Portable Bluetooth Speakers Market Set to Witness an Uptick during 2019 to 2025

Posted by Mrudula Anil Karmarkar on December 22nd, 2020

The global portable Bluetooth speakers market size is expected to reach USD 2.64 billion by 2025 recording a CAGR of 11.7%, according to a new report by Grand View Research, Inc. Developments in home entertainment systems and advent of smart homes and AI- and Wi-Fi-enabled devices are projected to remain prominent trends in the market over the forecast years. Usage of streaming media and services on personal internet devices provide the convenience of music and videos on-the-go, which is also boosting the market for portable Bluetooth speakers. Shifting preference towards Wi-Fi-enabled devices owing to great compatibility is also expected to contribute to the growth.

Covid 19's rapid development worldwide has led to serious implications for most suppliers of electronics and electrical products, in the form of supply chain disruptions. While the pandemic crisis has decreased the frequency of purchase of consumer appliances, the lead time for delivery of orders has also increased significantly. Limited availability of components, restricted labor supply, and other supply chain related costs are some of the major challenges that most industry players are focusing on at present. The end of the lockdown is expected to bring this industry significantly higher consumer traffic, most notably through the online channels, and the manufacturers will need to design their production plans and distribution networks in tandem with this changing business environment. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.

The technology provides clear sound through streaming media and internet radio. The emergence of devices with advanced features, such as multiple pairing of speakers over large connectivity range, is expected to promote the product. For instance, in August 2018, Sonos, Inc. launched its smart speaker. In January 2017, POLK AUDIO launched Polk MagniFi Mini portable speaker with a Chromecast built-in streamer. In September 2018, Amazon.com, Inc. launched Echo and Echo Dot, a voice-activated speaker. Changing lifestyle in developing economies like China and India has led to an increased product demand. Rising popularity of smart home and home theatre systems is also expected to promote the scope of Bluetooth-enabled devices including portable speakers.

Moreover, rising proliferation of connected devices, mobility, and increasing penetration of Wi-Fi network remain key driving factors for the market. Key companies strives for product innovation to offer improved convenience and advanced technology. While smaller firms are entering the product category with same product features to explore the market scenario. For instance, in January2019, Acoosta launched Acoosta Uno portable speakers. It has an in-built collection of more than 14000 songs from 1000 artists. In September 2018, ZOUND INDUSTRIES, under its brand Marshall, launched Killburn II with a clear mid-range, deep bass, and extended highs. Furthermore, the companies are focusing on M&A to gain a competitive edge over others.

Portable Bluetooth Speakers Market Report Highlights

• The commercial application is expected to witness a CAGR of 11.6% from 2019 to 2025
• Online distribution channel segment is expected to account for around 39% of the global share by 2025
• Rising importance of e-commerce portals as selling medium is expected to remain the favorable factor for the segment
• Asia Pacific is expected to be the fastest-growing regional market over the forecast period. Increasing internet penetration in India and China is expected to open new avenues for the market in future
• Major companies in the market include Samsung Group, Sony Corp., VOXX Electronics Corp., Plantronics Inc., Beats Electronics, ULTIMATE EARS. Most of these firms are investing in R&D for product differentiation

Rising penetration of Wi-Fi-based networks along with increasing proliferation of connected devices have surged the demand for wireless connectivity feature in urban households. Moreover, the ability of speakers of providing wireless connectivity has now been a prominent factor driving the market. This trend has benefitted in the development of smart speakers. For instance, the sales of the devices witnessed a 50% growth from 2016-17 to 2018-19 on a global level.

Over the past few years, improved wireless connectivity functions have being incorporated across all the speaker categories including sound bars, mobile docking speakers, and wall units. Therefore, increasing demand for sophisticated speakers is encouraged by the enhanced video quality. Moreover, changing consumer lifestyle and need for entertainment have resulted in rising adoption of high-end home theater systems. As a result, it creates potential market for subwoofer systems, in-wall speakers, and sound bars.

Prominent companies have been focusing on quality and technology to increase sales. For instance, in May 2018, Harman International Industries, Inc., launched JBL GO 2 Bluetooth speakers with in-built waterproof design. In addition, in November 2018, IMS Mercantiles Pvt. Ltd., launched its Digitek Portable Trolley Bluetooth Speakers Mivi, in three water resistant models of Bluetooth speakers including Dubbed Octave, Moonstone, and Raom. In May 2017, Sony Corp. launched SRS-XB40, a portable wireless Bluetooth speaker with water-resistant quality. In April 2019, 4COM Technologies launched its flagship speaker Sonic Angle 1 in India.

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Key manufacturers in the market include Harman International Industries, Inc.; Apple, Inc.; Bose Corp.; VOXX Electronics Corp.; Plantronics, Inc.; Beats Electronics; Sony Corp.; Samsung Group; ULTIMATE EARS; and 4COM Technologies. Product innovation is expected to remain a key strategy among key market participants.

For instance, in March 2019, Truvison Industries Pvt. Ltd. launched 400 BT2.1 with a sub-woofer and two satellite speakers. In February 2019, Damson Group launched CORSECA Eternia, which is a retro look Bluetooth speaker. In February 2019, Zaap launched Aqua Darkstar wireless Bluetooth speakers.

Grand View Research has segmented the global portable Bluetooth speakers market on the basis of application, distribution channel:

Portable Bluetooth Speakers Application Outlook (Revenue, USD Million, 2015 - 2025)

•          Residential
•          Commercial

Portable Bluetooth Speakers Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

•          Online
•          Offline

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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