Portable bluetooth speakers have been witnessing a surge in the demand owing to their benefits such as ease of use, ability to stream audio content devoid of wires, good functionalities, hassle-free maintenance, increased durability, and minimal space requirement. Additionally, they operate on batteries, which, in turn makes them suitable for outdoor purposes. All these factors are driving the demand for portable bluetooth speakers. Players in the market are manufacturing these devices based on the specifications such as features, size, technology, and cost. Mergers and acquisitions have emerged as a key strategic initiative among the players with an aim to expand their base and acquire a greater shares in the portable bluetooth speakers market. Taking into account the growth of the global portable bluetooth speakers market, QYR Consulting has lately published a new report named, “Global Portable Bluetooth Speakers Market Report, History and Forecast 2014 - 2025.”According to the report, the global portable bluetooth speakers market was US$ 1561 mn in 2018 and is expected to reach US$ 1748 mn by the end of 2025. The global portable bluetooth speakers market is predicted to exhibit a sluggish CAGR of 1.60% during the forecast period of 6 years, i.e. between 2019 and 2025.
Household Application is expected to Witness a Surge
On the basis of application, the global portable bluetooth speakers market is segmented as household and outdoor. The household application segment is expected to acquire a major market share in the near future owing to extensive usage of portable bluetooth speakers for domestic purpose. Outdoor application segment will witness substantial growth in the coming years as portable bluetooth speakers form a suitable outdoor companion for outings, bonfire nights, and picnics. The global portable bluetooth speakers market is segregated based on the product as AC/DC Bluetooth speakers, AC-only Bluetooth speakers, and DC-only Bluetooth speakers. The report includes the detailed analysis of the products owing to their widespread application in various electronic devices.
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North America to Maintain its Lead in the Market
North America is expected to grab a major market share owing to technological advancements, new product launches, and presence of established players in the region. Europe is also anticipated to emerge as a lucrative market in the coming years as a result of surge in the number of innovations. Asia Pacific will witness significant growth in the near future owing to rising internet penetration in China and India. China is popularly known to be a manufacturing hub of electronics, which is having a positive impact on the regional market growth.
Some of the prominent players operating in the global portable bluetooth speakers market are Eton, Bose, Philips, Divoom, hmdx, Logitech, B&W, Sony, Beats, Yamaha, Creative, Poineer, Panasonic, KLIPSCH, LG, Jarre, Imation, Samsung, Polk, Scosche, Earise, AUKEY, AONI, iSound, D&M Holdings, Jawbone, Sherwood, Fluance, BRAVEN, and Harman. Key manufacturers are tapping emerging markets to expand their base across the globe.
Extensive Research & Development by the Manufacturers to Drive the Market
Manufacturers are increasingly emphasising on constant research and development activities to improve the efficiency level, battery life, capacity, and connectivity of the device. Moreover, they are also coming up with a number of product launches to gain competitive advantage over others. This is, in turn, opening new avenues for the global portable bluetooth speakers market growth.
In addition, demand for electronic devices including mobile phones, home theatres, computers, music systems, and laptops has been increasing across the globe. This scenario is resulting in the need for portable bluetooth speakers. Multi-room streaming has emerged as a key trend in the market, which is further influencing the market growth positively. Improvement in bluetooth technology is also a key factor driving the market. But, availability of counterfeit speakers may affect the market growth in future.
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