Bluetooth Module Market - Forecasts from 2023 to 2028

The worldwide Bluetooth module market is anticipated to achieve a compound annual growth rate of 17.48% throughout the forecast period, reaching a value of US$27.763 billion by 2028, up from US$8.990 billion in 2021.

Bluetooth modules have become a crucial element in various consumer electronic devices, with the performance of these devices influenced by factors like propagation conditions, material distribution, manufacturing batch variations, and charge conditions. Users need to complete the required profiles for maintaining connectivity between devices when utilizing Bluetooth technology. Additionally, the growing integration of Bluetooth technology in security and commercial applications is expected to drive the demand for these modules in the future.

The market has seen substantial growth due to the rising demand for Bluetooth-enabled devices, especially in developing countries like China, India, and Malaysia, spurred by rapid industrialization and widespread adoption of consumer electronics. The effective transfer of data over short distances, facilitated by the low power consumption of Bluetooth low-energy modules, has led to their widespread use. Recently, there has been an increasing interest in beacon technology, especially in applications such as digital marketing, indoor positioning, and electronic payments.

Rising penetration of Bluetooth-containing devices and technological advancements

The surge in Bluetooth consumption is evident across diverse applications, driven by the growing demand for wireless connectivity. From consumer electronics to industrial devices, Bluetooth technology is experiencing increased adoption. Factors such as a rise in electronic consumption, low power consumption, and seamless integration contribute to its widespread use, marking a notable upward trend in Bluetooth consumption across various sectors. As per the ASER study, the ownership of smartphones among government and private school children in rural India increased from 36.5% in 2018 to 61.8% in 2020 and further rose to 67.6% in 2021.

Bluetooth Low Energy (BLE) is a burgeoning low-power wireless technology designed for short-range control and monitoring purposes, projected to be integrated into billions of devices in the coming years. A BLE device powered by a coin cell battery has a lifespan that spans from 2.0 days to 14.1 years.  Moreover, ® Low Energy (LE) emerges as the chief revenue driver for Nordic Semiconductor's connectivity technologies, witnessing an impressive 33% year-on-year growth and presently constituting 86% of the overall revenue. The company consistently engages developers and collaborates with prominent industry players and a diverse customer base. As per the company’s report, out of the 1,100 designs certified in 2022, 446 had Nordic Bluetooth modules inside them and its latest module offerings also support AI and machine learning capabilities. Technological advancements coupled with increased synchronization with emerging technologies like artificial intelligence are anticipated to further drive the market in the forecasted duration.

The United States Bluetooth module market is anticipated to grow steadily. 

The market is expected to boost in the coming years owing to increasing applications of Bluetooth adapters by manufacturers of various electronic products, which include keyboards, and gaming consoles among others. Additionally, the growing penetration of the Internet of Things (IoT) and increasing applications in different spheres is considered one of the major market drivers for Bluetooth modules in the projected period. Moreover, the rising use of low-energy Bluetooth modules for smartphones, laptops, and mobile computing, and the number of these devices in the USA is also increasing.

According to the annual report of the company Texas Instruments, the revenue of the company increased from US$14,161 million in 2020, to US$18,344 million in 2021, and reached US$20,028 million in 2022. The company is headquartered in Dallas, Texas, and is one of the pioneers in manufacturing Bluetooth low-energy modules for various applications. Further, the revenue for the iPhone increased from US$1,37,781 million in 2020 to US$2,05,489 million in 2022. Apple Inc. is headquartered in California, USA. Hence, with the increasing penetration of smartphones and laptops, among others is expected to boost market growth.  Hence, with the increasing concentration of companies in the region coupled with rising advancements in the country, the market for Bluetooth modules is expected to grow in the projected period.

Market Key Developments

• In March 2023, Murata Manufacturing Co., Ltd., which has several research and development facilities, and regional offices in the USA launched the Bluetooth Low Energy (LE) module, the Type 2EG, which delivers the industry’s lowest power consumption for IoT applications.

Segmentation:

By Type

• Classic
• Low-Energy

By End-User

• Consumer Electronics
• Automotive
• Communication and Technology
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• UK
• Italy
• France
• Others
• Middle East and Africa
• Saudi Arabia
• UAE
• Others
• Asia Pacific
• China
• Japan
• India
• South Korea
• Indonesia
• Thailand
• Taiwan
• Others