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BLUETOOTH SPEAKER MARKET SIZE TO CROSS REVENUES OF OVER $10 BILLION BY 2025, GROWING AT CAGR OF 10% DURING 2020-2025
Bluetooth speaker market Size, Share, & Trends Analysis Report By Pricing (low-end, medium-range, and premium range), Portability (fixed and portable), Device (traditional, waterproof, and rugged), End-user (residential and commercial), and Geography (APAC, Europe, North America, Latin America, Middle East & Africa) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2025
Bluetooth speakers are gaining significant traction in the voice frequency industry. With advances in headphone technology, speakers are entering the intelligent speaker era. Therefore, the implementation of the new generation technology with improved connectivity is expected to bolster the demand for Bluetooth speakers. The demand has grown in the US and China, where the high internet penetration and the convenience to purchase connected devices via several online distribution channels have enabled the Bluetooth speaker market growth.
One of the major factors responsible for market growth is product innovations. This trend is playing a vital role in gaining attention among consumers. With the incorporation of innovative, advanced headphones technology, several products are experiencing enhancements in designing, specification, and features, thereby growing the demand among consumers. Fugoo offers Bluetooth speakers, which comprise nearly eight symmetrically placed drivers. Similarly, the inclusion of long battery life, 360-degree surround sound, customizable led lights, application sync features, and smart assistant makes its product attractive to a wide audience.
- North American is expected to observe an incremental growth of over $2 billion by 2025, with the US alone projected to contribute over $1.7 billion. The rising music streaming service is likely to emerge as a key factor in increasing the demand for Bluetooth speakers in the country.
- The low-end segment is likely to grow at a CAGR of over 10% by 2025, with Europe expected to witness the unit consumption of over 32 million.
- The rugged segment is likely to achieve an incremental growth of over $1.5 billion by 2025. The rugged segment in North America is expected to grow at a CAGR of over 12%.
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BLUETOOTH SPEAKER MARKET SEGMENTATION
This research report includes a detailed segmentation by pricing, portability, devices, end-users, and geography.
INSIGHTS BY PRICING
Low-end models are proficiently used by end-users for both residential and commercial purposes. They are the preferred choice as they are convenient and offer hassle-free installation. These audio devices are portable and offer excellent sound quality, thereby contributing to revenue growth. Besides, the cost-effectiveness offered by these models is expected to increase their application in the residential sector.
Mid-end models, which are priced between $50 and $200, can be used both in commercial and residential segments. The segment is expected to experience steady growth in APAC as end-users in the region are highly-priced sensitive and restrain from purchasing high-priced premium items. Thus, APAC could become a potentially large market for mid-range models during the forecast period.
Premium models are priced above $200 and incorporate the latest technology and features, thereby increasing their preferences among consumers. The growing awareness among consumers for advanced speakers is expected to impact the overall consumer electronics market favorably. With the increasing penetration of the internet across the European region, the preference to shop online is favorably impacting the sale of several appliances such as Bluetooth soundbars. The demand for premium devices is concentrated in Western European countries, while low-end models are realizing sales in Central and Eastern European countries.
INSIGHTS BY PORTABILITY
A majority of Bluetooth speakers are portable, as they offer convenience and movability. The fixed segment is expected to lose its market share to the portable segment during the forecast period. The portable Bluetooth speaker market is expected to grow at a significant CAGR during the forecast period. They are compact and lightweight, thereby increasing prominence in the global market. Also, these devices can easily configure with tablets or smartphones, thereby increasing adoption in the residential segment.
Fixed models do not include batteries and are not easy to carry. They have a fixed installation in the house. Hence, these models limit the mobility for the equipment, thereby posing a restrain for their market growth. With increasing innovations, professionals are increasingly focusing on the introduction of devices, which are high on compactness and low on inconvenience.
