Bluetooth speakers, also known as wireless speakers, are loudspeakers which receive audio signals using radio frequency waves rather than over audio cables. This ability of the Bluetooth speakers to stream audio content wirelessly is one of the major factors driving the growth of the market. Having good sound quality is another major factor which has driven the growth of the market.
Moreover, the continuous focus on innovation and sound quality will boost the Bluetooth Speakers market demand. Telecom benefits such as affordable internet connectivity and availability of quality music are attracting MNC’s to invest in the development of music streaming platforms.
The rising demand for online music streaming services is one of the major factors fueling the growth of the global Bluetooth speaker market. The growing inclination of consumers from physical media to streaming and digital media will promote the growth of the music industry and other related products and services in the industry over the forecast period. The streaming and digital products in the market have been dominating the revenue generation of the music industry since 2010 and also accounted for growth of 40.4% in 2017.
However, the inferior battery life of connecting devices of smart-phones, tablets, and laptops and availability of counterfeit speakers at low cost may hinder the growth of the global market.
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High demand for portable speakers to augment the market growth
Technological advancements in Bluetooth and battery charging techniques are expected to fuel the global demand. The devices in the music industry such as audio devices and speakers have undergone massive transformations to integrate the latest technology and innovations. Wireless devices is witnessing an ample growth due to widespread adoption, with changing consumer preferences and media consumption habits. The Bluetooth speakers are wireless devices, which can be used indoor, as well as the outdoor, which is driving the adoption of a range of innovative and non-traditional solutions, with increasing wireless charging technologies. Such transformations are expected to drive the growth of the market.
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North America to be the leading market worldwide
North America is dominating the global market for technology-based solutions. The region is expected to be a strong player in the global economy, owing to the development and implementation of technologies in the region. Moreover, North America accounted for approximately 47% of the global market share in the year 2015 and is anticipated to lead the market over the coming years. The market in Europe accounted for the second-highest share in the market in terms of revenue, owing to high disposable income. APAC is witnessed to register moderate growth in terms of revenue.
Regardless of having an enormous growth in the global market, there are huge opportunities for Bluetooth speaker device providers in untapped rural markets. The global rural population was approximately 3.4 billion, with Africa and Asia accounting for 90% of the population, according to a report published by the United Nations in 2014. The rural market is estimated to have huge potential and form the bottom of the pyramid for these two major economies of the world. Moreover, to rule such niche areas, manufacturers can lower the prices of products, which will expand their customer base as these are price sensitive markets.
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