Bluetooth Speaker Market at a CAGR of 37.16%; Dominated by Top Competitors (SONY CORPORATION, KONINKLIJKE PHILIPS N.V., HARMAN INTERNATIONAL INDUSTRIES, BOSE CORPORATION, SHURE INCORPORATED, SAMSUNG GROUP)

The global Bluetooth speaker market was valued at USD 3.37 billion in 2017, and is expected to reach USD 22.43 billion by 2023, at a CAGR of 37.16% over the forecast period (2018-2023). Bluetooth speakers have witnessed widespread adoption in the past few years, with these devices accounting for a sizeable share in the audio technology category. Bluetooth speakers come in many shapes and sizes, meeting the requirements of the consumers. With the end users utilizing devices having different requirements, there is a range of Bluetooth speakers available in the market. Changing consumer demands are pushing companies to innovate to attract more consumers. The competition in this market has intensified over the years, with companies launching a multitude of products to attract consumers. Rapid innovations and increasing R&D expenditure, with new innovative applications, have boosted demand in the Bluetooth speakers market.

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Need for Portable Speakers is Augmenting Market Growth
Portable wireless speakers are expected to benefit from innovations in Bluetooth and battery charging technologies. Audio devices, such as speakers, have undergone massive transformations to incorporate the latest technologies and innovations. Wireless technology is gaining widespread adoption, with changing consumer preferences and media consumption habits. The need for speakers in indoor, as well as, outdoor applications is driving the acceptance of a range of innovative and non-traditional solutions, such as portable speakers and wireless charging technologies. Many advancements are taking place, which shows the strong potential for market growth.

Key Developments in the Market
• December 2017 - Sony collaborated with Khalid to combine virtual reality technologies to deliver unique music experiences. The brand campaign consists of live music events and a Virtual Reality (VR) music video.
• August 2017 - Samsung launched U Flex headphones that delivers top-notch sound experience. These headphones are equipped with premium sound technology and smart connectivity features.

The major players include –
SONY CORPORATION, KONINKLIJKE PHILIPS N.V., HARMAN INTERNATIONAL INDUSTRIES, BOSE CORPORATION, SHURE INCORPORATED, SAMSUNG GROUP, BEATS ELECTRONICS, LG ELECTRONICS INC., BEST IT WORLD PVT. LTD (IBALL), PLANTRONICS, ALTEC LANSING, JVC KENWOOD, and LOGITECH INTERNATIONAL, amongst others.

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Portable Bluetooth Speaker is the Fastest Growing Segment
Portable Bluetooth speakers are devices that are comparably smaller, lighter, and can be moved anywhere. Portable speakers come in many shapes and sizes. Sound bars, tubes, and clips are some of the most widely consumed models in the market. Changing consumer dynamics in the market and increasing preference by the consumers towards portable devices are supporting the growth of the market. Many users opting for portable speakers are looking for attractive and durable designs. Thus, the focus of companies manufacturing these devices is shifting towards product design and quality. Companies are now coming up with new portable speaker ranges in different shapes such as tubes, boxes, etc. With many consumers buying these products looking for stylized design, the demand for LED integrated speakers is also growing in the market.

North America Holds the Largest Market Share
North America is one of the largest markets for technology-based solutions. It is further expected to be a strong player in the global economy, especially in the development and implementation of new technologies. Latest technological breakthroughs have assisted the advancement of new Bluetooth speakers. There have been a series of new product launches, mergers, and acquisitions in North America to take advantage of this opportunity. The major driver behind investments has been the continuous evolution and application of new technologies to unlock enormous volumes that were previously considered non-commercial. With these series of investments, residential & commercial applications in North America are set to boom during the forecast period.

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