Bluetooth speaker market size to grow by USD 6.93 billion from 2021 to 2026; Growth driven by increasing adoption of smart speakers - Technavio
NEW YORK, March 29, 2023 /PRNewswire/ -- The global Bluetooth speaker market size is estimated to grow by USD 6.93 billion from 2021 to 2026, according to Technavio. The market is estimated to grow at a CAGR of 8.39% during the forecast period. The market is driven by the increasing adoption of smart speakers. Smart speakers are backed with virtual assistants and can be controlled through voice to perform required actions. The smart assistants in these speakers are designed to deliver content related to weather forecasts, news, meeting updates, security alerts, and notifications related to household appliances. Such benefits and features have increased their demand among end-users. Their growing adoption has encouraged many vendors to develop new products. Many startups are also entering the market through crowdfunding strategies to manufacture smart speakers with the latest technologies. All these factors are driving the growth of the market. For more insights on the market size (2022 to 2026) - Request a sample report
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Global Bluetooth Speaker Market - Segmentation Assessment
Technavio has segmented the market based on the product (portable and fixed) and geography (North America, Europe, APAC, Middle East and Africa, and South America).
The market growth in the portable Bluetooth speakers segment will be significant during the forecast period. The growth of the segment is mainly driven by the increased penetration of wireless speakers among tourists. The growing adoption of smart home devices and smart home automation and the emergence of voice assistants and smart wireless speakers are some of the other factors driving the growth of the segment.
The report provides actionable insights and estimates the contribution of all regions to the growth of the global Bluetooth speaker market.
North America will account for 29% of the market growth during the forecast period. The increasing popularity of music streaming services is the major factor driving the growth of the regional market. The increasing number of home renovation projects and the rising number of new residential buildings are other major factors supporting the growth of the Bluetooth speaker market in North America.
Insights on the market contribution of various segments and forecast market size
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Global Bluetooth Speaker Market – Vendor Analysis
The global Bluetooth speaker market is fragmented and relatively consolidated. Many established brands have begun to provide Bluetooth speakers with advanced features and designs. Their businesses have a global presence, with offices in at least three main geographic regions, including Asia, Europe, and North America. Local vendors have started to provide introduce products with equivalent characteristics at lower rates. These factors will intensify the competition in the market during the forecast period. Some of the key vendors covered in the report include:
Altec Lansing Inc.
Best IT World India Pvt. Ltd.
Imagine Marketing Pvt. Ltd.
Koninklijke Philips NV
Lenovo Group Ltd.
LG Electronics Inc.
Logitech International SA
Samsung Electronics Co. Ltd.
Sony Group Corp.
Zebronics India Pvt. Ltd.
Global Bluetooth Speaker Market – Market Dynamics
Leading trends influencing growth
The increasing popularity of voice commerce is the key trend in the market.
The concept of voice commerce is gaining popularity among consumers.
In this concept, voice is used as an alternative to using a keyboard and mouse or smartphone for ordering and purchasing products online.
Bluetooth speakers with built-in virtual assistants take voice commands from users to search for products and place orders online.
With voice commerce, online shopping becomes fast and convenient.
Bluetooth speakers offer advantages such as hands-free operation and allow users to engage in other tasks while placing orders.
This trend will positively influence the growth of the global Bluetooth speaker market during the forecast period.
Major challenges hindering growth
The threat of piracy will challenge the growth of the market.
Many pirated items are sold at relatively lower prices than original products.
The availability of such products is higher in developing countries such as China and India. The proliferation of pirated products is creating a negative impact on the market growth.
Also, smart speakers such as Bluetooth speakers are at high risk of cyber-attacks such as denial-of-service (DDoS) attacks, man-in-the-middle (MiTM) attacks, advanced persistent threats (APTs), and ransomware attacks.
Hacked Bluetooth speakers can be used to disrupt networks of end-users.
Many such challenges are reducing the growth potential in the market.
Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find more insights in a sample report!
What are the key data covered in this Bluetooth speaker market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the Bluetooth speaker market between 2022 and 2026
Precise estimation of the size of the Bluetooth speaker market size and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the Bluetooth speaker market across North America, Europe, APAC, Middle East and Africa, and South America
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of Bluetooth speaker market vendors
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The speakers market is estimated to grow at a CAGR of 30.5% between 2022 and 2027. The size of the market is forecast to increase by USD 115.46 billion. The market is segmented by product (stereo speakers and smart speakers), technology (wireless speakers and wired speakers), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
The predicted growth of the portable speaker market size from 2021 to 2026 is USD 16.36 billion, at a progressing CAGR of 18.28%. The market is segmented by distribution channel (offline and online), technology (wireless and wired), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
Bluetooth Speaker Market Scope
Growth momentum & CAGR
Accelerate at a CAGR of 8.39%
Market growth 2022-2026
USD 6.93 billion
YoY growth 2021-2022 (%)
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 29%
US, China, Japan, UK, and France
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Altec Lansing Inc., Amazon.com Inc., Apple Inc., Artis, Best IT World India Pvt. Ltd., Bose Corp., Imagine Marketing Pvt. Ltd., ION Audio, Koninklijke Philips NV, Lenovo Group Ltd., LG Electronics Inc., Logitech International SA, Onkyo Corp., Panasonic Corp., Parra Shark, Qualcomm Inc., Samsung Electronics Co. Ltd., Skullcandy Inc., Sony Group Corp., SoundBot, and Zebronics India Pvt. Ltd.
Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
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Table of contents:
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2021
3.4 Market outlook: Forecast for 2021-2026
4 Five Forces Analysis
4.1 Five forces summary
4.2 Bargaining power of buyers
4.3 Bargaining power of suppliers
4.4 Threat of new entrants
4.5 Threat of substitutes
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Product
5.1 Market segments
5.2 Comparison by Product
5.3 Portable - Market size and forecast 2021-2026
5.4 Fixed - Market size and forecast 2021-2026
5.5 Market opportunity by Product
6 Customer Landscape
6.1 Customer landscape overview
7 Geographic Landscape
7.1 Geographic segmentation
7.2 Geographic comparison
7.3 North America - Market size and forecast 2021-2026
7.4 Europe - Market size and forecast 2021-2026
7.5 APAC - Market size and forecast 2021-2026
7.6 Middle East and Africa - Market size and forecast 2021-2026
7.7 South America - Market size and forecast 2021-2026
7.8 US - Market size and forecast 2021-2026
7.9 UK - Market size and forecast 2021-2026
7.10 China - Market size and forecast 2021-2026
7.11 Japan - Market size and forecast 2021-2026
7.12 France - Market size and forecast 2021-2026
7.13 Market opportunity by geography
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.3 Impact of drivers and challenges
8.4 Market trends
9 Vendor Landscape
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.2 Market positioning of vendors
10.3 Amazon.com Inc.
10.4 Apple Inc.
10.5 Best IT World India Pvt. Ltd.
10.6 Bose Corp.
10.7 Koninklijke Philips NV
10.8 Lenovo Group Ltd.
10.9 LG Electronics Inc.
10.10 Logitech International SA
10.11 Samsung Electronics Co. Ltd.
10.12 Sony Group Corp.
11.1 Scope of the report
11.2 Inclusions and exclusions checklist
11.3 Currency conversion rates for US$
11.4 Research methodology
11.5 List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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