SAN FRANCISCO, June 6, 2019 /PRNewswire/ -- The global portable bluetooth speakers market size is expected to reach USD 2.64 billion by2025, recording a CAGR of 11.7%, according to a new report by Grand View Research, Inc. Developments in home entertainment systems and advent of smart homes and AI- and Wi-Fi-enabled devices are projected to remain prominent trends in the market over the forecast years. Usage of streaming media and services on personal internet devices provide the convenience of music and videos on-the-go, which is also boosting the market for portable Bluetooth speakers. Shifting preference towards Wi-Fi-enabled devices owing to great compatibility is also expected to contribute to the growth.
Key suggestions from the report:
The commercial application is expected to witness a CAGR of 11.6% from 2019 to 2025
Online distribution channel segment is expected to account for around 39% of the global share by 2025
Rising importance of e-commerce portals as selling medium is expected to remain the favorable factor for the segment
Asia Pacific is expected to be the fastest-growing regional market over the forecast period. Increasing internet penetration in India and China is expected to open new avenues for the market in future
Major companies in the market include Samsung Group, Sony Corp., VOXX Electronics Corp., Plantronics Inc., Beats Electronics, ULTIMATE EARS. Most of these firms are investing in R&D for product differentiation
The technology provides clear sound through streaming media and internet radio. The emergence of devices with advanced features, such as multiple pairing of speakers over large connectivity range, is expected to promote the product. For instance, in August 2018, Sonos, Inc. launched its smart speaker. In January 2017, POLK AUDIO launched Polk MagniFi Mini portable speaker with a Chromecast built-in streamer. In September 2018, Amazon.com, Inc. launched Echo and Echo Dot, a voice-activated speaker. Changing lifestyle in developing economies like China and India has led to an increased product demand. Rising popularity of smart home and home theatre systems is also expected to promote the scope of Bluetooth-enabled devices including portable speakers.
Moreover, rising proliferation of connected devices, mobility, and increasing penetration of Wi-Fi network remain key driving factors for the market. Key companies strives for product innovation to offer improved convenience and advanced technology. While smaller firms are entering the product category with same product features to explore the market scenario. For instance, in January2019, Acoosta launched Acoosta Uno portable speakers. It has an in-built collection of more than 14000 songs from 1000 artists. In September 2018, ZOUND INDUSTRIES, under its brand Marshall, launched Killburn II with a clear mid-range, deep bass, and extended highs. Furthermore, the companies are focusing on M&A to gain a competitive edge over others.
Grand View Research has segmented the global portable bluetooth speakers market on the basis of application, distribution channel, and region:
Portable Bluetooth Speakers Application Outlook (Revenue, USD Million, 2015 - 2025)
Portable Bluetooth Speakers Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Portable Bluetooth Speakers Regional Outlook (Revenue, USD Million, 2015 - 2025)
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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