Global Bluetooth Speaker Market to Grow at 18.2% During 2023-2028, Catalyzed by Growing Adoption of Advanced Consumer Electronics

October 28, 2021 | Retail

According to the latest report by IMARC Group, titled “Bluetooth Speaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global Bluetooth speaker market size reached US$ 12.4 Billion in 2022. Bluetooth speakers refer to a wireless audio device used for streaming audio content. They receive digital audio via Bluetooth wireless transmission, amplify and convert it into high-quality sound. They can be easily connected with other Bluetooth-enabled devices like smartphones, laptops and tablets. Unlike conventional speakers, Bluetooth speakers offer numerous advantages, including minimal space requirement, optimum functionality and durability, excellent compatibility, low maintenance, and convenience for outdoor applications. As a result, both portable and fixed Bluetooth speakers have gained traction across the globe.

Global Bluetooth Speaker Market Trends:

The excellent compatibility of Bluetooth speakers with other consumer electronic devices represents the primary factor driving the market growth. Additionally, several product innovations and shifting consumer preferences toward lightweight, portable and compact speakers over traditional wired speakers have escalated the product demand. Besides this, the growing usage of audio and video streaming platforms and increasing penetration of smartphones, high-speed internet, and the internet of things (IoT)-based devices have catalyzed market growth. Furthermore, the development of AI-based devices, such as Alexa and Echo, and the integration of Bluetooth speakers with in-vehicle infotainment systems, home theatres, voice control systems and hands-free calling are other major growth-inducing factors. Apart from this, the emergence of smart homes and rapid adoption of smart devices due to elevating incomes and improving lifestyles have augmented the product demand. Moreover, several key players are making heavy investments in research and development (R&D) activities to develop technologically advanced products, such as Bluetooth speakers. On account of these factors, the market is projected to exhibit a CAGR of 18.2% during the forecast period (2023-2028).

Market Summary:

Based on the portability, the market has been bifurcated into portable and fixed Bluetooth speakers.
On the basis of the type, the market has been classified as smart and conventional Bluetooth speakers.
Based on the price, the market has been divided into low, medium and high price ranges.
On the basis of the distribution channel, the market has been categorized into specialty stores, supermarkets and hypermarkets, departmental stores, online, and others.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa (Turkey, Saudi Arabia, and others).
The competitive landscape of the market has also been examined, with some of the key players being Bose Corporation, Edifier International Limited, Harman International Industries, Inc., LG Corporation, Panasonic Corporation, Polk Audio (Sound United, LLC), Samsung Electronics Co., Ltd., Sennheiser Electronic GmbH & Co.KG, Sony Corporation, and boAt (Imagine Marketing Pvt. Ltd.).

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Portability, Type, Price, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Turkey, Saudi Arabia
Companies Covered	Bose Corporation, Edifier International Limited, Harman International Industries, LG Corporation, Panasonic Corporation, Polk Audio, Samsung, Sennheiser Electronic GmbH & Co.KG, Sony Corporation and boAt
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Global Bluetooth Speaker Market to Grow at 18.2% During 2023-2028, Catalyzed by Growing Adoption of Advanced Consumer Electronics

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