The new report by Expert Market Research titled, ‘Global Portable Bluetooth Speakers Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global portable Bluetooth speakers market, assessing the market based on its segments like type, sales channel, price range, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 7.2 Billion
- Forecast CAGR (2023-2028): 12.4%
- Forecast Market Size (2028): USD 14.5 Billion
The demand for portable Bluetooth speakers is powered by developments in audio technology. And the way it is played and enjoyed, the continuing technical developments in many audio devices have changed the world of music. The demand for wireless-based audio products, including portable Bluetooth speakers, headphones, sound bars, and microphones, has increased in the audio industry. The market growth of portable Bluetooth speakers is expected to be boosted by this. The increasing demand from the end-user industries and the adoption of portable Bluetooth speakers and other related devices further help the industry. In addition, the growing number of smart phones, especially in North America, is fueling the growth of portable Bluetooth speakers in the market.
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Industry Definition and Major Segments
Movable wireless streaming audio applies to portable Bluetooth speakers. These devices, such as a tablet, laptop, any Bluetooth activated device like a smartphone, are allowed to play media from a source of content. A portable Bluetooth gadget typically contains a rechargeable lithium polymer battery. It is simple to bring, use, and mount portable Bluetooth speakers.
On the basis of type, the market is divided into:
- Car Speaker
- Pocket Speaker
- Outdoor Bluetooth Speaker
Based on sales channel, the industry can be segmented into:
- Organized Sector
- Unorganized Sector
By price range, the industry is categorized into:
- Premium (More Than USD 500)
- Mid-Range (USD 500-200)
- Low Range (Less Than USD 200)
The regional markets for portable Bluetooth speakers include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The market growth of portable Bluetooth speakers is driven by the shifting preferences of consumers for the way they listen to music. The changing format of music towards digital and hi-fi systems is encouraging producers to design, create, and seek sound quality innovation. Consumers had traditionally opted for speakers with high watts, which had improved sound quality. Currently, however, buyers have turned to innovation and refrained from buying speakers with noisy music, as this might annoy their neighbours. This has led to the demand for Bluetooth hi-fi devices, Wi-Fi connections, USBs including supported files, plug-ins with different types of card readers, or even a mixture of disco lighting, among others, thus boosting the growth of portable Bluetooth speakers on the market. However, due to the risk of piracy, the market can witness a hindrance.
Key Market Players
The major players in the market are Bose Corporation, Harman International, Apple Inc., Sony Corporation, Koninklijke Philips NV, LG Electronics, Yamaha Corporation, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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