The global market for Bluetooth Speakers, which was anticipated to be worth USD 8.23billion in 2021, is expected to expand to USD 59.63 billion by 2028, with a CAGR of 32.7% throughout the analysis period.
A Bluetooth speaker is an electronic wireless device. The size of this speaker is comparatively smaller than the home theaters. Bluetooth speakers are chargeable they run on batteries so they are preferred for outdoor, person can move around by taking the speakers. The ability to remotely broadcast audio content is the main factor driving the Bluetooth speaker market. There are so many benefits of these Bluetooth speakers like easy to maintain, easy to move, good functionality, and a quality product all of this will increase the growth of the global Bluetooth speakers’ market over the projection period. New technologies are giving two separate connections a system’s logical and physical; they allow many channels to operate on single signals, allowing infrastructure modifications to be made at a minimal cost and in a short amount of time.
Market Dynamics and Factors:
The rising demand for wireless speakers, give the growth of Bluetooth technology and has given a high growth rate to the market for speakers, around the globe. The use of mobile phones is increased tremendously and Bluetooth gives connectivity to mobile phones this is the technology that works with a wide range of mobile devices of different brands, softer wear, and processor. Apple has iPhone and Android smart phones both can connect and operate through the Bluetooth speaker so the demand for Bluetooth speakers is increased tremendously. People are now working from home and spend there most of their time at home so they are using this Bluetooth speaker regularly for entertainment or working purposes this will lead to the increasing demand for Bluetooth speakers in the upcoming time.
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Bluetooth Speaker Market Report Highlight:
- By portability, the portable Bluetooth speaker market is anticipated to grow at a significant CAGR in Bluetooth Speaker Market during the forecast period. They are small and light in weight, giving them high demand in the global market.
- By pricing, the low-end segment is expected to grab a significant Bluetooth speaker market share during the projected period. End-users which are middle-class people can successfully use low-cost versions of speakers for residential and commercial use.
- By end-user, the residential segment is expected to lead the maximum market share of the Bluetooth speaker market over the forecast period. Bluetooth speakers are used daily for music listening, watching movies and TV at home.
- By region, the North American region is anticipated to get the maximum market share during the forecast period in the Bluetooth Speaker Market. North America has one of the largest music industries that give a high market to the Bluetooth Speaker.
Major Key Players for Bluetooth Speaker Market:
- Solta Medical
- Strata Skin Sciences
- Syneron Candela
- Lutronic Aesthetic
- Lynton Lasers
- Alma Lasers
- Venus Concept
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Key Industry Development:
- In May 2019, Sony launched its first Bluetooth speakers mainly for outdoor usage. The product name is, Sony GTK-PG10, It gives 13 hours of battery backup and is inbuilt with The DSP (Digital Signal Processor) that adjusts the sound automatically based on its surroundings, and the weight of this speaker is around 6.7 kg.
- In August 2020, an electronic accessory and devices manufacturing company namely Killer Concept launched their new Bluetooth speakers which have the best sound quality, are AI-enabled, and it is portable. They launched this speaker to give the best and most clear sound experience to the consumer.
Bluetooth Speaker Market Segmentation:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Bluetooth Speaker Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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