Bluestooth speaker: Key market research findings
- The Americas to dominate the market geographically
- Multi-room streaming triggers an increase in the demand for Bluetooth speakers
- Key vendors – Beats Electronics, Bose, Harman, Samsung, and Sony
Technavio’s market research analysts expect the global Bluetooth speaker market to surpass $10 billion by 2020. The demand for Bluetooth speakers is stimulated by an increase in the number of smart homes across the globe. Smart homes connect all consumer electronic devices, media and entertainment gadgets, and other smart electronics to a home network and interact with each other. Bluetooth speakers enable the communication between networked devices on the home network and allows easy streaming of content such as music and videos. In 2015, the Americas led the global Bluetooth speaker market by accounting for a market share of more than 37%. The ASP of Bluetooth speakers is higher in the Americas than in other regions as consumers are opting for premium brands of speakers, resulting in a higher revenue share.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Multi-room streaming is a trend that is gaining a lot of traction in the market at present. Technologies such as Bluetooth, Wi-Fi, and AirPlay help separate a system’s physical and logical connections. This enables a single network to carry multiple channels, making it possible to make infrastructure changes relatively cheaply, quickly, and inexpensively. Multi-room streaming system speakers need to be connected to one master speaker and can be connected wirelessly with Bluetooth, Wi-Fi, or AirPlay,” says Ujjwal P. Doshi, Lead Analyst, Media & Entertainment, Technavio Research.
Vendors in the global market are focusing largely on developing their existing products with new technologies to improve quality and experience to gain market shares and stay ahead in the competitive market. Innovations in technology are resulting in the merging of woofers, tweeters, and separate sound systems into one single body that offers premium sound quality and audio experience to the users. For instance, Sony’s LED bulb speaker plays music without batteries, chargers, or cables and can be controlled through a smartphone using SongPal app when connected with an E26 light bulb socket.
The key vendors in the global Bluetooth speaker market include Beats Electronics, Bose, Harman, Samsung, and Sony. Due to the presence of many large established players, this market is highly competitive and is envisaged to witness competition in terms of features, technology, size, and pricing. In this market, the vendors are investing in planning, designing, developing, acquiring new players, and expanding existing facilities to gain a competitive edge over their peers.
A more detailed analysis is available in the Technavio report, Global Bluetooth Speaker Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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