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Bluetooth Speakers Market by Type, Application, Distribution Channel, Price Range, Geography, Growth and Demand Forecast, 2014–2024
Growth of wireless connectivity and adoption of smartphones across the globe, also contributed to the increased popularity of portable Bluetooth speakers.
Rising need for mobile infotainment systems is a key driver for growing Bluetooth speakers market globally. The rising disposable income, advancing wireless technology and rising smartphone penetration pushed the demand for Bluetooth audio devices. Bluetooth speakers provide wireless audio streaming
Based on type, Bluetooth speakers have been classified into portable and fixed. Portable speakers recorded large volume sales globally, owing to its ergonomic design and advancement in audio technology.
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Based on distribution channel, Bluetooth speakers market categorized into online and offline. Increasing internet penetration, and growing e-commerce industry enabling customers to compare multiple Bluetooth speakers led to rise in online sales for these devices. E-commerce sites such as Amazon.Com, Alibaba.Com, ebay.com, and others, offer discounted prices on popular Bluetooth speaker brands, and offer a wide range of Bluetooth speakers to choose from, attracting large volume sales.
Based on price range, Bluetooth speakers market is classified into low-end, mid-range and premium. Small and sturdy Bluetooth speakers by manufacturers such as BT50B by Phillips Corporation; and JBL Go by Harman International Industries have gained traction among millennials, due to its rigid design and clear sound clarity.
North America held dominant share in the global Bluetooth speakers market, followed by Asia-Pacific and others. Growing number of smart homes in North American countries, majorly in the U.S. and Canada, are driving the market in the region.
The increasing requirement for mobility, growing demand for infotainment services, and rising smartphone/tablets adoption are the key growth factors driving Bluetooth speakers market. The popularity and growth of streaming services such as Spotify, Amazon Prime, and YouTube, has led to rise in demand for Bluetooth speakers.
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The high growth rate and high profit margins in the Bluetooth speakers market induced a price war among the vendors globally, which driven down the price of these speakers. This has resulted in intense competition in the market, with players focusing on sound quality, battery life and other features to lure customers.
Some of the key players operating in the global Bluetooth speakers market are Bose Corporation, Harman International Industries Inc., Apple Inc., Samsung Group, Sony Corporation, VOXX Electronics Corp., Plantronics Inc., and Beats Electronics.
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