Bluetooth Speaker Market - Global Outlook and Forecast 2018-2023
This market research report on global Bluetooth Speaker market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by product (traditional speaker, waterproof speaker, and rugged speaker), by price range (low-end, mid-range, and premium), by end-user type (residential users and commercial users), by portability (fixed and portable), and by geography (APAC, Europe, North America, Latin America, and MEA).
Bluetooth Speaker Market - Overview
The exponential growth of the music industry and the increasing number of music streaming servicessuch as Apple Music, Pandora, and Spotify is propelling the growth of the global bluetooth speaker market. These wireless speakershave the ability to offer high definition music at the varied range. The increasing focus on the development of low power mode, HD data streaming, and improvement in the range is boosting the adoption of bluetooth technology in the global market. The bluetooth wireless standard available in the market enables secure and convenient connectivity of electronic devices and services. The upgrades in connectivity solutions due to the innovations in bluetooth mesh networkingtechnology and rapid advancements will transform the global market over the next few years. The increasing use of these devices across the US and Western European countries and launch of new product models will create lucrative opportunities for leading vendors in the global market. 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 and a shorter repurchase cycle leading to technological disruptions in the market will boost the demand for these products.
The development of the residential sector and rise in awareness about these devices in emerging countries in APAC and other regions will help players expand their businesses in these countries. The integration of latest Bluetooth technology, innovative waterproof and rugged models, and enhanced marketing and visibility of these products online will have a positive impact on the overall growth of the global market. The global Bluetooth speaker market is projected to generate revenues of more than $8 billion by 2023, growing at a CAGR of over 10% during 2018-2023. The report provides market share both in terms of revenue and unit shipment values.
Bluetooth Speaker Market - Dynamics
The growing demand for online music streaming services is 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 will promote the growth of music industry and other related products and services in the sound reinforcement market. The streaming and digital segments have been dominating the revenue generation for the music industry since 2010 and registered YOY growth of 40.4% in 2017. Affordable streaming services offered by leading service providers such as Apple Music, Spotify, Pandora, and YouTube are contributing to the maximum revenues generated in the music industry. The benefits of affordable internet connection and availability of quality music are attracting MNCs to invest in the development of music streaming platforms in the global market. The focus on innovation and sound quality will drive the demand in the global bluetooth speaker market.
Bluetooth Speaker Market - Segmentation
This market research report includes a detailed segmentation of the market by products, price range, end-users, portability, and geography.
Bluetooth Speaker Market – By Product Type
Affordable prices of traditional speakers will boost the demand in the global Bluetooth speaker market during the forecast period
The global Bluetooth speaker market by product type is segmented into the traditional speaker, waterproof speaker, and rugged speaker. Traditional speakers dominated the market share in 2017, growing at a CAGR of more than 6% during the forecast period. The traditional speaker segment consists of products that are normal Bluetooth speakers with no added functionality such as water resistance and weather resistance. These are the most commonly used devices in the global market. The traditional speakers are gaining maturity especially in the developed nations in the global market. The vendors are focusing on offering product innovations to meet consumer demands and gain a larger market share. The low price range of these devices and mass market sales will attribute to the revenues of this segment in the global Bluetooth speaker market.
Bluetooth Speaker Market – By Portability
Portable speakers to occupy the largest global Bluetooth speaker market share during the forecast period
The portability segment in the global Bluetooth speaker market is classified into fixed and portable speakers. Portable speakers dominated the around 3/4th market share in 2017, growing at a CAGR of approximately 11% during the forecast period. Portable speakers can be carried anywhere, and these units are designed in such as way that the devices are AC powered or AC/DC powered in nature. Most of the speakers are available in the market are portable, and these devices offer the ease-of-convenience with respect to placement of speakers. These speakers come in very handy while traveling thereby, driving the demand for these products in the global market. The focus on developing and launching new models will help vendors generate higher revenues in the global Bluetooth speaker market during the forecast period.
Bluetooth Speaker Market – By End-Users
Smart homes to boost the growth of residential end-users segment the global Bluetooth speaker market during the forecast period
The global Bluetooth speaker market by end-users is divided into residential users and commercial users. Residential end-users segment occupied the maximum market share in 2017, growing at a CAGR of more than 11% during the forecast period. This end-user segment consists of individuals who buy smart speakers for home use or for residential purposes. Smart home users are categorized under this segment. The new trend of the introduction of smart home applications and launch of connecting devices is primarily driving the growth of this segment in the global market. The majority number of consumers of these innovative devices are residential end-users in the market. These devices find application as home speakers in households and are used for music streaming via smartphones or PCs. Some households may have more than one speaker installed thereby, driving the demand in the global bluetooth speaker market.
Bluetooth Speaker Market – By Distribution Channel
Specialty stores promote the growth of the retail channels in the global Bluetooth speaker market share during the forecast period
The distribution channel in the global Bluetooth speaker market is categorized into retail and online channels. The retail segment dominated more than half of the market share in 2017, growing at a CAGR of approximately 10% during the forecast period. The rising number of specialty and electronic stores that specializes in selling these products is driving the growth of the retail segment in the global market. The leading vendors operating in the specialty segment consists of Bose Stores, Harman Lifestyle Showrooms, and Mi stores. These distribution channels are designed to offer easy accessibility and satisfy the customer's immediate requirements. The staff in retail chains help educate customers about the new products launched and help them in the selection of these devices. The availability of focused consumer service will drive the growth of this segment in the global Bluetooth speaker market.
Bluetooth Speaker Market – By Geography
Adoption of smart devices in North America to boost sales in the global Bluetooth speaker market share during the forecast period
The global Bluetooth speaker market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. North America led the market share in 2017, growing at CAGR of around 11% during the forecast period. The increasing adoption of connected homes and smart devices is one of the primary factors attributing to the growth of North America in this market. US and Canada are the largest revenues generators in the North American market. The latest trend of on-demand streaming, rise in the number of smartphone users, and availability of high-speed internet connectivity are some of the factors helping in the development of the market in North America. Some of the leading music streaming applications popular in North America are Pandora, Shazam, Spotify, iHeartRadio, Slacker Radio, and Soundcloud. The presence of a larger digital generation is augmenting the growth of North America in the global Bluetooth speaker market.
Key Countries Profiled
The key countries profiled in the report are:
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