetooth speakers and focusing on bass, clarity, and overall listening experience. The companies are offering aesthetically appealing designs, and colors in Bluetooth speakers, to attract a greater number of consumers.
Growing demand for portable and compact designs is a significant trend in the global Bluetooth speaker market. It is driven by several factors including rising demand for space-saving solutions, increased mobility & outdoor activities, technological advancements, multi-use flexibility, rising younger & tech-savvy consumers, wireless convenience, and a wide range of choices. People want to enjoy the music wherever they travel. The lighter speakers are easier to carry during hiking, traveling, etc. It makes them ideal for on-the-go use. Many consumers are seeking compact design-based Bluetooth speakers for their homes, especially those with limited storage or living in small apartments.
The compact Bluetooth speakers often come in modern and stylish designs that can complement any decor. With more people enjoying outdoor activities like hiking, traveling, camping, and picnics, portable Bluetooth speakers have become a must-have for music on the go. Their compact and lightweight design makes them easy to carry around without compromising sound quality.
Over 25% of the US population likes camping. Portable Bluetooth speakers are versatile, they allow people to seamlessly switch between outdoor and indoor use. These speakers cater to multiple scenarios in-office use, home entertainment, outdoor parties, etc. It leads to drive the demand for portable and compact design-based Bluetooth speakers in the global market, during the forecast period.
Advancement in Technologies
Advancement in technologies is a significant trend in the global Bluetooth speaker market. It is driven by several factors including Bluetooth technology advancements, enhanced sound quality, integration of AI and voice assistance, integration of Wi-Fi & streaming capabilities, waterproofing & durability technologies, improved battery life & charging technologies, wireless & multi-room audio systems, advanced user interface & touch controls, energy-efficient technologies, and waterproofing & durability technologies. The introduction of Bluetooth 5.0 and Bluetooth 5.1 has increased the speed, range, and reliability of Bluetooth connections. It offers faster data transmission, lower energy consumption, and longer connectivity distances.
New versions can support dual audio, which allows users to stream and connect audio to two devices simultaneously. It is a popular feature in modern speakers. The integration of voice assistants like Google Assistant, Apple Siri, and Amazon Alexa has turned Bluetooth speakers into smart devices, which enable hands-free control and access to smart home ecosystems.
It allows users to check the weather, control devices, set alarms, and control music. The advancements in NLP have improved the accuracy of voice recognition in Bluetooth speakers. The longer battery life and wireless charging make Bluetooth speakers more convenient for on-the-go use. It leads to drive the demand for Bluetooth speakers in the global market, during the forecast period.
Escalating Demand for Wireless Audio Solutions
Escalating demand for wireless audio solutions is a significant driver in the global Bluetooth speaker market. It is driven by several factors including compatibility across devices, consumer shift towards wireless technology, the rise of streaming services, home automation & smart devices integration, portability & on-the-go use, improvement in Bluetooth technology, the decline in use of traditional audio systems, and rising adventure activities. With the advancement in wireless technology in consumer electronics, consumer preference is shifting from wired solutions to wireless solutions. Consumers prefer the mobility, flexibility, and convenience that wireless devices offer, especially for audio products.
They prefer to listen to music or podcasts without the hassle of cords. It makes them the best choice for outdoor, travel, and home use. Bluetooth speakers can easily connect to a variety of devices such as tablets, laptops, smart TVs, smart home ecosystems, tablets, smartphones, etc. It enhances the user experience by enabling usage across different platforms and a quick pairing feature. With the rising travel and tourism activities people are preferring to carry wireless audio solutions. Its demand is rising at home, a picnic, traveling, or beach party. Portability is one of the major factors driving the demand for wireless audio solutions in the global market. It drives the demand for Bluetooth speakers during the forecast period.
Europe Leads the Global Market
Europe dominates with the largest share of over 34% of the global Bluetooth speaker market. The market is growing significantly due to several factors including portable audio technology, rising popularity of music streaming services, and rising demand for wireless devices. The portability and design are the major factors that attract young adults in the Europe market to buy Bluetooth speakers, The smart home ecosystem integration drives demand for Bluetooth speakers from the residential segment. The rising travel and tourism activities along with camping, hiking, etc.
Activities drive the demand for rugged, portable, and waterproof Bluetooth speakers in Europe, during the forecast period. The hospitality sector is seeking g for high-quality speakers to enhance the ambiance in cafes, hotels, bars, and restaurants. In high tourism regions, music is an essential element in the consumer experience, thus driving the demand for Bluetooth speakers in Europe.
INDUSTRY RESTRAINTS
Competition from Alternatives
The competition from alternatives is a significant challenge in the global Bluetooth speaker market. The availability of wireless earbuds, soundbars, low-cost wired speakers, etc. are The earbuds offer a private listening experience with good sound quality. Its wireless design and small size make it highly convenient and portable for individual use. Soundbars offer a more immersive experience for TV shows and movies. It is a space-saving option for traditional home theater systems.
The wired speakers remain a budget-friendly option for basic audio needs. To remain competitive, Bluetooth speaker manufacturers have offered more features at the same prices or to lower the prices of products. Thus, they need to differentiate from alternatives and offer innovative features in various areas like design, battery life, audio quality, etc. It may create challenges in this market, during the forecast period.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 191 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $20.98 Billion |
| Forecasted Market Value (USD) by 2029 | $36.06 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Key Vendors
- Anker
- Apple
- Bose Corporation
- Logitech
- Marshall Group AB
- Samsung
- Sonos
- Sony
Other Prominent Vendors
- Altec Lansing
- Aomais
- Artis
- Audio Pro AB
- Axess Products Corporation
- Bang & Olufsen
- Behringer
- Boat Lifestyle
- Braven
- Bright Industries
- Creative Technology Ltd.
- DOSS Audio
- DemerBox
- Denon
- Edifier
- Elgin USA
- FUGOO
- Guangzhou AUSMAN Audio Co.,
- iBall
- iClever
- Intex Technologies
- ION Audio
- Jam
- JVC Kenwood Corporation
- Klipsch Group
- Koninklijke Philips N.V.,
- Lenovo
- LG Electronics
- Linn Products Limited
- Loud Audio, LLC
- Monster Store
- MPOW
- Naim Audio
- Onkyo Corporation
- Panasonic
- PASCE Ltd
- RCF
- Robert Bosch
- Shark
- Sharp Corporation
- Shenzhen Jonter Digital Technology
- Skullcandy
- SoundBot
- SOUNDBOKS
- Supersonic Inc
- TAGG
- The House of Marley
- TIBO
- Tribit
- VictSing
- Yamaha Corporation
- Zebronics India Pvt. Ltd.
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