According to recent research conducted by Arizton, the global Bluetooth speaker market is expected to grow at a CAGR of over 10% during the period 2019–2025, reaching $10B by 2025. The research firm adds that in-depth analysis and data-driven insights on the impact of COVID-19 are included in this global Bluetooth speaker market report.
Bluetooth speakers are gaining significant traction in the voice frequency industry. With advances in headphone technology, speakers are entering the intelligent speaker era. Therefore, the implementation of the new generation technology with improved connectivity is expected to bolster the demand for Bluetooth speakers. The demand has grown in the US and China, where the high internet penetration and the convenience to purchase connected devices via several online distribution channels have enabled the Bluetooth speaker market growth.
One of the major factors responsible for market growth is product innovations. This trend is playing a vital role in gaining attention among consumers. With the incorporation of innovative, advanced headphones technology, several products are experiencing enhancements in designing, specification, and features, thereby increasing the demand among consumers. Fugoo offers Bluetooth speakers, which comprise nearly eight symmetrically placed drivers. Similarly, the inclusion of long battery life, 360-degree surround sound, customizable led lights, application sync features, and smart assistant makes its product attractive to a wide audience.
Key Highlights Offered in the Report:
- The global Bluetooth speaker market would realize an absolute growth of 90%, a leap of over $5 billion revenue between 2019 and 2025.
- Various technological innovations such as the Bluetooth LE Audio, the next iteration of the wireless transmission standard which allows to connect hundreds of devices to a single source will boost the overall shipment of Bluetooth speakers to reach over 130 million units by 2025.
- Premium Bluetooth speakers are witnessing a traction in demand from the residential segment. The segment is expected to witness a high CAGR of over 12%, contributing incremental revenues worth over $700 million during the forecast period.
- Registering a high growth CAGR of about 12% during 2019-2025, the global sales for rugged Bluetooth speakers will continue to erode the market share of traditional speakers. The segment is likely to register over 97% absolute growth in market revenue during 2019-2025.
- Bluetooth speaker retailers are focusing more on omni-channel strategies to build customer relationships which may prove their lifeline to repel the growing onslaught from online retailers. The online sales of Bluetooth speakers is expected to witness over 20% YoY growth during the forecast period.
- With over 70% of the market shipments coming from the US and Europe, vendors have to look upon new markets to expand. Further, vendors should look upon innovative strategies and promotional measures to boost sales in a stagnating European market.