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The market growth of portable Bluetooth speakers is driven by the development of smart homes in developed countries like the United States and Canada. In a smart home, consumer electronic devices, and various media and entertainment gadgets are connected to each other via a home network and can interact with each other. These connected smart devices help the consumer control and play music from distant locations and permit consumers to play music of their choice in different rooms by adding additional streaming devices. The aforementioned features are predicted to enhance the adoption rate of portable Bluetooth speakers in the North America region, consequently boosting the market growth over the forecast period.
The market is further aided by the introduction of new products to the product portfolio of the key industry players of portable Bluetooth speakers like Sony Corporation (NYSE: SNE) and Koninklijke Philips NV. In May 2020, Sony Corporation released three new portable Bluetooth speakers. SRS-XB23, which is the least expensive portable Bluetooth speaker, is a new design released this year. All the models are available in multiple colour options and are IP67 waterproof as well as rustproof and dustproof. The company launches new models with enhanced features every year. The ongoing innovation and advancement in the industry are expected to bolster the market growth over the forecast period.
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Bose Corporation, Harman International, Beats by Dr. Dre, Sony Corporation, Koninklijke Philips NV, LG Electronics, and Yamaha Corporation, among others are the key players in the global portable Bluetooth speakers market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.
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