Advancement in battery technologies, product innovation & more investment in Iot by vendors to boost the global bluetooth speaker market.
Arizton’s recent market research report on the global bluetooth speaker market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (traditional speaker, waterproof speaker, and rugged speaker), by price range (low-end, mid-range, and premium), by end-user type (residential users and commercial users), by portability (fixed and portable), by geography (APAC, Europe, North America, Latin America, and MEA), and offers detailed competitive analysis.
The global Bluetooth speaker market is estimated to reach values of over $8 billion by 2023, growing at a CAGR of more than 10% during the forecast period. The increasing presence of online retailers such as Amazon, JD.com, and eBay offering products from vendors is propelling the growth of the global Bluetooth speaker market. The various factors such as ease of usage, connectivity, and skillsets, design, sensor technology, voice-recognition, signal transmission, and battery capacity will promote the development of the market.
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The top 3 drivers and trends propelling the growth of the global Bluetooth speaker market are discussed below:
Advancements in Battery Technology
The increasing focus on advancements in battery technology is attributing to the growth of the global bluetooth speaker market. Lithium-ion batteries are becoming an integral part of all electronic devices. Therefore, leading companies are investing in R&D to search alternative electrode materials to improve the cost, performance, and energy density of lithium-ion batteries that will ensure wide-scale integration of these products in the global market. The use of electrolyte medium uses a mixture of a lithium salt and an organic solvent which produces a voltage greater than standard AA alkaline batteries. This composition allows batteries to store more charge and run for a longer time. The increasing focus on using varied materials to improve the safety and the performance of these batteries is boost is adoption in the market. The leading vendors are using innovative battery technology that ensures the speakers to run continuously up to 16 to 24 hours in a single charge to gain a larger global Bluetooth speaker market. For instance, Sony SRS-XB40 Extra Bass portable Bluetooth Speaker can offer battery backup to 24 hours.
Growing Product Innovations
The rising interest in product innovation is a strategy to attract a large number of end-users in the global Bluetooth speaker market. The prominent players are integrating a unique design and latest technology to gain larger market share. Improvement in the battery technology, use of innovative product designs, increasing ease-of-use or convenience, omnidirectional sound, water resistance, and other features are some of the major developments offered leading vendors in the global market. Additionally, the launch of products with 360-degree surround sound, customizable led lights, app sync feature, and smart assistant technology will enable companies to attract a larger group of consumers in the global Bluetooth speaker market. The audio devices available on the market consist of wireless headsets, wireless speakers, and in-car infotainment. The vendors are focusing on portability, improved sound quality, and connectivity to sustain the competition in the global market. For instance, JBL introduced its new Pulse 3. This version has a more attractive design, dedicated, customizable light show, 360-degree omnidirectional sound, water resistance, and JBL Connect+ app integration.
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Increased Investment in IoT by Vendors
The emergence of smart devices and increasing penetration of internet is driving the evolution of the global Bluetooth speaker market. The use of smart devices allows vendors to collect, analyze, and share real-time data that can be used later for strategic marketing activities to boost sales in the global market. The top companies are investing in the development of IoT for seamless delivery of customer experience by using the technology to deliver proactive services to the consumers in the market. The emergence of smart tech across industries is transforming product design, development, manufacturing, marketing, sales, aftersales in the market. The vendors are leveraging technology to offer seamless and customized consumer experience in the global Bluetooth speaker market.
The leading vendors in the global bluetooth speaker market are Bose, Harman International (Samsung), Beats Electronics (Apple), and Sony.
The complete overview of the latest market research report on global bluetooth speaker market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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