The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 9.07 billion (Global Smart Speaker Market)
• Forecast CAGR (2021-2026): 20% (Global Smart Speaker Market)
• Forecast Market Size (2026): USD 27 billion (Global Smart Speaker Market)
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The market growth of portable Bluetooth speakers is propelled by the transformation taking place in audio technology. The audio market has observed a shift in demand for wireless-based audio devices such as portable Bluetooth speakers, sound bars, headphones, and microphones. The rise in the demand for these devices has led to a boost in the portable Bluetooth speakers industry. Further, the market growth is facilitated by the growing demand from the end user industries and the rising adoption of portable Bluetooth speakers. Moreover, the growing number of smart phones is expected to positively affect market growth over the forecast period.
Industry Definition and Major Segments
The portable Bluetooth speakers refer to transportable wireless speakers, which allow the user to receive and send data and files. Bluetooth speakers are used to listening to songs or audios. They are portable and easy to handle and install.
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Based on type, the market is segmented into:
• Car Speaker
• Pocket Speaker
• Outdoor Bluetooth Speaker
On the basis of sales channel, the industry can be divided into:
• Organised Sector
• Unorganised Sector
By price range, the industry is categorised into:
• Premium (More Than USD 500)
• Mid-Range (USD 500-200)
• Low Range (Less Than USD 200)
The regional markets for the product include:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
The portable Bluetooth speakers industry is being driven by the shift in the way people listen to music nowadays. Further, the changing format of music towards hi-fi and digital systems is leading manufacturers to design, develop, and pursue innovation in sound quality, thereby aiding the market growth of portable Bluetooth speakers. As consumers are shifting from speakers with high watts, featuring loud sound quality towards innovative speakers with better sound quality, the demand for hi-fi systems with Bluetooth, plug-in of various card reader types, Wi-Fi connection, USBs including supported files, or even a mixture with disco lighting, among others, are rising. Thereby boosting the market growth of portable Bluetooth speakers.
Key Market Players
The major players in the market are Bose Corporation, Harman International, Beats by Dr. Dre, Sony Corporation, Koninklijke Philips NV, LG Electronics, Yamaha Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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