Portable Bluetooth Speakers Market Outlook 2031
The global portable bluetooth speakers market size was USD 7.20 Billion in 2022 and is expected to reach USD 20.62 Billion by 2031 projected to expand at a robust CAGR 12.4% during the forecast period, 2023–2031. The growth of the market is attributed to increasing proliferation of connected devices.
An amplifier or loudspeaker with Bluetooth connectivity can be paired with consumer electronics such as smartphones, laptops, and tablets. Bluetooth speakers receive digital audio wirelessly through Bluetooth protocol when paired with Bluetooth enabled digital audio devices. Portable Bluetooth speakers have a rechargeable battery and are now built waterproof or splash-proof. Bluetooth devices use radio frequency frequently to connect with other devices, which allows devices to be connected even if they are not in same line of view.
Portable Bluetooth Speakers Market Trends, Drivers, Restraints, and Opportunities:
- Increasing demand for infotainment offerings is driving the growth of the market.
- Rising demand for audio devices during the travel time is propelling the market growth.
- Growing number of technological advancements is speculated to spur the market growth.
- High cost of maintenance can hinder the growth of the market
- Increasing penetration of Internet and smartphones is driving the growth of the market.
- Rapid growth of music streaming market is expected to positively influence the market growth.
Scope of The Portable Bluetooth Speakers Market Report:
The report on the portable bluetooth market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Portable Bluetooth Speakers Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (Residential and Commercial) and Distribution Channels (Online and Offline)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Harman International Industries, Inc., Apple, Inc., Bose Corp., VOXX Electronics Corp., Plantronics, Inc., Beats Electronics, Sony Corp., Samsung Group, Amazon.com Inc, Sonos Inc. ULTIMATE EARS ,4COM Technologies, Altec Lansing, Avnera Corporation, Creative Technology Ltd., Denon Electronics LLC, Jawbone, JBL, JVC Kenwood Corporation, Koninklijke Philips NV, LG Electronics, Logitech International Pioneer Electronics, Sennheiser Electronics GmbH & Co.KG, Shure Incorporated, SuperSonic, Inc., and Yamaha Corporation
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Portable Bluetooth Market Segment Insights:
Residential segment anticipated to grow at a high CAGR
On the basis of applications, the market is divided into residential and commercial. The residential segment is anticipated to grow at a high CAGR during the forecast period. Increasing adoption of home theatre systems and smart homes have resulted in increase in the demand for portable bluetooth speakers.
On the other hand, the commercial segment is anticipated register a CAGR of over 10% during the forecast period. New products launches for the commercial sector is expected to propel the segment growth.
Online segment anticipated to grow at a rapid pace
Based on distribution channels, the market is divided into online and offline. The online segment is anticipated to expand at a rapid pace owing to the rising influence of digital media and marketing. Increasing population and rising penetration of smartphones are driving the growth of the market segment.
Conversely, the offline segment accounted for a large market share in 2020, in terms of revenue. Offline channels exhibit detailed analysis of the technology infused in the product to ease the buying decision.
North America segment accounts for a significant market share
In terms of regions, the market is divided into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a market share of over 30% in 2020, in terms of revenue. High market visibility of smart bluetooth speakers and growing number of smart home systems in the US and Canada are projected to drive the regional market growth.
Moreover, adoption of latest technology is expected to spur the growth of the market in the region. Conversely, the market in Asia Pacific is expected to grow at a high CAGR owing to increasing demand for infotainment offerings.
Segments
The portable Bluetooth market has been segmented on the basis of
Applications
Distribution Channels
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Harman International Industries, Inc.
- Apple, Inc.
- Bose Corp.
- VOXX Electronics Corp.
- Plantronics, Inc.
- Beats Electronics
- Sony Corp.
- Samsung Group
- Amazon.com Inc
- Sonos Inc.
- ULTIMATE EARS
- 4COM Technologies
- Altec Lansing
- Avnera Corporation
- Creative Technology Ltd.
- Denon Electronics LLC
- Jawbone
- JBL
- JVC Kenwood Corporation
- Koninklijke Philips NV
- LG Electronics
- Logitech International Pioneer Electronics
- Sennheiser Electronics GmbH & Co.KG
- Shure Incorporated
- SuperSonic, Inc.
- Yamaha Corporation
Competitive Landscape
Major players of the market are Harman International Industries, Inc., Apple, Inc., Bose Corp., VOXX Electronics Corp., Plantronics, Inc., Beats Electronics, Sony Corp., Samsung Group, Amazon.com Inc, Sonos Inc. ULTIMATE EARS, 4COM Technologies, Altec Lansing, Avnera Corporation, Creative Technology Ltd., Denon Electronics LLC, Jawbone, JBL, JVC Kenwood Corporation, Koninklijke Philips NV, LG Electronics, Logitech International Pioneer Electronics, Sennheiser Electronics GmbH & Co.KG, Shure Incorporated, SuperSonic, Inc., and Yamaha Corporation.
Companies are engaging in partnership, collaboration, and mergers. Moreover, the companies are focusing on expanding their product portfolio to expand their expand share. In 2019, Sony Corporation launched its first ever Bluetooth speakers that focus on outdoor usage. Sony GTK-PG10 provides 13 hours battery backup and also has an integrated digital signal processor that automatically adjusts to the sound-based to its surroundings.
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