February 24, 2024

Growing Popularity of Wireless Technology to Boost the Growth of Bluetooth Speaker Market

 


Bluetooth speakers are portable audio systems that connect wirelessly to smartphones and other audio devices using Bluetooth technology. They are extremely easy to use and provide greater mobility and convenience compared to traditional wired speakers. Some key features of Bluetooth speakers include good bass, long battery life, water resistance and compatibility with different devices. They are increasingly being used for outdoor activities, home theaters, gaming sessions and other indoor/outdoor entertainment purposes due to their portability and wireless connectivity. The growing popularity of music streaming services and rise in smartphone usage are major factors driving the demand for Bluetooth speakers across the globe.

The global Bluetooth Speaker Market is estimated to be valued at US$ 7,050.0 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the Bluetooth speaker market is the increasing demand for smart, voice-enabled speakers. Major companies are launching smart speakers that are integrated with digital voice assistants like Amazon Alexa, Google Assistant, Apple Siri etc. These allow users to play music, check schedules, weather updates and more with just their voice commands. Waterproof and dustproof Bluetooth speakers are also gaining traction due to their durability for outdoor usage. Manufacturers are also focusing on continuous technology and design innovations to deliver enhanced audio quality, powerful bass and stylish compact designs. Dual and multifunction Bluetooth speakers that double up as power banks are witnessing rising popularity. Rising disposable incomes in emerging countries and increasing preference towards wireless technologies are some other major factors propelling the growth of the Bluetooth speaker market.

Key players operating in the Bluetooth speaker market

Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., LG Electronics Inc. and others. Apple and Samsung captured significant shares of the Bluetooth speaker market in 2023 owing to strong brand value and extensive distribution network.

Porter’s Analysis

Threat of new entrants: The high initial capital requirement and established brand value of existing players make the threat of new entrants low in the Bluetooth speaker market.

Bargaining power of buyers: The presence of many established brands and product options gives buyers higher bargaining power in the Bluetooth speaker market.

Bargaining power of suppliers: The availability of many component suppliers globally makes the bargaining power of suppliers moderate in the Bluetooth speaker market.

Threat of new substitutes: Substitutes like portable wireless speakers pose a medium threat as Bluetooth speakers provide improved mobility and functionality.

Competitive rivalry: The Bluetooth speaker market has strong competition due to the presence of well-established international brands.

Key Takeaways

The global Bluetooth speaker market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing preference for portable wireless audio devices with advanced functionality.

The North American region dominates the Bluetooth speaker market currently due to high adoption of the latest wireless technologies and presence of major players in the region. Asia Pacific is projected to be the fastest-growing market during the forecast period with rising disposable income in countries like China and India.

*Note:

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