The global size of Portable Speakers Market was valued at USD 2.30 Billion in 2021 and is projected to experience a revenue Compound Annual Growth Rate (CAGR) of 11.9% throughout the forecast period. The primary drivers behind the growth in global Portable Speakers Market revenue are the introduction of waterproof and durable devices, as well as the increased utilization of Bluetooth audio devices in the commercial sector.
Moreover, Bluetooth technology is gaining significant traction in the Industrial Internet of Things (IIoT) due to advancements in Bluetooth mesh networks (BLE mesh). The market's revenue growth is further fueled by the ultra-low power consumption of BLE communication technology and the growing awareness among enterprises about its benefits.
For instance, on 9 April 2021, Xiaomi unveiled the second-generation Mi AI Speaker, featuring improved sound quality and an enhanced Internet of Things (IoT) experience. This speaker can connect to hundreds of Bluetooth devices, such as door locks and lights, using the built-in Bluetooth Mesh Gateway. Additionally, these devices can be easily configured through voice commands based on the XiaoAI platform. The inverted cabin shape of the device also contributes to enhancing the low-frequency effect, while a new sound algorithm with a wider dynamic range further improves the overall audio experience.
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Competitive Landscape:
The global Portable Speakers Market is dominated by a small number of major players who operate both at the global and regional levels. These key companies are actively involved in product development and forming strategic alliances to broaden their product offerings and establish a strong presence in the global market.
Major Companies:
Harman International, SAMSUNG, Bose Corporation, Apple Inc., VOXX Electronics Corp., Sony Corporation, Plantronics, Inc., Ultimate Ears, 4Com Technologies Limited, and Zebronics India Pvt. Ltd.
Drivers of Portable Speakers Market
Wireless Audio Convenience: Bluetooth speakers offer the convenience of wireless connectivity, allowing users to stream music or audio from their smartphones, tablets, or other devices without the need for cables. This ease of use and portability has been a significant driver of market growth.
Growing Demand for Portable Audio Devices: With the increasing trend of on-the-go music listening and outdoor activities, there has been a rise in demand for portable audio devices like Bluetooth speakers. Consumers prefer compact and lightweight speakers that can be easily carried around, boosting the demand for Bluetooth speakers.
Advancements in Bluetooth Technology: Improvements in Bluetooth technology have led to enhanced audio quality, longer battery life, and more stable connections. These advancements have made Bluetooth speakers a viable alternative to traditional wired speakers, further driving market growth.
Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East Africa)
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Further market segmentation
Portability Outlook:
- Fixed
- Portable
Application Outlook:
- Residential Bluetooth Speakers
- Commercial Bluetooth Speakers
Distribution Channel Outlook:
- Online
- Offline
Key Takeaways of the Global Portable Speakers Market Report:
- A comprehensive overview of the global Bluetooth Speakers industry.
- Accurate market projections in terms of market size, share, and volume.
- Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
- Deep-dive analysis of the upcoming market trends.
- Qualitative and quantitative analyses of the global Portable Speakers Market.
- Elaborate study of the leading regional markets in the global Portable Speakers Market.
- Complete overview of the market’s competitive landscape.
- Brief look at the company profiles and portfolios.
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