Global Bluetooth Speakers Market is expected to reach the market valuation of USD 12.2 Billion by 2027 expanding at a reasonable CAGR of 10.57% during the forecast period (2021-2027) from USD 5.3 Billion in 2020. The adoption of next-generation technology that provides better connectivity is expected to boost demand for Bluetooth speakers. The Bluetooth speaker market has increased in popularity across the world, thanks to high internet penetration and the convenience of purchasing connected devices through a variety of online distribution channels.
The Bluetooth Speakers market is expected to see a rise due to an increase in per capita disposable income, which will drive overall demand for a variety of electronic appliances among professionals and homeowners. Digitalization is projected to have a positive impact on the Bluetooth speakers market. Across the globe, the idea of video streaming on OTT media service and social media is gaining traction. With more people connecting to the internet and using Wi-Fi, streaming is becoming more common and is likely to drive the market over the analyzed period. For instance: Netflix in its earnings report announced that it had reached 200 million paid memberships worldwide, further it mentioned that the company added 8.5 million paid subscribers in Q4, bringing the total number of paid subscribers to 37 million by 2020.
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Based on device type, the market is fragmented into traditional, waterproof, and rugged. Amongst device types, the waterproof segment held the largest share in the Bluetooth speakers market owing to its increasing demand and was valued at USD X Billion in 2020 and is likely to reach USD X Billion by 2027 growing at a CAGR of X% from 2021-2027. For instance, the demand for waterproof speakers has increased in countries such as the U.S. and West European regions because of their easy portability for outdoor areas and fast charging.
Based on the distribution, the market is bifurcated into Online and Offline. Consumers are tending more towards e-markets because of the easy availability of a wide range of products at affordable prices with offers and home delivery. Owing to these reasons, the Online segment among the distribution channel accounted for a market valuation of USD X Billion in 2020 and is expected to reach USD X Billion by the year 2027, at a CAGR of X% over the analyzed period.
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Based on price, the market is classified as Low-end, Medium-Range, and Premium Range. Low-end models are more preferred in commercial and residential sectors because of their convenience and easy installation. Additionally, they are portable with good sound quality and cost-effective. Due to these reasons, the low-end segment generated revenue of USD X Billion in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X Billion by 2027.
Based on portability, the market is divided into fixed and portable. The portable segment generated revenue of USD X Billion in 2020 and is expected to grow at a CAGR of X% during the forecast period to reach a market valuation of USD X Billion by 2027F as the consumers are more attracted to easy, wireless devices with easy portability and a wide array of functionality.
Based on the application the market is segmented into residential and commercial. In 2020, the Residential segment grabbed a major share of the market because of the increased popularity of Bluetooth speaking devices for various purposes such as setting alarms, listening to podcast, music, home systems; etc., and the increase in popularity of smart devices is also acting as a catalyst to the market growth. Owing to this the residential segment valued at USD X Billion in 2020 and is likely to reach USD X Billion by 2027 growing at a CAGR of X% from 2021-2027.
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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, Others), Asia-Pacific (China, Japan, India, Australia, and Others), and Rest of the world. Owing to the increasing per capita spending of the consumers and increased popularity among millennials in the North American region the market is valued at USD X Billion in 2020 and is likely to reach USD X billion by 2027 growing at a CAGR of X% from 2021-2027.
Some of the major players operating in the market include Apple, Bose, Samsung, Sony Corporation, Panasonic, Skullcandy, Harman international industries inc., Plantronics Inc., VOX-X electronics corp., amazon.com inc. Several M&A’s along with partnerships have been undertaken by these players in the Bluetooth Speakers market
Global Bluetooth Speakers Market Segmentation
Market Insight, by Device
Market Insight, by Distribution
Market Insight, by Price
Market Insight, by Portability
Market Insight, by Application
Market Insight, by Region
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