Dublin, Dec. 07, 2023 (GLOBE NEWSWIRE) -- The "Portable Bluetooth Speaker Market Size, Share & Trends Analysis Report By Application (Commercial, Residential), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global portable bluetooth speaker market size is expected to reach USD 27.91 billion by 2030, growing at a CAGR of 11.6% from 2023 to 2030
The increasing demand for wireless convenience, which allows seamless connectivity with smartphones and other devices, remains a primary factor driving the growth. The surge in outdoor recreational activities has created a need for portable speakers, enhancing entertainment options on the go. Smart features like voice assistants and app-controlled functions cater to tech-savvy consumers. Superior audio quality, stylish designs, and integration with smart home ecosystems are additional factors influencing consumer choices.
Consumers demand speakers with Bluetooth 5.0 technology due to its enhanced bandwidth, sound quality, and decoding capabilities. They seek innovative features such as Bluetooth Low Energy (BLE) Audio for seamless multi-device connectivity and audio sharing. High sound quality, extended battery life, portability, design, and compatibility across devices are significant factors influencing purchase decisions. The COVID-19 lockdown has driven increased in-home listening, influencing preferences for improved battery life among consumers. Gen Z and Millennials are consuming audio content extensively through Bluetooth-connected devices, showing a preference for Bluetooth-enabled speakers.
Consumers are seeking affordable options for wireless Bluetooth speakers, such as Skullcandy's lineup, ranging from USD 30 to USD 80. Consumers are also increasingly opting for durable and water-resistant speakers. Skullcandy emphasizes rugged design and IPX7 water resistance across their entire speaker range. There is an increased demand for value gadgets that can withstand outdoor and potentially wet environments.
Consumers are increasingly looking for products that offer sustainable power solutions, as evident in the adoption of solar cell-equipped Bluetooth speakers such as Urbanista's Malibu. The ability to extend battery life indefinitely through solar charging aligns with environmentally conscious preferences among consumers.
Consumers are seeking Bluetooth speakers tailored for parties, demanding features like powerful surround sound, omnidirectional party sound, and extended battery life. In May 2023, Sony Electronics Inc. introduced two new wireless speakers: the SRS-XV800, delivering powerful surround sound for parties with features like omnidirectional party sound and X-Balanced Speaker Units; and the SRS-XB100, a compact speaker offering clear sound and wide spreading sound field through the Sound Diffusion Processor.
The SRS-XB100 features up to 16 hours of battery life, water and dust resistance, hands-free calling, and Echo Cancelling. As consumers seek value-added features in portable Bluetooth speakers, such products are projected to witness mass adoption globally, augmenting market growth.
Portable Bluetooth Speaker Market Report Highlights
- Based on application, portable Bluetooth speakers for residential purposes dominated the market with a revenue share of 71.05% in 2022 due to the versatility, convenience, and widespread adoption of these products for personal and home entertainment purposes.
- In 2022, sales of portable Bluetooth speakers through offline channels held a significant share of 62.49%, indicating the enduring popularity of physical retail outlets for consumers to purchase these devices.
- The Asia Pacific portable Bluetooth speaker market held the largest revenue share of around 37.12% in 2022 and is expected to retain its dominance over the forecast period. The increasing adoption of Bluetooth-enabled devices by consumers in the Asia Pacific can be attributed to their versatile adaptability and convenient portability features
Competitive Analysis
- HARMAN International
- Bose Corporation
- Sony Group Corporation
- Marshall Group AB
- Apple Inc.
- Bang & Olufsen
- Logitech
- Plantronics Inc.
- VOXX International Corporation
- Fugoo
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 81 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $11.64 Billion |
| Forecasted Market Value (USD) by 2030 | $27.91 Billion |
| Compound Annual Growth Rate | 11.6% |
| Regions Covered | Global |
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Application Outlook
2.3. Distribution Channel Outlook
2.4. Regional Outlook
2.5. Competition Outlook
Chapter 3. Portable Bluetooth Speakers Market Variables, Trends & Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.2.1. Sales/Retail Channel Analysis
3.2.2. Profit Margin Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint Analysis
3.3.3. Market Opportunities
3.3.4. Market Challenges
3.4. Industry Analysis - Porter's Five Forces Analysis
3.5. Market Entry Strategies
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Key Observations & Findings
Chapter 5. Portable Bluetooth Speakers Market: Application Estimates & Trend Analysis
5.1. Application Movement Analysis & Market Share, 2022 & 2030
5.2. Residential
5.3. Commercial
Chapter 6. Portable Bluetooth Speakers Market: Distribution Channel Estimates & Trend Analysis
6.1. Distribution Channel Movement Analysis & Market Share, 2022 & 2030
6.2. Online
6.3. Offline
Chapter 7. Portable Bluetooth Speakers Market: Regional Estimates & Trend Analysis
7.1. Regional Movement Analysis & Market Share, 2022 & 2030
For more information about this report visit https://www.researchandmarkets.com/r/20sfo8
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