GLOBAL PORTABLE BLUETOOTH SPEAKERS MARKET
The global portable Bluetooth speaker market is estimated to be valued at over US XX Billion in 2019 and is projected to grow at a CAGR of nearly xx% in the upcoming period. Sales revenue is expected to further increase as the demand for the said product is on the rise, thanks to product innovation and growing popularity and accessibility of the music industry and its peripheral devices.
The Global Portable Bluetooth Speaker market witnessed an upward trend recently owing to the rising penetration of Internet users vis-a-vis Wi-fi based networks across the globe coupled with improved wireless connectivity features contributing to massive traction into the market.
The ability of Bluetooth speakers to stream audio content wirelessly is one of the main factors driving the market growth as they offer convenience and movability to its consumers. The portable bluetooth speaker market is expected to further take over the fixed bluetooth speaker market owing to its compact size and lightweightedness, thereby proving to be a more viable choice in the market.
The global shift towards a digital world especially in urban households has further contributed to the popularity and the rising demand for these smart devices. This trend has hugely contributed to the development of smart speakers to support the diversified needs of its consumers.
Therefore, increasing adoption of Bluetooth speakers in small offices, home offices, educational institutions, and smart offices is driving the segment growth.
GLOBAL PORTABLE BLUETOOTH SPEAKERS MARKET SEGMENTATION
- Medium Range
- Premium Range
North America holds the largest market share across the globe. It also enjoys the highest internet penetration in the world which works favourably for the Portable Wireless Speakers Market in the region.
Growing demand for Wireless Bluetooth speakers can also be attributed to the trend of moving towards smart home solutions prevalent in the US and Canada. Furthermore, preference for wi-fi enabled, portable devices with multi-utility features is expected to further increase and lead to the market’s growth in the region.
Asia Pacific region is estimated to register as the fastest growing market for this segment. Change in lifestyle and consumer preferences, more disposable income and gradual shift towards a technology led environment is driving the market in developing countries like that of India and China.
Rising demand for smartphones, broadbands and other smart devices in the region along with rising internet penetration is expected to result in an increased demand for music-on-the-go which will favourably impact the market for portable devices.
GLOBAL PORTABLE BLUETOOTH SPEAKERS MARKET SIZE
VOICE OF CUSTOMER
|Sl no||Parameters||JBL FLIP 5||SONY SRSXB43||JBL MAIN-40911||BOSE SOUNDLINK Revolve||Bose Soundlink Micro|
1- Bad, 5-Excellent
GLOBAL PORTABLE BLUETOOTH SPEAKERS MARKET TRENDS
Music on the go
The ability of Bluetooth speakers to stream audio content wirelessly is one of the key factors driving the global demand for these speakers. In addition to this, Bluetooth speakers are wireless and need minimal space, as compared to home theaters, which is also a reason why consumers are more bent towards purchasing them.
Bluetooth speakers run on batteries, making them an ideal for outdoor purposes. Other advantages of these speakers include hassle free maintenance, increased durability, and good functionalities, which is expected to spur the growth of the global portable Bluetooth speakers market.
The growing demand for online music streaming services is also one of the major factors fueling the evolution of the global Bluetooth speaker market. The drastic shift in the trend where consumers are moving from physical media to streaming and digital media to satiate their entertainment needs will promote the growth of the music industry and other related products and services in the music industry.
Also, these devices can be easily configured with tablets or smartphones, thereby increasing its adoption rate in the residential segment. Fixed Bluetooth speakers do not include batteries and are not easy to carry. They have a fixed installation in the house. Hence, these models limit the mobility for the equipment, thereby making portable bluetooth speakers a more preferred choice among consumers. .
The trend of multi-room streaming has gained massive popularity and customer engagement recently, which in turn will boost the growth of the global Bluetooth speakers market further. The introduction of networked audio devices has enabled most modern day speakers to stream audio via Bluetooth.
As these technologies help in separating a system’s logical and physical connections, they enable a single network to carry multiple channels, thereby allowing infrastructure changes at a very cheap cost and also very quickly. The growing demand for having speakers in all rooms is expected to drive the growth prospects of the Bluetooth speakers market in the future.
The format of music is gradually changing to digital, hi-fi systems and manufacturers are constantly designing, developing and pursuing innovation in sound systems. In the past, consumers used to focus on speakers with high watts featuring better sound quality while making a purchase, however, the customer need has now changed with many innovations in the market.
This trend is playing a vital role in gaining attention among consumers. With the incorporation of innovative and advanced headphones technology, several products are experiencing enhancements in designing, specification, and features, thereby increasing the demand among consumers.
JBL offers Bluetooth speakers, which comprises a Party Boost stereo pairing option with other devices. Similarly, the inclusion of long battery life, 360-degree surround sound, customizable led lights, application sync features, and smart assistant features makes its product attractive to a wide range of audience.
The increasing focus on product innovations that led to the introduction of waterproof models and rugged devices will drive the growth of the bluetooth speaker market. The growing penetration of wireless home audio devices coupled with a shorter repurchase cycle leading to technological disruptions in the market is expected to further boost the demand for these products.
Players within the Bluetooth speakers market are competing with each other on the basis of size, features, technology, and price. The market is characterized by the presence of many established players. Players are participating in merger and acquisition activities so as to expand their facilities and gain more traction in the market.
Companies are hugely investing in Research & Development activities to keep an eye on improvising the battery life of the connecting devices and to improvise on the efficiency from previous versions of the devices in order ro stay relevant in the market. The Global Bluetooth Market has wide market opportunity in tapping the economies that are fast emerging.
KEY PLAYERS IN THE GLOBAL BLUETOOTH SPEAKERS MARKET INCLUDE
|2||Scope of the report|
|7||Insights from Industry stakeholders|
|8||Cost breakdown of Product by sub-components and average profit margin|
|9||Disruptive innovation in the Industry|
|10||Technology trends in the Industry|
|11||Consumer trends in the industry|
|12||Recent Production Milestones|
|13||Component Manufacturing in US, EU and China|
|14||COVID-19 impact on overall market|
|15||COVID-19 impact on Production of components|
|16||COVID-19 impact on Point of sale|
|17||Market Segmentation, Dynamics and Forecast by Geography, 2020-2025|
|18||Market Segmentation, Dynamics and Forecast by Product Type, 2020-2025|
|19||Market Segmentation, Dynamics and Forecast by Application, 2020-2025|
|20||Market Segmentation, Dynamics and Forecast by End use, 2020-2025|
|21||Product installation rate by OEM, 2020|
|22||Incline/Decline in Average B-2-B selling price in past 5 years|
|23||Competition from substitute products|
|24||Gross margin and average profitability of suppliers|
|25||New product development in past 12 months|
|26||M&A in past 12 months|
|27||Growth strategy of leading players|
|28||Market share of vendors, 2020|
|30||Unmet needs and opportunity for new suppliers|