Bluetooth speakers are audio devices that can be easily paired with smartphones, laptops, or other Bluetooth-enabled devices to stream music wirelessly. They offer greater convenience, mobility, and freedom compared to traditional wired speakers. With advancements in wireless technologies, Bluetooth speakers have emerged as a popular alternative for audio entertainment on the go.
The global Bluetooth Speaker Market is estimated to be valued at US$ 7,050.0 Mn in 2023 and is expected to exhibit a CAGR of 12% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends fueling the growth of Bluetooth speakers market is the increasing demand for portable and compact wireless speakers. With hectic lifestyles and preference for mobility, consumers are looking for compact audio devices that can easily fit in bags or backpacks. Leading manufacturers are focusing on developing miniature Bluetooth speakers without comprising on sound quality. For instance, UE BOOM and JBL Clip series offer high quality sound output in compact and rugged designs suited for outdoor use. The growing popularity of these portable wireless speakers is expected to drive the Bluetooth speakers market during the forecast period.
Key players
Key players operating in the bluetooth speaker market are Sony, Apple, Samsung, Bose, Beats Electronics, Harman International Industries, JVCKENWOOD Corporation, Logitech International S.A., LG Electronics Inc. and others. Among these, Samsung held dominant market share of around 15% in 2023 owing to its wide range of portable bluetooth speaker offerings and strong brand presence across major markets.
Segment Analysis
The global bluetooth speaker market is segmented based on type, application, distribution channel and region. Based on type, the market is segmented into portable and fixed. Among these, the portable bluetooth speaker segment dominated the market, accounting for over 80% market share in 2023. This is mainly because portable bluetooth speakers are compact, lightweight and can be easily carried to any place thus providing convenience to users.
Key Takeaways
The global bluetooth speaker market is expected to witness high growth, exhibiting CAGR of 12% over the forecast period, due to increasing demand for wireless audio devices and rising trend of portable music devices.
Regional analysis
Regionally, Asia Pacific dominated the global bluetooth speaker market with over 35% share in 2023. This is attributed to high adoption of connected devices and growing spending power of middle class households in emerging countries such as India and China. North America ranked second in the global market and is expected to grow at steady pace during the forecast period.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it