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Portable Bluetooth Speakers Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global portable Bluetooth speakers market was valued at USD 23.2 billion in 2022 and is projected to expand at a CAGR of 10.4% from 2023 to 2030. The growing demand for portable Bluetooth speakers is primarily attributed to the increasing popularity of wireless technologies. Furthermore, the rising trend of digitalization and increasing need for efficient audio-visual experiences are two major factors driving the market. Portable Bluetooth speakers are gaining popularity among music lovers due to the convenience of portability and ease of use.
The rising trend of in-home entertainment and the need for high-quality audio and video content are increasing the demand for portable Bluetooth speakers. Additionally, the rising disposable income of consumers has enabled them to invest in premium products, further driving the market growth. Moreover, the integration of advanced technologies, such as voice-enablement and gesture control, into portable Bluetooth speakers are expected to create new opportunities for market players. For example, in April 2021, Sony introduced its SRS-XB41 speaker with EXTRA BASS technology and multi-colored lighting.
Furthermore, the increasing demand for digital music streaming services, such as Spotify and Pandora, is driving the demand for portable Bluetooth speakers. Companies are launching various portable Bluetooth speakers with advanced features to attract customers. For instance, in May 2021, Bose launched its SoundLink Revolve+ Bluetooth speaker with 360-degree coverage, deep and loud bass, and an IPX4 water-resistant rating.
On the other hand, the increasing availability of cheaper substitutes, such as wired speakers, and the availability of counterfeit products are likely to impede market growth. These counterfeit products are generally of lower quality and do not offer the same sound quality as genuine products. Furthermore, the high prices of premium products are also hampering the adoption of portable Bluetooth speakers, particularly among the budget-conscious consumers.
Product Insights
The waterproof segment led the market and accounted for a share of around 35.2% in 2022. Portable Bluetooth speakers are becoming increasingly popular, especially among young consumers, due to their waterproof nature. Waterproof speakers generally come with IPX7 or higher ratings, which protects them from any dust, water, and other environmental elements. According to an article published by CNET, in June 2020, the JBL Flip 5 is the most popular waterproof Bluetooth speaker. Furthermore, the growing popularity of outdoor activities such as camping, swimming, and sunbathing is further driving the demand for waterproof speakers.
The rugged segment is anticipated to expand at the fastest CAGR of 8.5% over the forecast period. Portable Bluetooth speakers are becoming increasingly popular, especially among young consumers, due to their rugged nature. Rugged speakers are designed to withstand extreme weather and environmental conditions, such as extreme temperatures, dust, dirt, and shock. According to an article published by PCMag, in June 2020, the Bose SoundLink Revolve+ is the most popular rugged Bluetooth speaker. In addition, the growing popularity of outdoor activities such as hiking, camping, and fishing is further driving the demand for rugged speakers.
Distribution Channel Insights
The offline segment held the largest market share of over 62.3% in 2020. This is attributed to the presence of a large number of physical retail stores, such as electronics stores and hypermarkets, which offer a wide range of portable Bluetooth speakers. Consumers prefer to buy electronic products such as portable Bluetooth speakers from physical stores as they can check the product quality, features, and specifications. Moreover, physical stores also provide after-sales services and customer support, which is a major factor driving the segment’s growth.
The online segment is expected to expand at the highest CAGR of 10.4% during the forecast period. The availability of a wide range of portable Bluetooth speakers on e-commerce websites is a major factor driving the growth of the segment. Moreover, attractive discounts and promotional offers offered by e-commerce websites are expected to boost the demand for portable Bluetooth speakers in the online segment. Additionally, various online brands are launching their own websites and mobile applications, which is propelling the growth of the segment.
Type Insights
The mid-range segment accounted for the largest revenue share of 55.3% in the year 2022. The mid-range segment of portable Bluetooth speakers is expected to witness the highest growth over the forecast period due to the increasing demand for better sound quality and features such as voice commands and long battery life. Also, the increasing trend of gifting portable Bluetooth speakers during special occasions is expected to propel the growth of the mid-range segment.
