Growing Trend of Wireless Streaming of Audio
There is a growing trend amongst consumers around the globe for the utilization of wireless handheld devices. The Bluetooth bottle bass speakers have the functionality of wireless transmission of audio using Bluetooth connectivity, which provides greater control to the user for controlling the level of loudness of the audio being played, along with the other functions, such as play, pause and rewind among others.
Demand for Enhanced Sound Quality Experience and Aesthetics
For many consumers listening to music or any other audio stuff is not just limited to the output sound levels of the speaker, but also the level of pleasure it provides to the ears of the hearer. Bluetooth bottle bass speakers hereby utilizes the vacuum space of the bottle to emit quality bass levels in the sound frequencies, providing the user an optimum level of experience in listening to the audio. Furthermore, the level of satisfaction derived from the aesthetics of the speakers to the consumers, is also a prime concern for many users of expandable speakers around the globe.
Varied Utility of Expandable Speakers
Bluetooth bottle bass speakers are not just limited to the quality of audio emitted by the device. Varied utility of these devices, such as listening to music, or the radio, or by connecting it to laptop or computers for an exceptional movie experience for the user, all of these aspects are driving the demand for expandable speakers around the globe. Furthermore, these devices are usually hand-held devices and are also light weighed, which increases the portability of these devices, providing an extra edge from the overall superset of speakers.
Rising Disposable Incomes of Individuals
Increasing disposable income around the globe amongst the growing population is driving the demand for increased adoption of devices that can be controlled with the help of smart devices, thereby promoting growth of the market. According to Organisation for Economic Co-operation and Development (OECD), the net annual growth rate of household disposable income in the United States for the year 2017 was 2.3%. Canada observed a growth rate of 3.6% whereas Costa Rica witnessed highest growth rate of 7.4%. All of these factors are anticipated to support the growth of the Bluetooth bottle bass speakers market during the forecast period.
The market of Bluetooth bottle bass speakers market is likely to observe vibrant growth on the back of growing use of voice assistant feature for search by consumers, combined with the option of keeping the speakers without any problem of tripping on wires. Furthermore, factors such as option of portability and powerful and quality audio experience offered by these products is expected to boost the growth of the Bluetooth bottle bass speakers market.
The market is anticipated to record robust CAGR throughout the forecast period, i.e. 2020-2027. The Bluetooth bottle bass speakers market is segmented by distribution channel into online and offline store. The online store is further segmented into e-commerce platforms and web-store, out of which, e-commerce segment is anticipated to have largest market share on account of competitive pricing of expandable speakers provided by various e-tailers. Furthermore, competitive advantage on the information provided for expandable speakers in terms of their features, specifications and others, combined with attractive sale discounts is anticipated to fuel the growth of the segment.
Get more information on this report: Download Sample PDF
There are some limitations associated with the usage of Bluetooth bottle expandable speakers as they are priced comparatively high and requires scheduled power recharge for higher rate of drainage of battery. Furthermore, issues experienced from signal dropping owing to solid barriers or wireless distance coverage, can negatively impact the listening experience. Also, the feature of Bluetooth bottle bass speakers states the utilization of a pet bottle at the bottom of the provided junction. Any unbalance in the stability of the bottle on account of the increased laden weight deployed by the speaker, will lead to frequent distractions of the user to properly place the whole setup, which can be a disturbing factor for the user. All of these factors are anticipated to act as a barrier to the growth of the Bluetooth bottle bass speakers market during the forecast period.
Our in-depth analysis of the Bluetooth bottle bass speakers market includes the following segments:
By Distribution Channel
On the basis of regional analysis, the Bluetooth bottle bass speakers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America is expected to have the largest market share on the back of higher disposable incomes of the population coupled with the demand for high quality products, prioritized on aesthetics. According to OECD, United States witnessed an all-time high disposable personal income during July 2019 by crossing USD 16,350 Billion.
Furthermore, the market of Asia-Pacific is expected to gain significant market share on the back of rising population with a desire to own such smart devices.
The Bluetooth bottle bass speakers market is further classified on the basis of region as follows:
Currently, Sodapop is the only market player that is offering Bluetooth bottle bass speakers. This speakers comes along with several features such as a sodapop speaker, a bass bottle extension/carrying case, cables and many other benefits for the user. Additionally, market players are working towards innovations in bringing out more features in portable expandable speakers that would focus on offering larger and richer audio experiences to their users. It is also expected that competitive players manufacturing expandable speakers, for instance Koninklijke Philips N.V., Panasonic Corporation, Sony Corporation, LG Electronics, Bose Corporation, HARMAN International and others might compete in the segment of Bluetooth bottle bass speakers in the near future owing to the numerous benefits associated with the product.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.