Handiness of speakers is a top buying criteria among consumers from around the world, especially in countries such as Brazil and Mexico. A latest study published by Persistence Market Research cites that high-on-convenience factor is driving the sales of portable Bluetooth speakers in Latin America. Portable Bluetooth speakers are suitable for outdoor use, making them a hit among outdoorsy Latin Americans. Proliferation of wireless technologies, coupled with increasing penetration of smartphones & other smart devices, in Latin America is also expected to drive the demand for portable Bluetooth speakers. Through 2025, sales of portable Bluetooth speakers in Latin America are expected to soar rapidly, recording revenue growth at a speedy CAGR of 10.4%.
The report predicts that Latin America will be fastest-growing region in the global market for portable Bluetooth speakers. In 2017, the global portable Bluetooth speakers market is pegged to reach an estimated US$ 4 Bn value. Changing taste of music listeners will play a pivotal role in boosting the sales of portable Bluetooth speakers across the globe. By the end of 2025, the global portable Bluetooth speakers market is anticipated to bring in more than US$ 8.5 Bn in revenues, registering a value CAGR of 9.9%.
Factors Influencing the Sales of Portable Bluetooth Speakers
The report has assessed multiple indicators slated to impact the market’s growth in the years to come. Among these, following factors are expected to have greater impact on global sales of portable Bluetooth speakers:
- Vast subscriber base for cloud-hosted music streaming services
- Rising presence of wireless broadcast & streaming services
- Increasing disposable incomes of consumers, particularly among young and urban demographics
- Compatibility of portable Bluetooth speakers in connecting with multiple smart devices, (in some instances, simultaneously)
- Advancements in audio technology, and popularity of devices such as wireless headphones, dual-tone microphones, and sound bars
In a bid to keep portable Bluetooth speakers in vogue, manufacturing companies are rapidly extending their portfolio. New product launches in the portable Bluetooth speaker segment is also driving the demand as consumers are intrigued by exciting features added to every new offering. The report has also profiled such leading players in the global portable Bluetooth speakers market, and they include Beats Electronics, Bose Corporation, Harman International Industries, Yamaha Corporation, Sony Corporation, JVCKENWOOD Corporation, Logitech International S.A, LG Electronics Inc., Samsung Electronics, Panasonic Corporation and Sound United. Other participants in the global portable Bluetooth speakers market are Plantronics Inc., Pioneer Corporation, Altec Lansing, Intex Technologies and Braven LC.
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The report has projected that demand for portable Bluetooth speakers in premium price range is gaining traction, particularly due to product credibility associated with premium speaker brands. In 2017, majority of portable Bluetooth speakers were used for outdoor and indoor purposes, revenues from which accounted for nearly 50% share on global market. High demand for portable Bluetooth speakers among car users is also expected to drive the market’s growth in the long run. The report also projects that organized retail stores will be largest sales channel for portable Bluetooth speakers, accounting for more than 40% revenue share. However, steadfast emergence & penetration of e-commerce will render a boost in online sales of portable Bluetooth speakers through 2025.
There are huge market opportunities for portable Bluetooth speaker device providers in untapped rural markets. According to the UN, in 2014, the global rural population was approximately 3.4 billion, with Africa and Asia accounting for around 90% of the population. The rural markets in these regions have huge potential and form the bottom of the pyramid for two major economies of the world. In order to target these markets, manufacturers can lower the prices of products, thereby expanding their customer base as these are price sensitive markets.