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.
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.
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Further key findings from the study suggest:
- 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
Grand View Research has segmented the global portable Bluetooth speakers market on the basis of application, distribution channel, and region:
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
