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Bluetooth Speakers Market Overview
Rising need for mobile infotainment systems is a key driver for growing Bluetooth speakers market globally. The rising disposable income, advancing wireless technology and rising smartphone penetration pushed the demand for Bluetooth audio devices. Bluetooth speakers provide wireless audio streaming. These devices play media from a content source (tablet, laptop, smartphone, or any Bluetooth enabled device). Most portable Bluetooth devices include a rechargeable lithium polymer battery. These speakers are portable, easy to use & carry, and install.
Based on type, Bluetooth speakers have been classified into portable and fixed. Portable speakers recorded large volume sales globally, owing to its ergonomic design and advancement in audio technology. Also, improvement in lithium-ion battery used in portable speakers provide long playback time, which has supported the demand for these speakers. Growth of wireless connectivity and adoption of smartphones across the globe, also contributed to the increased popularity of portable Bluetooth speakers.
Based on distribution channel, Bluetooth speakers market categorized into online and offline. Increasing internet penetration, and growing e-commerce industry enabling customers to compare multiple Bluetooth speakers led to rise in online sales for these devices. E-commerce sites such as Amazon.Com, Alibaba.Com, ebay.com, and others, offer discounted prices on popular Bluetooth speaker brands, and offer a wide range of Bluetooth speakers to choose from, attracting large volume sales. Flexibility such as easy product return, and cash on delivery are also boosting the online sales of Bluetooth speakers.
Based on price range, Bluetooth speakers market is classified into low-end, mid-range and premium. Small and sturdy Bluetooth speakers by manufacturers such as BT50B by Phillips Corporation; and JBL Go by Harman International Industries have gained traction among millennials, due to its rigid design and clear sound clarity. These speakers generally come under $50 and have an output power range between 3W and 15W, which offers clear sound output to users.
Furthermore, soundbars and large speakers such as JBL flip series, fall under mid-range category, priced between $50-150. These speakers provide large output power which is suitable for small party gathering in office, or at home. While, the premium category includes speakers that offers excellent sound clarity and idle base output, which is popular among music lovers and cost more than $150. Sales of premium Bluetooth speakers expected to grow in the coming years, owing to rising disposable income of consumers and the credibility of premium speaker brands.
North America held dominant share in the global Bluetooth speakers market, followed by Asia-Pacific and others. Growing number of smart homes in North American countries, majorly in the U.S. and Canada, are driving the market in the region. Bluetooth speakers with AI such as Echo by Amazon.Com Inc., Bose Bluetooth speakers with Alexa (Smart voice assistant), and Google Home are prime examples of how Bluetooth enabled speakers with wi-fi connectivity is becoming a crucial part of a smart home. These connected devices enable customers to play music from remote locations and allow multiple device connectivity at the same time.
Bluetooth Speakers Market Dynamics
The increasing requirement for mobility, growing demand for infotainment services, and rising smartphone/tablets adoption are the key growth factors driving Bluetooth speakers market. The popularity and growth of streaming services such as Spotify, Amazon Prime, and YouTube, has led to rise in demand for Bluetooth speakers. Also, features such as long battery life, rugged design and waterproof Bluetooth speakers have also gained popularity and supported the market growth. Moreover, rising disposable income, particularly among urban as well as young demographics is also driving the market growth.
Availability of counterfeit speakers is one of the major concerns impacting the growth of Bluetooth speakers market. The materials used, sound clarity, and longevity of counterfeit products is almost similar to the original Bluetooth speakers. Such counterfeit products are available especially in developing countries such as China and India at a very low cost as compared to original products. Growth of such counterfeit goods would impact the market growth.
Bluetooth Speakers Market Competitive Landscape
The high growth rate and high profit margins in the Bluetooth speakers market induced a price war among the vendors globally, which driven down the price of these speakers. This has resulted in intense competition in the market, with players focusing on sound quality, battery life and other features to lure customers.
Some of the key players operating in the global Bluetooth speakers market are Bose Corporation, Harman International Industries Inc., Apple Inc., Samsung Group, Sony Corporation, VOXX Electronics Corp., Plantronics Inc., and Beats Electronics.