Speakers that float are designed to overcome the limitation that was reluctantly accepted before. Few years back, electronics and water were a definite no-no until rugged casings and wireless waterproof builds were put together.
Floating speakers allow adventurous listeners and beach enthusiasts to take their tunes with them right in the water. With these speakers, one does not need to keep audio devices at the poolside. These can literally stay afloat while one is enjoying by lying on an inflatable mattress, doing a cannonball, or floating on the river. The global floating Bluetooth speaker market has experienced a significant growth and is expected to grow considerably in next few years. The waterproof concept is game-changing for outdoor music players.
The global floating Bluetooth speaker market is segmented on the basis of type, application, and region. Based on type, the market is divided into Portable and Fixed. In terms of application, the market is categorized into Residential and Commercial. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
COVID-19 Scenario Analysis
The worldwide quarantine imposed in response to the COVID-19 outbreak has resulted in an economic catastrophe that has thrown practically every business into disarray. The pandemic has wreaked havoc on a variety of industries, and the floating Bluetooth speaker industry is no exception. Following the SARS-CoV-2 outbreak, businesses were forced to make difficult financial and cost-cutting decisions to ensure the continued flow of goods.
Lockdowns and production schedule disruptions have occurred in Asian countries such as China, India, South Korea, Taiwan, and Japan, which have a substantial presence of producers of raw materials needed in Bluetooth speaker manufacturing. Sales have been down as a result of the global economic lockdown, which have resulted in supplies being limited to essentials and corporations lowering their revenue projections. In response to COVID-19's long-term implications, governments have attempted to address the problem by enacting beneficial initiatives and policies such as financial packages, lower interest rates, and tax exemptions. Despite the world's efforts to find a COVID-19 breakthrough, the floating Bluetooth speaker market size is expected to rebound to a great level during the forecast period.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Over the last few years, portable music devices have come a long way from shoulder-carry boomboxes to pocket-sized players. With no signs of stopping, their evolution now has taken the shape of floating Bluetooth speaker market. Bluetooth technology has gained traction in the worldwide speaker market as a result of the growth in demand for wireless speakers. This is due to the fact that the technology is compatible with a wide range of mobile devices, including iPhones and Android smartphones. Bluetooth speakers are less expensive than WiFi speakers. High initial costs compared to normal Bluetooth speakers, noise cancellation problem during call and inadequate dust protection are some factors which are restricting the market growth.
The Global Floating Bluetooth Speaker Market Trends
Increase in the Demand for Floating Portable Bluetooth Speaker Portable Bluetooth speakers are smaller, lighter, and more portable than traditional Bluetooth speakers. Portable speakers are available in a variety of designs and sizes. Some of the most popular versions in the market are sound bars, tubes, and clips. The industry's growth is being aided by changing consumer dynamics in the market and customers' rise in demand for portable devices.
Traditional Bluetooth speakers are larger, heavier, and less portable than portable Bluetooth speakers. Portable speakers come in a wide range of styles and sizes. Sound bars, tubes, and clips are among of the most popular options on the market. Changing consumer dynamics in the market and customers' increased need for portable gadgets are assisting the industry's growth. Furthermore, the advancement of lithium-ion batteries has greatly aided the portable speaker market by providing extended playing without the need for regular charging. By addressing charging difficulties and reducing the weight of speakers, power banks and quick charging technology has helped to stimulate demand.
Increase in Demand for Floating Bluetooth Speakers by Households
Bluetooth speakers are used as home speakers in many houses. These gadgets are used to stream music from smartphones or computers. These devices are quite simple to use. Bluetooth devices' benefits, which include portability, power-saving alternatives, quick installation, high-quality sound, and seamless wireless connections, have become more well-known as their popularity has grown. These characteristics have propelled the application in the residential sector. The segment's rise is being driven by the increased adoption of Bluetooth speakers in small businesses, home offices, gaming activities, educational institutions, and entertainment activities. Commercial Bluetooth devices are costlier, but they are enormous and powerful. They are stand-alone devices that provide superior sound quality to their built-in counterparts. In the audio technology area, these products have seen widespread popularity in recent years. These speakers come in a variety of shapes and sizes, allowing them to adapt to changing consumer demands.
Key Benefits of the Report
- This study presents the analytical depiction of the global floating Bluetooth speaker industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the floating Bluetooth speaker market share.
- The current market is quantitatively analyzed to highlight the floating Bluetooth speaker market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers in the market.
- The report provides a detailed floating Bluetooth speaker market analysis based on competitive intensity and how the competition will take shape in coming years.
- The report contains floating bluetooth speaker market forecast considering 2020 as a base year.
- The report presents information on the floating bluetooth speaker market opportunities to track potential regions and country.
- The floating bluetooth speaker market outlooks the future scope and estimates the percentage growth.
Questions Answered in the Floating Bluetooth Speaker Market Research Report
- Which are the leading players active in the floating Bluetooth speaker market?
- What are the current trends that will influence the floating Bluetooth speaker market in the next few years?
- What are the driving factors, restraints, and opportunities in the floating Bluetooth speaker market?
- What are the projections for the future that would help in taking further strategic steps?
Floating Bluetooth Speaker Market Report Highlights
Key Market Players
Bose Corporation, Sony Corporation, Yamaha Corporation, Beats Electronics LLC, Panasonic Corporation, Best IT World Pvt Ltd (iBall), Samsung Electronics Co. Ltd., LG Electronics Inc., Koninklijke Philips NV, Logitech International