Market Definition
The global Bluetooth 5 Market size was valued at USD 3.66 billion in 2021 and is predicted to reach USD 9.01 billion by 2030 with a CAGR of 10.8% from 2022 to 2030.
Bluetooth is a wireless technology standard for transmitting data over short distances between fixed and mobile devices and for building personal area networks (PANs). Bluetooth 5 is the latest version of the bluetooth wireless communication standards. It is designed to provide significantly better speed, range, and data capacity over earlier versions of bluetooth. It is capable of transferring data at 2 Mbps and a range of up to 200 meters. Bluetooth 5 also features improved connection and stability, increased security, and support for larger data packages.
Market Dynamics and Trends
The growing trend of smartphones and wireless smart devices such as wireless headphones & earphones, audio devices, indoor location solutions for smart homes, and smart wearables among others is boosting the growth of the global market. According to Bluetooth SIG Inc., Bluetooth-enabled devices such as Bluetooth commercial lighting, switch, and controller sales surpassed 1 billion in 2022. Also, the increasing investments in advanced sensor technology for automating industrial activities such as controlling and monitoring are further fostering the bluetooth 5 market growth.
Moreover, the rising use of Bluetooth networks in automotive industries to enhance in-car connectivity, vehicle safety, and improve navigation & entertainment systems is accelerating the growth of the market. For instance, in June 2022, Sensata Technologies developed Bluetooth low-energy tire pressure monitoring systems for automotive original equipment manufacturers (OEMs) to help improve vehicle safety, performance, and the driving experience.
However, the high cost and lack of compatibility with older versions are the key factors restraining the growth of the market. On the contrary, the growing use of Bluetooth in smart healthcare devices including hearing aid devices, glucometers, and blood pressure cuffs will create ample of opportunities for the Bluetooth 5 market.
Market Segmentations and Scope of the Study
The Bluetooth 5 market report is segmented on the basis of component, application, end user, and geography. On the basis of component, the market is divided into hardware, software, and services. Hardware is further classified into system-on-chip, RF components development board, and sensors & controls. Software is further divided into software development kits and protocol stacks. Services are further divided into professional services, training & consulting, development & integration, and support & maintenance. On the basis of application, the market is segmented into audio & entertainment, wearables & personal devices, smart homes & IoT, healthcare & fitness, industrial & commercial, and others. On the basis of end-user, the market is segmented into consumer electronics, automotive, retail, logistics, healthcare, and others. Geographic breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
North America held the lion’s share of Bluetooth 5 market in 2021 and is expected to continue its dominance during the forecast period. This is attributed to factors such as the increasing adoption of Bluetooth-enabled electronic devices for wireless connectivity and convenience in the region. According to the National Library of Medicine, a substantial portion of the US population, approximately 90 million individuals, own smart devices equipped with Bluetooth technology, including speakers, earbuds, and various other devices.
Moreover, key players such as Qualcomm Technologies Inc., Broadcom Inc., Texas Instruments Inc., and others in this region play a major role in the development of Bluetooth 5. In October 2022, Broadcom Inc. collaborated with Alps Alpine Co. Ltd. to launch an automotive phone as a key (PaaK) system based on Bluetooth low energy that supports high-accuracy distance measurement.
Asia Pacific is expected to exhibit a steady growth in Bluetooth 5 market during the forecasted period. This is attributed to the factors such as the increasing penetration of smartphones coupled with the growing adoption of IoT and the development of consumer electronics in this region. According to the Indian Ministry of Information and Broadcasting, the number of mobile users reached 1.2 billion in India in 2022.
Moreover, the growing popularity of smart speakers along with the major tech companies launching new bluetooth devices in countries such as China and India is further driving the growth of bluetooth 5 market. For instance, in September 2021, Realme launched smart Bluetooth portable speakers named Cobble bluetooth Speaker and the Pocket Bluetooth Speaker. The speakers provide extra bass power with additional backup.
Competitive Landscape
Various market players operating in Bluetooth 5 industry include Qualcomm Technologies Inc., Nordic Semiconductor, Broadcom Inc., Infineon Technologies AG, Realtek Semiconductor Corp, Microchip Technology Inc., NXP Semiconductors, Texas Instruments Inc., Renesas Electronics Corporation, Espressif Systems, Taiyo Yuden, STMicroelectronics, Inventek Systems, MediaTek Inc., and others. These market players are adopting various strategies such as product launches to remain dominant in the market.
For instance, in June 2022, Silicon Labs launched a precise and low-power Bluetooth location service using low-power Bluetooth devices to simplify Angle of Arrival (AoA) and Angle of Departure (AoD) calculations in the healthcare sector for patient safety through real-time location services (RTLS). Also, in January 2022, Infineon launched AIROC CYW20829 Bluetooth low energy (BLE) system on a chip suited for home automation, sensors, lights, Bluetooth mesh, remote controls, and other BLE-enabled IoT applications.
In September 2021, Qualcomm Technologies International Ltd launched Bluetooth Lossless Audio Technology to Snapdragon Sound ‘aptX’, designed to deliver lossless audio quality over Bluetooth wireless technology. In addition, in April 2021, Espressif Systems launched ESP32-C6, a new Wi-Fi 6 + Bluetooth 5 low energy (LE) system-on-a-chip (SoC). The SoC is optimized for IoT devices, offering greater transmission efficiency and lower power consumption.
Furthermore, in September 2020, Nordic Semiconductor partnered with Amazon, to design BLE solutions for Amazon Sidewalk. The sidewalk was launched with the aim to create a shared network that enables Amazon Echo devices, ring security cams, outdoor lighting, motion sensors, and Tile trackers to function more effectively.
Key Benefits
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The Bluetooth 5 market report quantitatively analyzes the current market and estimations from 2022 to 2030. This analysis assists in identifying the prevailing market opportunities to capitalize on.
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The study comprises a detailed analysis of the Bluetooth 5 market including the current and future trends for depicting the prevalent investment pockets in the market.
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The information related to key drivers, restraints, and opportunities and their impact on the global market is provided in the report.
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The competitive analysis of the market players along with their market share in the market is mentioned.
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The SWOT analysis and Porter’s Five Forces model are elaborated in the study.
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The value chain analysis in the market study provides a clear picture of the stakeholders’ roles.
Bluetooth 5 Market Key Segments
By Component
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Hardware
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System-On-Chip
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RF Components Development Board
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Sensors & Controls
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Software
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Software Development Kits
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Protocol Stacks
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Services
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Professional Services
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Training And Consulting
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Development & Integration
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Support & Maintenance
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By Application
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Audio & Entertainment
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Wearables & Personal Devices
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Smart Home & IoT
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Healthcare & Fitness
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Industrial & Commercial
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Others
By End-User
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Consumer Electronics
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Automotive
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Retail
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Logistics
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Healthcare
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Others
By Geography
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North America
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U.S
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Canada
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Mexico
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Europe
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Germany
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France
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Italy
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Spain
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United Kingdom
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Russia
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Sweden
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Rest of Europe
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Asia-Pacific
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Australia
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China
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India
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Japan
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South Korea
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Indonesia
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Singapore
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Rest of Asia-Pacific
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RoW
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Latin America
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Middle East
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Africa
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