Published On : 16 Aug 2018
The increasing demand for mobility and connectivity in consumer electronics and testing services act as a key driving force behind the escalated demand for Bluetooth speaker devices, thus stoking expansion in the associated market. Rising needs for electronic devices such as home theatres, mobile phones, music systems, computers, laptops and many others, too is a key factor boosting growth in the global Bluetooth speaker market. Companies are investing in R&D to keep an eye on improvising the battery life of the connecting devices and to enhance the efficiency from previous versions of the devices. Widespread expansion in the industrial and automotive sectors are offering lucrative growth opportunities for the Bluetooth speaker market.
Increased inclination of consumers towards Bluetooth speakers owing to wireless connectivity and need for minimal space for storage is providing a large impetus to the global Bluetooth speaker market’s growth. There are several other advantages such as including hassle free maintenance, increased durability, and good functionalities, which too is expected to contribute towards a brisk pace attained by the market. Furthermore, Bluetooth speakers help achieve multi-room audio streaming, which is highly required in today’s tech-savvy world. Moreover, increasing tourist activities all over the globe too are having highly positive effects on the expansion of the global Bluetooth speaker market’s growth. Also, new advents that are involved with improvising efficiency of the Bluetooth devices coupled with proper connectivity is expected to increase demand for the global Bluetooth market in the near future.
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The need for high initial investments and the volatile market dynamics are creating strong obstructions for the global Bluetooth speaker market’s growth. Moreover, these devices might appear to be highly costly in several underdeveloped and developing regions, and could be difficult to afford by those having less disposable income. This is certainly hampering the global Bluetooth speaker market’s progress from a financial perspective. However, many players are expected to introduce highly efficient and less costly speakers owing to advancements happening in technology, which could reduce most restraints affecting the market.
The global Bluetooth speaker market depicts a highly tough competition to exist in its fragmented vendor landscape. With more businesses anticipated to enter this market in the next few years, the competitive intensity is projected to spike up rampantly. Players within the Bluetooth speakers market are competing with each other on the basis of size, features, technology, and price. The market is characterized by the presence of many established companies. Many businesses are participating in merger and acquisition activities in order to expand their facilities and gain more shares in the market. Sony, Bose Corporation, Yamaha Corporation of America, DOSS, Edifier, LG, Beats Inc, Audiovox Corporation, Altec Lansing, Polk Audio, Bowers & Wilkins, Creative Technology Ltd, Panasonic, Philips Samsung, Harman International, Logitech, and Poineer, are key companies operating in the global Bluetooth speaker market.
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