Market Overview:

Bluetooth speakers are audio devices that enable wireless streaming of audio files from a smart device such as smartphone, tablet or laptop using short range Bluetooth wireless technology. These speakers are compact, portable and easy to carry which makes them ideal for listening to music indoors and outdoors. Advancements in Bluetooth technology coupled with falling prices have made these speakers quite affordable and popular. Their rising adoption for personal and professional use in homes, parties, traveling, outdoor activities etc. is driving the growth of Bluetooth speaker market.

Market key trends:

One of the key trends spurring market growth is the growing popularity of multifunction Bluetooth speakers integrated with virtual assistant such as Amazon Alexa or Google Assistant. This enables user to control music playback, make calls, get weather, traffic and other information updates hands-free through voice commands. Another trend gaining traction is the emergence of waterproof and dustproof Bluetooth speakers that allow outdoor use near pools, beaches and other wet areas. Manufacturers are also focusing on improving audio quality, battery life and connecting multiple speakers wirelessly for true stereo sound to meet evolving consumer demands. Integration of advanced technologies such as active noise cancellation, AI and 5G connectivity in these speakers is expected to open newer opportunities for market expansion over the coming years.

Porter’s Analysis

Threat of new entrants: Low barriers to entry as setting up new business requires relatively low capital investment. However, established players enjoy advantages of economies of scale and customer loyalty.

Bargaining power of buyers: Buyers have moderate to high bargaining power due to availability of various product options at different price points and quality levels from several manufacturers.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of various component manufacturers globally and fragmented supply market.

Threat of new substitutes: Threat of substitution is low as Bluetooth speakers offer unique portable wireless audio playback which is difficult to be replicated by other audio devices.

Competitive rivalry: Intense competition exists among key players to capture larger market share through continuous product launches, marketing initiatives and building brand loyalty.

Key Takeaways

The Global Bluetooth Speaker Market Demand is expected to witness high growth, exhibiting CAGR of 12.8% over the forecast period, due to increasing consumer preference for portable wireless audio devices.

Regionally, North America dominates the global Bluetooth Speaker market followed by Asia Pacific and Europe. Growing tech-savvy population, rapid urbanization and rising disposable income are major factors driving market growth in Asia Pacific. China, India and other developing nations are expected to offer immense growth opportunities in the coming years.

Key players operating in the Bluetooth Speaker market are Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., LG Electronics Inc. and others. Major players are focusing on new product launches, geographical and capacity expansions as well as mergers and acquisitions to strengthen their market presence.

Note:

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it