Bluetooth Speaker Market Propelled by Increased Demand for Portable Speakers

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The global Bluetooth speaker market is estimated to be valued at US$ US$ 7,050.00 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. Bluetooth speakers are portable speakers that connect to smartphones, tablets and other devices via Bluetooth technology. They provide wireless music streaming and hands-free calling without the hassle of wires. The demand for portable and wireless speakers has increased significantly owing to changing music consumption patterns and increasing popularity of outdoor recreational activities.

Market key trends:

One of the key trends propelling the growth of the Bluetooth speaker market is increased demand for portable speakers. Portable Bluetooth speakers have become increasingly popular owing to their compact size and wireless connectivity options. Users can easily carry portable Bluetooth speakers anywhere and pair them with smartphones or other Bluetooth enabled devices to listen to music, podcasts, audiobooks and more. The easy portability and wireless functions of Bluetooth speakers make them a convenient option for outdoor activities like hiking, camping, traveling etc. Additionally, their affordable price points compared to regular home audio systems have increased mass adoption. The growing popularity of portable speakers for indoor and outdoor use is expected to drive significant growth in the Bluetooth speaker market over the forecast period.

 

SWOT Analysis
Strength: Bluetooth speakers offer convenience and portability without wires. They have excellent sound quality for their size.
Weakness: Bluetooth speakers have limited battery life and wireless range. Sound quality is inferior to larger dedicated speakers.
Opportunity: Growing consumer preference for wireless connectivity and portable devices. Increasing trend of outdoor recreational activities drives demand.
Threats: Threat of new entrants offering similar products. Slow adoption rate in some developing markets.

 

Key Takeaways

The global Bluetooth speaker market is expected to witness high growth over the forecast period.

Regional Analysis: North America is currently the largest regional market for Bluetooth speakers accounting for over 30% of the global market share in 2023 owing to high disposable incomes and growing adoption of smart home devices.

Key players operating in the Bluetooth speaker market are Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, and LG Electronics Inc. Sony maintains its leading position with wide product portfolio covering all price ranges. Apple enjoys a strong brand loyalty given seamless integration of its speakers with iOS devices. Bluetooth speakers from Bose are renowned for their excellent audio quality relative to size.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it
Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.