Bluetooth Speaker Global Industry Trends, Growth and Forecast 2023-2028 - Millennial-Driven Bluetooth Speaker Market Set to Soar to $35.7 Billion by 2028
DUBLIN , Nov. 30, 2023 /PRNewswire/ -- The "Bluetooth Speaker Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global bluetooth speaker market size reached US$ 12.4 Billion in 2022 and is expected to reach US$ 35.7 Billion by 2028, exhibiting a growth rate (CAGR) of 18.2% during 2023-2028.
Moreover, the changing consumer preferences towards lighter, portable, and compact speakers instead of wired devices has fueled the demand for Bluetooth speakers. Furthermore, the increasing usage of Bluetooth in the audio and media industry along with the growing need for low-maintenance and battery-supported devices for outdoor applications has also bolstered the product demand.
Apart from this, the rapid integration of Bluetooth speakers with in-car infotainment systems, hands-free calling, voice control systems, home theatre, etc., also contributes to the global market growth. Additonally, the rising consumer living standards and increasing disposable income levels have led to the growing adoption of advanced consumer electronics, such as Bluetooth speakers, particularly across the emerging economies.
On the other hand, the emergence of smart homes coupled with the rapid influx of Internet-of-Things (IoT) based devices has also catalyzed the product demand across the developed nations. Various technological advancements have also led to the emergence of AI-based devices, such as Alexa, and Echo, thereby driving the market growth.
Additionally, the rapid integration of audio-based technologies with wireless connectivity along with the rising investments in several R&D activities have led to various product innovations. Several manufacturers are launching a multitude of products to expand their product portfolios and attract a large consumer base.
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