The online distribution channel occupied almost half of the global bluetooth market share, growing at a CAGR of more than 11% during 2017-2023.
CHICAGO, IL, UNITED STATES, July 11, 2018 /EINPresswire.com/ — Arizton’s recent market research report on the global Bluetooth speaker market provides detailed analysis of market segmentation by product (traditional speaker, waterproof speaker, and rugged speaker), by price range (low-end, mid-range, and premium), by end-user type (residential users and commercial users), by portability (fixed and portable),by distribution channel(online,retail) and by geography (APAC, Europe, North America, Latin America, and MEA).
The exponential growth of the music industry and the increasing number of music streaming services such as Apple Music, Pandora, and Spotify is propelling the growth of the global bluetooth speaker market. These wireless speakers have the ability to offer high definition music at the varied range. The increasing focus on the development of low power mode, HD data streaming, and improvement in the range is boosting the adoption of bluetooth technology in the global market. The bluetooth wireless standard available in the market enables secure and convenient connectivity of electronic devices and services. The upgrades in connectivity solutions due to the innovations in bluetooth mesh networking technology and rapid advancements will transform the global market over the next few years. The increasing use of these devices across the US and Western European countries and launch of new product models will create lucrative opportunities for leading vendors in the global market. The increasing focus on product innovations that led to the introduction of waterproof models and rugged devices will drive the growth of the bluetooth speaker market. The growing penetration of wireless home audio devices and a shorter repurchase cycle leading to technological disruptions in the market will boost the demand for these products.
The development of the residential sector and rise in awareness about these devices in emerging countries in APAC and other regions will help players expand their businesses in these countries. The integration of latest Bluetooth technology, innovative waterproof and rugged models, and enhanced marketing and visibility of these products online will have a positive impact on the overall growth of the global market.
The global Bluetooth speaker market is projected to generate revenues of more than $8 billion by 2023, growing at a CAGR of over 10% during 2018-2023. The report provides market share both in terms of revenue and unit shipment values.
The global Bluetooth speaker market is divided into major segments that include by products, price range, end-users, portability, distribution channel and geography.
APAC to grow at the fastest CAGR in the global Bluetooth speaker market during forecast period
The global bluetooth speaker market by geography is segmented into APAC, Europe, North America, Latin America, and MEA. APAC is the fastest growing region in the market, at a CAGR of around 10% during the forecast period. The increasing proliferation of low-end bluetooth speakers is one of the major contributing factors in the growth of the APAC region in the market.
Countries such as Australia, China, South Korea, and Japan are the largest revenue generators in the APAC market.
The improvement in the quality of life and increase in per capita income is attributing to the rising demand in the APAC bluetooth speaker market. Urbanization in China and India is shifting the consumer's preferences and boosting the demand for these wireless speakers in the APAC market. The availability of budgeted smartphones and decent Internet connections will help vendors launch new product models in the APAC market. The implementation of advanced and autonomous products and solutions in the home and office spaces will revolutionize the APAC market during the forecast period.
Adoption of smart devices in North America to boost global bluetooth speaker sales
North America led the market share in 2017, growing at CAGR of around 11% during the forecast period. The increasing adoption of connected homes and smart devices is one of the primary factors attributing to the growth of North America in this market. Bluetooth speaker market in US and Canada are the largest revenues generators in the North American market. The latest trend of on-demand streaming, rise in the number of smartphone users, and availability of high-speed internet connectivity are some of the factors helping in the development of the market in North America. Some of the leading music streaming applications popular in North America are Pandora, Shazam, Spotify, iHeartRadio, Slacker Radio, and Soundcloud. The presence of a larger digital generation is augmenting the growth of North America in the global Bluetooth speaker market.
The key countries profiled in the report are:
Rugged speaker to grow at an impressive CAGR in the global Bluetooth speaker market during forecast period
The product type segment in the global Bluetooth speaker market is classified into traditional speaker, waterproof speaker, and rugged speaker. The rugged speaker segment dominated a considerable market share in 2017, growing at a CAGR of over 14% during the forecast period. These speakers are designed with dust protection, weather resistance, and water-resistant properties. Bluetooth speakers with a rating of IP67, IP68, and IP69K usually fall under this category and is gaining immense popularity in the global market. The increasing popularity and worldwide demand for these products will boost sales in the global Bluetooth speaker market. Rugged models are shock-proof, dustproof, water-proof, and weather-resistant and are sold across developed countries across the market. These models are primarily designed for rough use and can function well in the outdoors perfectly. The primary end-users of the rugged speaker in the global market consists of mostly leisure travelers and solo travelers.
Online stores to grow at a significant CAGR in the global Bluetooth speaker market during forecast period
The global Bluetooth speaker market by distribution channel is segmented into retail and online channels. The online channel occupied almost half of the market share in 2017, growing at a CAGR of more than 11% during the forecast period. The emergence of online OEMs’ e-commerce portals and online direct-to-consumer stores is attributing to the growth of this segment in the global market.
Leading players such as Amazon, eBay, Best Buy, Alibaba, and JD.com are some of the largest revenues generators in the online store segment in the global Bluetooth speaker market.
The vendors are promoting the concept and use of Bluetooth devices and technology by leveraging social media to reach a wide group of end-users in the global market. The ease-of-accessibility and convenience afforded by these online channels are augmenting the development of this segment in the global market.
The global Bluetooth speaker market is moderately concentrated, and the leading players occupy more than 40% of market share. The key players are focusing on altering and refining their unique value proposition to sustain the competition in the global market. The top companies in the global market are competing on the basis of product or service extensions, technological innovations, and M&A activities. The development of innovative technology and regular product upgrades will allow vendors to gain a larger market share and gain new consumers. The increasing adoption of these products across US, China, South Korea, and the UK will encourage companies to expand their businesses in these regions in the global market. The focus on efficient production techniques that minimize production costs and mitigate associated risks will help players generate higher revenues in the global Bluetooth speaker market.
The major vendors in the global market are:
HARMAN International (Samsung)
BEATS Electronics (Apple)
Other prominent vendors include Altec Lansing, ANKER Innovations, Artis, AOMAIS, Axess, Bang & Olufsen, Boat Lifestyle, Braven, Creative Technology, DOSS, D&M Holdings (Denon), Edifier, Forcovr (Shenzhen Guowei Security), The House of Marley, iBall, iClever, ION Audio, JAM Audio, JONTER, KitSound by Kondor, Klipsch Group, Koninklijke Philips, Lenovo, LG Electronics, Logitech, Micromax, Monster Cable Products, Mpow, Onkyo & Pioneer, Panasonic, Photive, Plantronics, Rock Space (RENQING TECHNOLOGY), Samsung Electronics, SHARKK, Sharp, Skullcandy, SoundBot, Supersonic, TAGG, TIBO, Tribitaudio, VicTsing, Yamaha, and Zebronics.
The complete overview of the latest market research report on global Bluetooth speaker market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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Source: EIN Presswire