Bluetooth Speaker Market Size

Bluetooth Speaker Market Analysis

The Bluetooth Speaker Market size is estimated at USD 15.24 billion in 2024, and is expected to reach USD 38.28 billion by 2029, growing at a CAGR of 20.22% during the forecast period (2024-2029).

The shift in consumer preferences toward wireless and portable speakers over cable speakers has increased demand for Wireless speakers. Additionally, the rising need for low-maintenance and battery-powered equipment for outdoor applications and the increasing usage of Bluetooth in the audio-visual industries also continue to raise product demand.

• Bluetooth speakers are audio devices that use the same technology as a car radio. These devices connect directly to the source of the sound instead without requiring any wires, allowing the speaker to be moved around and still play the audio track. In recent years, various technological innovations have been witnessed in Bluetooth connectivity to enhance privacy and quality further. For instance, in May 2023, Promate launched its first Bluetooth speaker, Glitz-L, in India. The portable outdoor speaker enhances the listening experience with LumiSound technology, bringing 360-degree surround sound with a light show matching every beat of the music.
• Moreover, the evolution of lithium-ion batteries has also helped the portable Bluetooth speaker market immensely by offering more playtime without frequent charging. Quick charging technology and Power banks have also assisted in fueling the demand by reducing the weight of speakers and addressing charging concerns.
• With the growing demand for Bluetooth speakers in the market, various companies have been launching new products in the market. For instance, in June 2022, Bose, a major provider of bluetooth speakers, introduced the Soundlink Flex, its new Bluetooth speaker with a specialized transducer. According to the company, the Bose SoundLink Flex maximizes clarity and produces strong bass so customers can perceive every instrument and vocal. Such initiatives by the company are expected to fuel the demand for Bluetooth speakers in the market during the forecast period.
• Another major factor driving the growth of the Bluetooth speaker market is the growing recorded music industry. According to the International Federation of Phonographic Industry (IFPI), in 2022, the global recorded music market grew by 9 percent, driven by growth in paid subscription streaming. Furthermore, according to IFPI's Global Music Report, in 2022, there were 589 million paid subscription account users, which contributed significantly to subscription audio streaming revenues, helping it increase by 10.3 percent to USD12.7 billion. As Bluetooth speakers are becoming a popular device for home entertainment, such trends are anticipated to continue to support the market's growth.
• Home automation is now poised to scale, owing to Bluetooth full-home automation systems. The Bluetooth mesh will continue to provide a reliable wireless connectivity platform that enables automatic control of lights, thermostats, smoke detectors, cameras, doorbells, and locks. However, the smart speaker has emerged as a potential central control unit for the smart home. Smart speaker volume is forecasted to grow multiple times in the coming years, which may challenge the market's growth.
• Furthermore, technical limitations of Bluetooth speakers, such as range limitations, also restrain the studied market's growth, as even the best portable Bluetooth speakers do not guarantee to offer a range as wide as Wi-Fi. As a result, users notice some signal loss when they step away from the speaker.