INSIGHTS BY DEVICE
The traditional market is attaining maturity in developed economies. End-users are looking for product innovations. Further, these devices are priced at a lower end, and thus, generate revenue through mass sales. Bluetooth speakers are profoundly used for sharing music files and play music around the house. The waterproof Bluetooth speaker market, on the other hand, is gaining traction in the US and Western European countries. They are priced in the moderate range, with the market witnessing a shift toward innovative speakers in developed countries. Moreover, their increasing application in outdoor spaces can contribute in the growth of the segment. North America is expected to witness the shipment of over 14 million units by 2025.
Rugged Bluetooth speakers have IP coding of IP67, IP68, and IP69K. They have gained immense popularity among end-users worldwide in the last few years. These models are shock-, dust-, and waterproof with weather-resistant features. These devices are considerably versatile, with a high level of ruggedness and durability, thereby increasing their preferences among consumers. In terms of shipments, the rugged Bluetooth speaker market is expected to grow at a CAGR of over 11% during the forecast period.
INSIGHTS BY END-USER
Bluetooth speakers find their application as home speakers in households. These devices are used for music streaming via smartphones or PCs. These devices are considerably simple to operate. With their increasing popularity, a high percentage of consumers recognize the benefits of Bluetooth devices, which include portability, power-saving options, easy installation, high-quality sound, and seamless wireless connections. These features are increasingly driving the application in the residential sector.
The increasing adoption of Bluetooth speakers in small offices, home offices, educational institutions, and smart offices is driving the segment growth. Commercial Bluetooth devices are expensive, but they are powerful and large. They are standalone devices, which offer better sound quality in comparison to built-in counterparts. These devices have been witnessing profound adoption in the past few years in the audio technology segment. These speakers are available in several shapes and sizes, thereby catering to changing consumer demands.
INSIGHTS BY GEOGRAPHY
North America is one of the largest markets in the music industry. In 2019, North America was the largest revenue contributor to the global Bluetooth speaker market. The US is the leading market in North America, where the market is majorly driven by the millennials. The music streaming services in the region is rising, thereby increasing the demand for speakers.
The European region is expected to witness an increase in per capita disposable income, thereby driving the overall demand for several electronic appliances among professionals and residential users. Digitalization is expected to have to affect Europe positively. The concept of video streaming in social media is gaining prominence in the region. With increasing internet and Wi-Fi penetration, the streaming music industry is likely to witness an increase.
The growing penetration of smartphones in APAC has increased the addressable market for Bluetooth smart speakers. The penetration of smartphones is rapidly increasing due to urbanization in the region. When smartphones were launched, their price premium made them unaffordable for the middle-class population. However, with the availability of budgeted smartphones, high disposable income, and increased buying power of the middle-class population, especially in developing countries, the sale of audio devices is expected to increase. Several innovative regionally centered music streaming platforms are significantly experiencing a rise in demand in the APAC region.
INSIGHTS BY VENDORS
The global market is moderately concentrated with Bose, HARMAN International Industries, Sony, and Beats, capturing more than 40% of the market share. The rapidly changing technological environment could adversely affect vendors as customers expect continual innovations and upgrades.
On the one hand, some traditional manufacturers have started to offer Bluetooth speakers with high functionalities and designs. All these companies have a global presence, at least in three major regions of North America, APAC, and Europe. However, there are local vendors providing products with similar specifications at low prices. This will intensify the price wars among vendors during the forecast period.
The global Bluetooth Speaker market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market by Pricing
- Medium Range
- Premium Range
- North America
- South Africa
- Saudi Arabia
- Latin America
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Key Questions Answered:
- What is the market size and growth of the global Bluetooth speaker market by 2025?
- Which segment is the fastest growing in the Asia Pacific Bluetooth speaker market?
- What are some of the significant factors driving the Pricing segment of Bluetooth speaker market?
- Who are the major players in the speaker industry, and how are they growing during the forecast period?
- What technological innovations are followed by major key players for establishing large market shares?
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