CHICAGO, Sept. 20, 2021 /PRNewswire/ -- The music industry is ever-growing due to the increasing reach of various streaming services such as Apple Music, Pandora, and Spotify, among others. The music industry is witnessing a trend where consumers are shifting from physical media to streaming and digital media. Bluetooth speakers are one of the most used audio devices for streaming music worldwide. With the introduction of music streaming services, the demand for Bluetooth speakers is expected to witness a significant rise in demand during the forecast period. Arizton has a dedicated product vertical that focuses on the smart tech across geographies. These market research reports cover detailed analysis of the COVID-19-induced supply chain disruptions, innovations in technology, equipment financing, economic impact, and detailed study of the competitive landscape. Arizton's approach includes the key highlights of the market such as trends and driver analysis, market share analysis, growth opportunities, and the impact of government initiatives in the smart tech.
1. Wireless Speaker Market - Global Outlook and Forecast 2021-2026
The global wireless speaker market is expected to reach USD 63.38 billion by 2026. The future of the global wireless speaker market is promising, as end-users are becoming aware of the product concepts and vendors are introducing new models as per the consumer's lifestyle and choices. For instance, Bose Corporation offers Bluetooth devices under the brand SoundLink. The innovative outlook of the company will help it to maintain its topmost position in the Bluetooth speaker market. HARMAN International (JBL) offers a wide variety of wireless Bluetooth speakers targeted at portability and wireless home audio.
The global multi-room Wi-Fi speaker market was valued at USD 17.37 billion in 2020 and is expected to reach USD 43.84 billion by 2026, growing at a CAGR of 16.69%.
Voice assistants are witnessing exponential growth in other industries such as healthcare and banking, paving new opportunities for players in the global wireless speaker market.
Several international players in the wireless speaker market are expected to expand their presence worldwide during the forecast period, especially in fast-developing countries of APAC and Latin America to gain more market share.
AI voice interaction is the next big thing in the global wireless speaker market.
2. Sound Reinforcement Market - Global Outlook and Forecast 2021-2026
The global sound reinforcement market size to reach USD 10 billion in 2026, growing at a CAGR of 3.5% during the forecast period. The demand for sound reinforcement equipment was majorly concentrated in developed countries such as the US, Japan, the UK, Germany, and France. Vendors in the sound reinforcement market are using new business models and focusing on developing their portfolio to drive growth. The adoption rate of pro AV solutions including sound reinforcement systems among end-users worldwide has been impressive. In 2020, North America was the largest market for sound reinforcement products. In North America the demand for sound reinforcement systems among commercial end-users will further drive the market growth of sound reinforcement equipment and solutions.
The global sound reinforcement market is developed and growing with the presence of vendors such as Shure, Sennheiser, Audio-Technica, Bose, Harman, Sony, and Yamaha offering products for a diverse range of vertical markets.
Audio-Technica is one of the global leaders offering sound reinforcement systems and is active in the market for the last 55 years. The company is operating subsidiaries in Europe and Asia to control its business in the respective regions.
Many vendors are exploring this area already as IoT is leading its way into the AV industry which is accelerating the growth of the global sound reinforcement market.
The advent of microphones added new dimensions to the music production capabilities. The sophistication offered by modern-day microphones helps both new and seasoned artists deliver their best.
3. Bluetooth Speaker Market - Global Outlook and Forecast 2020-2025
The global Bluetooth speaker market will grow at a CAGR of 11.37% during the period 2021-2026. With the increase in music streaming services in the market, Bluetooth speakers are witnessing high demand. In Europe, the presence of major Bluetooth speaker manufacturers such as Bose, Apple, Samsung, and Sony have strong market presence. The latest Bluetooth technology platform solutions can easily and flexibly integrate into all tiers and types of products to be used outside or indoors, thereby, delivering excellent audio quality in comparison to the Bluetooth wireless connection. With the increase in technological innovations, the battery life of these products is also experiencing advancements, with a rapid increase in the run-time for these innovations.
APAC is expected to witness strong traction in demand for Bluetooth speakers during the forecast period owing to the rapid expansion of music streaming services and increase in internet proliferation across different countries in the region.
The adoption rate of Bluetooth speakers among end-users in the US, China, South Korea, and the UK is impressive. Due to the high demand, the market is witnessing the entry of many vendors that are already present in the traditional speaker market.
The Bluetooth speakers are witnessing higher demand in the residential sector since they offer excellent features and have no hassles of installation unlike their counterparts.
Key players in the regions of North America are expected to focus on incorporating all the latest upgradations in their product portfolios, thereby increasing their customer base towards Bluetooth speaker market.
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