The global portable Bluetooth speaker market size is expected to gain momentum owing to the thriving growth of the music industry during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Portable Bluetooth Speaker Market, 2023-2030.” The market is likely to be driven by the increased production of Bluetooth speakers that are voice-controlled, dustproof, and waterproof. Consumers are increasingly gravitating toward products that provide good sound quality, are simple to set up, do not require installation, and are energy efficient.
COVID-19 Impact-
Detrimental Impact of Covid-19 on Market Growth
The COVID-19 pandemic has caused significant disruption in the supply chain. Sales have been down due to the global economic lockdown, resulting in supplies being limited to essentials, and corporations lowering their revenue projections.
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List of Key Players Profiled in the Global Market for Portable Bluetooth Speaker:
- Bose Corporation
- Sony Corporation
- Harman International Industries
- Apple Inc.
- VOXX Electronics Corp.
Segments-
By audio output, the market is segmented into 1–5 watt, 5–8 watt, 8 watt and above. On the basis of battery distribution, the market is segregated into 1-5 hours, 5-10 hours, 10 hours and above. On the basis of end-use, the market is fragmented into personal use, and commercial use. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
What does the Report Offer?
This report provides an analytical representation of the portable Bluetooth speaker, current trends, and future projections to identify potential investment areas. The research includes data on major drivers, constraints, and opportunities, a thorough analysis of the market share. Market growth, and profit rate, volume, manufacturing usage, and gross profit margin, shipping information, and other relevant elements are all included in the report.
Drivers & Restraints-
Technological Advancement to Stimulate Growth
The global portable Bluetooth speaker market growth is expected to grow due to the rising demand for innovation during the projected period. Improved wireless networking features have been implemented into all speaker categories in recent years, including sound systems, and portable charging speakers. The need for wireless connectivity in urban households is rising as the adoption of Wi-Fi-based networks has increased the development of connected gadgets. Furthermore, the capability of speakers to provide wireless connectivity has become a major driving force in the market.
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REGIONAL INSIGHTS
Growing Popularity of Audio Podcasts to Promote Growth in North America
North America is expected to hold the largest global portable Bluetooth speaker market share during the forecast period. Technological advancements have aided the development of wireless speakers that can increase accuracy in a variety of applications.
Asia Pacific is expected to have a sizable share of the market. The rising sales of smart devices in the region, such as smartphones, and tablets, are likely to lead to an increase in demand for music on-the-go, which will encourage the use of portable devices.
Competitive Landscape-
Manufacturers Focus on R&D Investments to Strengthen their Position
The portable Bluetooth speaker industry is highly fragmented, as shifting consumer needs force manufacturers to innovate to attract more customers. The competition in this sector has grown over time, with companies launching a slew of new items in an attempt to entice customers.
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Industry Development-
- September 2019: JBL announced the launch of new Bluetooth speaker Flip 5 in India. It has 12-hour battery support, and it is a waterproof system.
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