Bluetooth Speakers Market: Current Analysis and Forecast (2021-2027)

Report Description

In the audio streaming industry, the popularity of Bluetooth speakers is increasing. Bluetooth was introduced in 1998, since then the shipment of Bluetooth devices has continuously grown. Bluetooth speakers’ demand has increased because of its features such as wireless connectivity and versatile functionality. Brand innovation is one of the main drivers of business expansion. This pattern is playing an important role in attracting customer interest. Several models have improved in design, specification, and functionality as a result of the incorporation of new, advanced headphones technology, increasing market demand.

Over the last 20 years, Bluetooth has been pivotal in enabling compelling customer experiences. It has been one of the key technologies underpinning the consumer wireless revolution. The Bluetooth community continues to grow and extend as the technology enhances its specification to retain its prominent position in future markets. The Bluetooth member community continues to experience strong growth and              now has 35,000 companies spread evenly across all regions of the world, Americas, APAC, and EMEA for 34%, 36%, and 29% respectively highlighting the true global footprint of Bluetooth technology.

With the support of a committed member community, Bluetooth technology has met the growing demands for wireless innovation for more than 20 years. Since its introduction in 1998, Bluetooth device shipments continue to increase with no sign of slowing down. The Bluetooth devices shipments were accounted for almost 4 Billion in 2019 and is expected to reach 6.4 billion by the year 2025, growing at a CAGR of 10% from 2021. Bluetooth speakers were sold in the US retail market for an estimated USD 1.96 billion in 2018.

Bluetooth Speakers Ownership, By Age-Group

Bose, Samsung, Apple inc., Sony, Panasonic, Skullcandy, Pioneer, Plantronics Inc., VOXX electronics corp. and amazon.com inc. are some of the prominent players operating in the global Bluetooth Speakers market. In 2019, Amazon.com.inc. held 22.1% market share with 4.6 million shipments of speakers globally. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.

Insights Presented in the Report

“Amongst Device Type, Waterproof segment holds the major share”

Based on the device type, the market is fragmented into traditional, rugged and waterproof. The waterproof Bluetooth speakers are gaining more attention in the U.S. and Western European regions because of their waterproof design. For example, Harman International Industries, Inc., launched JBL GO 2 in 2018 with a waterproof design gaining demand from across the globe.

“Amongst Application, the commercial segmented is anticipated to grow at the highest CAGR during the analyzed period”

Further based on application, the market is fragmented into commercial and residential. The commercial segment is expected to observe significant market growth over the analyzed period in the market because of its increased demand in the industrial, commercial and automotive sectors.

“Based on Price, low-end Bluetooth speaker market has gained traction over the years”

Based on based price, the market is fragmented into low-end, medium-range, and premium ranges. Low-end Bluetooth gained traction in the market because of its convenient use and good sound quality and with increased popularity among the masses.

“Amongst Portability, Portable speakers are expected to increase the CAGR growth in the forecasted period”

Based on portability, the market is divided into fixed and portable. Portable speakers are light weighted and can be moved everywhere. Consumers are more attracted to easy, wireless devices with easy portability and a wide range of functions.

“North America signifies one of the largest markets of Bluetooth Speakers Market”

For a better understanding of the market adoption of the Bluetooth speakers, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, Italy, UK, France, Spain, Rest oF Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and Rest of the world. North America is the major market for Bluetooth speakers. North America was the largest revenue to the market. The United States grabbed the majority of revenue share in North America, the growing popularity of music streaming services among millennials is expected to boost demand for Bluetooth speakers in the region.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

Customization Options:

Bluetooth Speakers Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Bluetooth Speakers Market were the three major steps undertaken to create and analyze the adoption of Bluetooth Speakers for different purposes across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Bluetooth Speakers sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Bluetooth Speakers through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Bluetooth Speakers market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are device type, application, price, and portability. Further country-level analyses were conducted to evaluate the overall adoption of Bluetooth Speakers in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Bluetooth Speakers. Further, we conducted factor analysis using dependent and independent variables such as increasing application of Bluetooth speakers. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Bluetooth Speakers industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Bluetooth Speakers market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Bluetooth Speakers across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Bluetooth Speakers market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Bluetooth Speakers market. Data was split into several segments & sub-segments post studying various parameters and trends in the device type, application, price, and portability of the Bluetooth Speakers market.

Main Objective of the Bluetooth Speakers Market Study

The current & future market trends of Bluetooth Speakers were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Bluetooth Speakers in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include device type, application, price, and portability
• Define and analysis of the regulatory framework for the Bluetooth Speakers industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Bluetooth Speakers market for the major region
• Major regions studied in the report include North America (United States, Canada, and the Rest of North America), Europe (Germany, Italy, UK, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and Rest of the world
• Company profiles of the Bluetooth Speakers market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry