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.
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.
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.
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.
