With these advantages, both portable and stationary Bluetooth speakers are used for device-to-device connectivity with smartphones, tablets, laptops, etc., for both personal and commercial use. Rising popularity of Bluetooth speakers among millennials coupled with high product compatibility with other consumer electronics devices is driving the market growth. Moreover, the prevalence of smartphones along with the increasing influx of video and audio streaming applications has further increased the product demand on a global scale.
His Bluetooth speaker market in the world will reach US$ 10.1 billion in 2021. Looking ahead, the publisher expects the market to reach $30.4 billion by his 2027, with his CAGR of 19.1% from 2022 to 2027. Given the uncertainty of COVID-19, we are continuously monitoring and assessing the direct and indirect impacts of the pandemic. These insights are included in the report as key market contributions. Bluetooth speakers have several advantages over traditional wired speakers, such as high compatibility, hassle-free maintenance, optimal functionality and durability, minimal footprint, and convenience for outdoor use.
Additionally, rising consumer standards of living and rising disposable incomes have increased the adoption of advanced consumer electronics such as his Bluetooth speakers, especially in emerging markets. Meanwhile, the emergence of smart homes coupled with the rapid influx of Internet of Things (IoT)-based devices is also catalyzing product demand in developed countries. Various advancements in technology have introduced AI-based devices such as Alexa and Echo, driving the growth of the market.
In addition, consumers’ preference for lighter, portable and compact speakers over wired devices has increased the demand for Bluetooth speakers. Additionally, the increasing use of Bluetooth in the audio and media industry and the growing need for low-maintenance and battery-backed devices for outdoor applications are also supporting product demand. Apart from this, the rapid integration of Bluetooth speakers with in-vehicle infotainment systems, hands-free calls, voice control systems, home theaters, etc. is also contributing to the growth of the global market.
In addition, the rapid integration of audio-based technologies and wireless connectivity and increased investment in several R&D activities have resulted in various product innovations. Several manufacturers are launching different products to expand their product portfolio and attract a large customer base.