The low-range segment is anticipated to expand at the second-highest CAGR of 7.0% over the forecast period. The low-range segment of portable Bluetooth speakers is driven by factors such as low price and increased demand for portable speakers that offer basic features such as music streaming and hands-free calling. Moreover, the growing trend of using portable speakers in outdoor activities is also expected to boost the demand for the low-range segment.
Regional Insights
Asia Pacific is expected to be the fastest-growing region in the global portable Bluetooth speakers market. This is attributed to the increasing demand for quality sound systems in the region and the presence of top global players such as Bose, Sony, and JBL. Furthermore, rising disposable income, increasing consumer spending on consumer electronics, and the availability of technologically advanced products are expected to support the growth of this regional market.
North America is expected to witness substantial growth owing to the rapidly increasing adoption of smart home technologies in the region. Furthermore, increasing consumer spending, presence of leading players such as Bose, Apple, and JBL, and rising demand for wireless speakers are some of the key factors driving the market growth in this region. In July 2021, Microsoft launched the Surface Audio Bluetooth speaker in the U.S.
Europe is expected to be the second-largest market due to the presence of prominent players such as Apple and Bose, increasing demand for smart home technologies, and the presence of a large number of consumers. Furthermore, the introduction of innovative products and the increasing availability of technologically advanced products are expected to support the growth of the market in this region.
Financial Projections
In this part of the portable Bluetooth speakers products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your portable Bluetooth speakers products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a portable Bluetooth speakers products business comes from sales of the products, wholesale purchases, and advertising fees. Here you will find a list with a description of each of them and other possible sources of profit such as affiliate marketing, sponsorships, and consulting services.
Projecting Expenses
In this section, all the regular expenses related to keeping the portable Bluetooth speakers products business running will be described. The list of operating expenses includes manufacturing costs, warehousing costs, shipping costs, marketing and advertising costs, web hosting fees, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the portable Bluetooth speakers market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Bose Corporation launched the SoundLink Mini II, a new portable Bluetooth speaker with an improved sound quality and design.
– In August 2022, JBL launched the Charge 4, a new portable Bluetooth speaker featuring high-quality sound and long battery life.
– In October 2022, Sony Corporation launched the SRS-XB22, a new portable Bluetooth speaker with a loud and clear sound.
Some of the prominent players in the portable Bluetooth speakers market include:
– Bose Corporation
– JBL
– Sony Corporation
– Harman International Industries, Inc.
– Beats Electronics, LLC
– Logitech International S.A.
– Panasonic Corporation
– Creative Technology Ltd.
– Anker Innovations
– iHome
Global Portable Bluetooth Speakers Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global portable Bluetooth speakers market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Wireless
– Wired
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Online
– Offline
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Portable
– Non-portable
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Players in the Portable Bluetooth Speakers Market?
[A]: Key players in the global portable Bluetooth speakers market include Harman International Industries, Inc., JBL, Bose Corporation, Sony, Philips, Logitech International S.A., Ultimate Ears, and Creative Technology Ltd.
[Q]: What is the Potential of Product Innovation?
[A]: Innovations that bring convenience, portability, and sound quality are expected to be the most sought-after feature in the portable Bluetooth speakers market. Some of the innovative products in the market include speakers with voice-controlled commands, waterproof speakers, and speakers with a built-in microphone.
[Q]: What are the Factors Driving the Portable Bluetooth Speakers Market?
[A]: Increasing demand for wireless speakers, growing demand for portable speakers, and improved sound quality are some of the factors driving the growth of the portable Bluetooth speakers market. In addition, the rising popularity of mobile devices, such as smartphones and tablets, is driving the demand for portable Bluetooth speakers.
[Q]: What is the Market Outlook for Portable Bluetooth Speakers?
[A]: The global portable Bluetooth speakers market is expected to grow at a compound annual growth rate of 8.2% during the forecast period, 2020-2025. With the increasing adoption of wireless technology, the market is expected to gain further traction in the coming years.
[Q]: Which Region Offers the Largest Opportunity for Sales of Portable Bluetooth Speakers?
[A]: Asia-Pacific is expected to be the largest region in terms of sales of portable Bluetooth speakers, due to the presence of major players in the market, rising disposable income, and increasing demand for wireless technology. China and India are expected to be the two largest markets for portable Bluetooth speakers.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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