The global Bluetooth Speakers Market is forecast to reach USD 6.27 Billion by 2030.
According to a new report by Reports and Data. Bluetooth speakers have the ability to stream audio content wirelessly and take up minimal space, as compared to other home theater systems. These speakers run on batteries and are perfect for outdoor purposes. Another advantage is their hassle-free maintenance, good functionalities, and increased durability, which will propel the demand for the market. The growth in the multi-room streaming trend and the introduction of network audio devices that allow modern speakers to stream sound via Bluetooth is also driving the market demand. Bluetooth is a wireless technology, which allows the connection of multiple electronic devices and facilitates their interaction. Bluetooth exchanges data over short distances using the short-wavelength UHF radio waves ranging from 2.400 to 2.485 GHz. Bluetooth speakers in cars provide the user with cellphone connectivity through the car’s infotainment system. Innovation in Bluetooth technology over the years have allowed for the hands-free calling, interfacing music frameworks, remote security controls for locking and opening the doors have boosted its demand in the automotive industry.
According to Consumer Technology Association, in the United States, in 2019, almost 88% of the wireless speakers were Bluetooth-enabled technology, whereas 67% of them were Wi-Fi, and 62% were smart speakers. Moreover, the prominence of Bluetooth in the Chinese industry is driving the market as well. These Chinese consumers are partial to loud audio sounds without any distortions, long battery hours, and reasonable prices, which perfectly fit the bill of Bluetooth speakers.
The COVID-19 impact:
The hit of the COVID-19 has led to a serious results in electronics and electrical products, disrupting the supply chain of the industry. The epidemic has reduced the purchase of consumer appliances, meanwhile reducing the delivery time as well. Limited availability of products, low labor supply, are challenging the market. As the lockdown ended, the industry is anticipated to witness higher consumer traffic, mostly through the online distribution channel.
Competitive landscape of the global Bluetooth speakers market is consolidated with a few key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Some of the major companies included in the global market report are Harman International, SAMSUNG, Bose Corporation, Apple Inc., VOXX Electronics Corp., Sony Corporation, Plantronics, Inc., Ultimate Ears, 4Com Technologies Limited, and Zebronics India Pvt. Ltd.
Further key findings from the report suggest:
- Easy to mount, long life, and minimal effort are some of the essential factors propelling the automotive Bluetooth industry. The emergence of novel in-car smartphone features, self-driving vehicles, and vehicle diagnostics are some of the factors that will push the industry forward in the coming years.
- The increasing investment in smart vehicles and intelligent transportation will also boost the growth of the market. On the flip side, the slow data transfer rate, limited range, and inadequate security technology in Bluetooth are significant restraints on the market.
- The major advantage of this type of Bluetooth is its ease of listening to music and share the social experience. It enables people to listen to music anywhere and anytime. The majority of the speakers are small and lightweight, which adds to their advantage.
The Asia Pacific held a significant share in 2019 with a valuation of over USD 0.28 billion, owing to its rapidly growing automobile sector, especially in emerging economies like China and India. These emerging economies being the major manufacturing hubs of the world, are also a base to the major players, which has benefited the automotive Bluetooth segment. Europe and North America are expected to show lucrative opportunities for growth during the forecast period.