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Waterproof Bluetooth Speakers Market forecast 2027
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Industry Insight
The global Waterproof Bluetooth Speakers Market analysis 2020 offers a steady compound annual growth rate (CAGR) from 2017 to 2023 of 23%, which is the forecast period. Market Research Future estimates the figures and reveals that the market will witness high growth prospects in the coming years with a valuation of USD 1.6 billion during the same period of years.
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Top Impacting Factors
The capability of Bluetooth speakers to stream audio content wirelessly is one of the key factors driving the global demand for such speakers in the current time. With this, Bluetooth speakers are wireless and need minimal space, as compared to home theatres, which is also a reason why consumers are tending towards buying Bluetooth speakers. As Bluetooth speakers run on batteries, these are ideal for outdoor purposes. Other advantages of these speakers include increased durability, hassle-free maintenance, and useful functionalities, and this will spur the growth of the global waterproof Bluetooth speakers market in the period from 2017 to 2023.
The growing popularity of multi-room streaming and waterproof is a trend that is likely to stay and shall enhance the growth of the global waterproof Bluetooth speakers market. The introduction of waterproof networked audio devices has enabled most modern-day speakers to stream audio via Bluetooth. In fact, the mounting demand for having waterproof speakers everywhere has possibilities to drive the growth prospects of the waterproof Bluetooth speakers market in the future.
Vendors from all over the world in the waterproof Bluetooth speakers market are offering waterproof speakers that are well-suited with multiple operating systems such as iOS and Android operating systems. Multiple operating system compatibility capitalizes the sales revenue and expands the product variants globally. Also, supported by technological advancements, consumers can use smartphones and other internet-enabled electronic gadgets to control various utilities without limited by the operating system of the device. The growth of the waterproof speakers market is supported by the factor of compatibility of speakers with multiple operating systems the most that has increased revenue over the forecast period.
Segmentation of Market: Waterproof Bluetooth Speakers
From the viewpoint of segmental analysis of global waterproof Bluetooth speakers, it has been included segments such as charging technology and application.
The charging technology segment is bifurcated among DC only, AC only, wireless charging, and AC/DC.
The application-based segment comprises educational, retail, offices, institutional, leisure, homes, and others. Smart classes are gradually gaining traction, owing to which demand for such Bluetooth speakers is on the rise in the educational sector. Also, the rise in the number of people with disposable income has a knock-on effect on the sale of Bluetooth speakers in homes and leisure section.
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Regional Outlook
The global waterproof Bluetooth speaker market has studied among the regions of Europe, North America, Asia Pacific (APAC), and Rest-of-the-World (RoW).North America is currently spearheading the market with its sales. The growing number of smart homes in the U.S. and Canada has triggered the sale of Bluetooth speakers. Also, many manufacturers are based out of this region, and people here are open to adopting the latest technologies.
Europe has the second-largest market as the region is well equipped with well-structured industries and is advanced in terms of technology.
Even, the APAC region is anticipated to record the fastest growth rate. Countries like India and China with an enormous population base with a disposable income can spur the demand for the waterproof Bluetooth speaker during the estimated period.
Top Market Players
The top market players competing in the market are listed as AmazonBasics (U.S.), Skullcandy, Inc. (U.S.), Altec Lansing (U.S.), Ultimate Ears (U.S.), Logitech International SA (Switzerland), Braven (U.S.), JBL (U.S.), Sharkk (New Jersey), Fugoo Sport (U.S.) and Scosche (U.S.).
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