The portable Bluetooth speaker market will be worth nearly US$3 billion by 2025
It's nearly impossible to imagine now that there was ever a time when it would have been impossible to get your phone out to play music whenever you wanted. However, even the best phone audio can be beaten by equally wire-independent, dedicated products can reproduce the same audio via Bluetooth and that can go anywhere as well.
Indeed, even higher-end speakers are not without their portable counterparts these days. Grand View Research's latest estimates indicates that the market for these handy devices will be worth as much as US$2.64 billion by 2025.
Portable speakers that can be controlled and fed audio to via Bluetooth are popular with individual consumers, and are also now routinely taken up by businesses who want to set the right tone in their spaces with having them marred by wires.
With the advent of improved technology, development and standards such as Bluetooth 5, the quality and reliabilty of these device is also seeing a steady improvement. These are some factors that may contribute to a compound annual growth rate of 11.7% for this market over the next 6 years.
Grand View Research's findings indicate that this market may also be driven by increased purchases in developing Asia-Pacific economies. This is due, for example, to improved income and lifestyle changes in regions such as India.
On the other hand, a trend towards preferring speakers with WiFi as well as Bluetooth could also influence this market. The latest report on this subject also found that the most prominent names in this space include Beats, LG, Plantronics, Samsung, Sony and VOXX Electronics.
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