Global Bluetooth Speaker Market 2023-2030

Global Bluetooth Speaker Market 2023-2030

Global Bluetooth speaker market is anticipated to grow at a considerable CAGR of 11.5% during the forecast period. Bluetooth speakers are often used by youngsters to listen to music at any time and in any location. Consumers' increasing use of wireless electronic gadgets has increased demand for such items. Users nowadays frequently utilize multi-colored Bluetooth speakers to decorate their living and hall areas. Alexa, Amazon, and other interactive Bluetooth speakers are also becoming increasingly popular, resulting in high demand for Bluetooth speakers. For instance, according to NPR (National Public Radio) and Edison Research's 2022 Smart Audio Study, 24% of those over the age of 18 own at least one smart speaker. This equates to around 60 million individuals. Because most consumers own more than one smart speaker, the research predicts that there are currently 157 million of these devices in US homes. The study is based on a telephone survey of a little over 1,000 individuals in the US. 

Segmental Outlook 

The global Bluetooth speaker market is segmented by type and application. Based on type, the market is bifurcated into wireless and wired. Based on application, the market is bifurcated into residential and commercial. Among applications, the commercial segment is expected to account for the majority of market share. The commercial sector is likely to account for a sizable proportion of the market due to the high demand for bass-system-based Bluetooth speakers at various parties and festival celebration auditoriums. Additionally, rising outdoor activity patterns are bolstering future segmental growth.

The Wireless Bluetooth Speaker Segment Holds a Prominent Share in the Global Bluetooth Speaker Market

Based on type, the market is bifurcated into wireless and wired. Among these, the wireless segment is expected to hold a significant market share during the forecast period. Wireless Bluetooth speakers have become increasingly popular in recent years due to their convenience, portability, and sound quality. In addition to convenience and portability, Bluetooth speakers have also improved in terms of sound quality. Many models now offer high-quality audio that rivals that of wired speakers, making them a popular choice for people who want a wireless option without sacrificing sound quality. Additionally, they are also waterproof. For instance, in March 2023, IKEA launched its new silicone-coated, waterproof portable Bluetooth speaker, Vappeby.

Regional Outlook

The global Bluetooth speaker market is segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the rest of the world (the Middle East and Africa and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among the regions, the North American region is expected to generate the highest market share, followed by the Asia-Pacific market. The Asia-Pacific is standing second owing to its growing electronics and technological manufacturing capacities. Large foreign market players also prefer the region to manufacture their goods, such as Sony, Apple, Inc., and others.

The North American Region is Expected to Dominate the Global Bluetooth Speaker Market

North America is likely to account for a sizable portion of the Bluetooth speaker industry. Technical advancements have aided in the evolution of Bluetooth speakers, which may considerably enhance accuracy in a variety of applications. Due to their dependable and high-quality products and services, American electronic enterprises account for the vast bulk of the region's global electronics industry. Some of the biggest and most prominent electronics companies in the US include JBL, Klipsch, KEF, Bose, and others. Additionally, the increased popularity of audio streaming services has fueled the growth of the North American wireless speaker business. According to the 2022 forecast of the Consumer Technology Association, consumers spent $12.9 billion on streaming services that include music, audio books, and podcasts in 2022, a 15% increase over 2021. Besides, increased consumer spending on smart gadgets and intelligent appliances is driving regional market growth.

Market Players Outlook

The major companies serving the global Bluetooth speaker market include JVC Kenwood Corp., Koninklijke Philips NV, LG Electronics Inc., Logitech International, Onkyo Corp., and others. These companies are considerably contributing to the market’s growth through the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, investments, and new product launches to stay competitive in the market. For instance, in February 2023, Zebronics launched its new wireless Bluetooth speakers, the Zeb-Rocket 500. The speaker is designed for both indoor and outdoor usage. The audio device also has RGB LED lighting. The volume control knob is retro-styled, and the carry handle is removable. After its cooperation with DC Comics in January 2023, the latest offering draws influence from classic comics villains such as the Joker and Black Adam.

The Report Covers-

Market value data analysis for 2023 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global Bluetooth speaker market. Based on the availability of data, information related to new product launches and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market entry and market expansion strategies.

Competitive strategies by identifying ‘who stands where’ in the market.