The streaming and digital products in the market have been dominating the revenue generation of the music industry since 2010 and also accounted for growth of 40.4% in 2017.
Bluetooth speakers, also known as wireless speakers are loudspeakers which receive audio signals using radio frequency waves rather than over audio cables, some audios are also transferred through Bluetooth. This ability of the Bluetooth speakers to stream audio content wirelessly is one of the major factors driving the growth of the market.
Having good sound quality and constant innovations to improve sound quality are among other major growth factors. However, inferior battery life of connecting devices of smart-phones, tablets, and laptops and availability of counterfeit speakers at low cost may hinder the growth of the global market.
Portable speakers to augment the market growth in the coming years
Technological advancements in Bluetooth and battery charging techniques are expected to fuel the global demand. The devices in the music industry including audio devices and speakers have undergone massive transformations to integrate the latest technology and innovations. Wireless devices are witnessing an ample growth due to widespread adoption, with changing consumer preferences and media consumption habits.
On the other hand, Bluetooth speakers are wireless devices, which can be used indoor, as well as the outdoor application. Such transformations taking place has projected to show the strong potential for market growth.
North America to lead the market worldwide owing to tech innovations
North America is dominating the global market for technology-based solutions. The region is expected to lead the global economy owing to development and implementation of technologies in the region. America is known to be the leader in leveraging consumer electronics with approximately 47% of the global market share in the year 2015 and is anticipated to lead the market during the forecast period.
Although the market in Europe accounted for the second-highest share in the market in terms of revenue, due to high disposable income. Considering the Asia Pacific region, APAC is witnessed to register moderate growth in terms of revenue.
Asia and Africa might show huge potential - Bluetooth Speakers Market
The market is showing huge growth globally, there also lays huge opportunities for Bluetooth speaker device providers in untapped rural markets. The global rural population was approximately 3.4 billion, with Africa and Asia accounting for 90% of the population, a report by UN 2014. The rural market in these regions is estimated to have huge potential and form the bottom of the pyramid for these two major economies of the world. To rule such niche areas manufacturers can lower the prices of products, which will expand their customer base as these are price sensitive markets.