Market Trends of Bluetooth Speaker Industry
Portable Bluetooth Speaker Segment to Witness Fastest Growth
- Portable Bluetooth speakers are comparably smaller, lighter, and can be moved anywhere. Portable speakers come in many shapes and sizes. Soundbars, tubes, and clips are some of the most widely consumed models in the market. Changing consumer dynamics in the market and increasing consumer preference toward portable devices support the market's growth.
- The demand for portable speakers is increasing as customer choices regarding how to listen to audio are changing. Manufacturers are encouraged to innovate, develop, and seek improvement in audio performance due to the shift in music style between digitized and hi-fi systems.
- Audio and voice user interface technologies in the portable audio device segment have also progressed tremendously, resulting in a wide range of platforms that enable more integration, immersive sound quality, wireless connectivity, and on-device AI for more innovative devices, which has increased the demand for portable Bluetooth speakers, contributing to market growth.
- Moreover, portable Bluetooth speakers tend to be energy efficient, which has helped increase their adoption. There is no need to plug these speakers into an electrical outlet, and either disposable or rechargeable batteries power them. As such, they don't consume much power. For instance, according to Bluetooth SIG, the global shipment of Bluetooth audio devices is estimated to grow from 0.77 billion in 2015 to 1.8 billion by 2026. A similar trend is anticipated to be reflected in the portable Bluetooth device segment as it is gaining prominence, especially in the younger consumer segment.
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North America to Hold a Significant Market Share
- North America is expected to hold a significant share of the Bluetooth speaker market as the region leads the world in adopting new and advanced technologies. Furthermore, having a large music industry also creates a favorable outlook for the studied market's growth in the region. For instance, according to RIAA, the recorded music industry in the United States grew by about 6 percent, with estimated retail revenue reaching USD 15.9 billion in 2022.
- Due to their reliable and high-quality products and services, American electronic businesses make up the majority of the region's worldwide electronics sector. Some of the biggest and most prominent electronics companies in the United States include KEF, JBL, Klipsch, Bose, and others.
- Furthermore, the growing adoption of audio streaming services has been critical in propelling the expansion of the North American wireless speaker industry. For instance, in recent years, Spotify and some other music streaming platforms have witnessed tremendous growth in the United States. According to the RIAA, the US was home to 92.0 million music streaming subscribers in 2022, up by 8 million year-on-year (vs. 2021).
- Moreover, the increased prevalence of audio podcast listeners is projected to substantially impact the North American Bluetooth speakers market over the forecast period. For instance, according to Buzzsprout, as of July 2023, the United States has 49.9 percent of podcast listeners, trailed by the United Kingdom (6.1 percent) and Canada & Australia (4.3 percent). Thus, a high number of podcast listeners in the North American region is expected to increase the demand for Bluetooth speakers.
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