Bluetooth 5.0 Global Market Report 2024

The bluetooth 5.0 market has grown rapidly in recent years. It will grow from $4.42 billion in 2023 to $4.96 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The expansion observed in the historic period can be attributed to several factors, notably the augmentation in data transfer speeds, extended range capabilities, improved data broadcasting efficiency, heightened throughput specifically for audio streaming, and the commendable reduction in energy consumption.

The bluetooth 5.0 market is expected to see rapid growth in the next few years. It will grow to $7.89 billion in 2028 at a compound annual growth rate (CAGR) of 12.3%. The projected growth in the forecast period is poised to stem from multiple sources, including the rapid proliferation of IoT devices, the widening scope of smart home applications, the emergence and advancement of location-based services, sustained integration within audio devices, and the increasing adoption of Bluetooth connectivity within automotive systems.

The rising demand for audio devices is set to drive the growth of the Bluetooth 5.0 market in the foreseeable future. These devices, capable of receiving and processing audio signals, cater to users seeking mobility and flexibility in their audio streaming experiences. Bluetooth technology not only meets this demand but also contributes to the creation of new products, from broadcast audio to enhanced hearing assistance. In May 2022, Trinity Audio reported a substantial year-over-year increase in online audio listeners, with approximately 73% or an estimated 209 million people in the U.S. aged 12+ tuning in monthly, marking a surge from 68% in 2021. This surge in audio device demand directly propels the Bluetooth 5.0 market's expansion.

The growth of connected cars is anticipated to be a significant driver for the Bluetooth 5.0 market's expansion. These vehicles, equipped with advanced communication technologies and internet connectivity, heavily rely on Bluetooth 5.0 for seamless, high-speed wireless communication. This technology ensures secure and efficient connectivity within connected cars, facilitating in-car infotainment, hands-free calling, and integration with various smart devices. According to Sierra Circuits in June 2021, the global connected car market is projected to witness a 21.75% CAGR, reaching a revenue of $156.5 billion by 2025. This surge in connected cars directly fuels the growth of the Bluetooth 5.0 market.

Technological advancements stand as a prominent trend driving the Bluetooth 5.0 market. Major players in this market prioritize innovation to maintain their market position. For example, in 2021, Cassia Networks introduced the X2000 Bluetooth gateway, offering secure, long-range, multi-device connectivity tailored for enterprise-grade IoT. This gateway ensures seamless Bluetooth coverage for Industry 4.0, boasting long-range connectivity of up to 1km with Bluetooth 5 in open spaces.

Key companies in the Bluetooth 5.0 market focus on developing advanced chipsets supporting Bluetooth 5.0 and Wi-Fi 5, catering to diverse technological needs such as those in entry-level gaming phones. MediaTek, in February 2023, launched the Helio G36 chipset, specifically designed for entry-level gaming phones, featuring Bluetooth 5.0 and Wi-Fi 5 support. This octa-core chipset integrates eight independent processing cores, achieving a peak CPU speed of 2.2GHz with IMG PowerVR GE8320 GPU support, enabling up to 8GB of LPDDR4x RAM. Additionally, it supports up to 50MP camera capabilities, hardware depth engines for bokeh effects, and HD+ 90Hz displays, while also integrating a global 4G LTE Cat-7 modem for dual 4G SIM support on global bands with IMS services.

In April 2022, Silicon Laboratories Inc., a leading US-based provider of silicon, software, and solutions, finalized the acquisition of Redpine Signals Inc., for an undisclosed sum. This acquisition is expected to propel Silicon Labs' advancement in Wi-Fi 6 technology by leveraging Redpine Signals' assets and will further augment Silicon Labs' portfolio with the inclusion of Bluetooth Classic IP specifically tailored for audio applications. Redpine Signals Inc., also based in the US, specializes in the development of cutting-edge, ultra-low power, and high-performance wireless and MCU (Microcontroller Unit) products, emphasizing innovation in their semiconductor and system solutions.

Major companies operating in the bluetooth 5.0 market report are Qualcomm Technologies Inc., Nordic Semiconductor ASA, MediaTek Inc., Broadcom Inc., Silicon Laboratories Inc., Realtek Semiconductor Corp., Microchip Technology Inc., NXP Semiconductors, Texas Instruments Inc., Renesas Electronics Corporation, Goodix Technology Inc., Telit Cinterion, Inventek Systems, Ceva Inc., Laird Connectivity LLC, Apple Inc., Samsung Electronics Co. Ltd., Sony Corporation, Huawei Technologies Co. Ltd., Microsoft Corporation, Google LLC, Intel Corporation, Cypress Semiconductor Corporation, STMicroelectronics N.V., Marvell Technology Group Ltd., Sierra Wireless Inc., Murata Manufacturing Co. Ltd., Dialog Semiconductor plc, Taiyo Yuden Co. Ltd., ON Semiconductor Corporation.

North America was the largest region in the Bluetooth 5.0 market in 2023. North America is expected to be the fastest-growing region in the global Bluetooth 5.0 market report during the forecast period. The regions covered in the bluetooth 5.0 market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the bluetooth 5.0 market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key components integral to Bluetooth 5.0 encompass hardware, solutions, software development kits (SDKs), protocol stacks, and services. Hardware constitutes both the external and internal devices and mechanisms essential for the seamless operation of Bluetooth 5.0. Its applications span across various domains, including audio streaming, data transfer, location-based services, and device networks, catering to end-users within sectors such as consumer electronics, automotive, healthcare, industrial automation, and several other industries.

The Bluetooth 5.0 market research report provides Bluetooth 5.0 optical components market statistics, including Bluetooth 5.0 optical components industry global market size, regional shares, competitors with a Bluetooth 5.0 optical components market share, detailed Bluetooth 5.0 optical components market segments, market trends, and opportunities, and any further data you may need to thrive in the Bluetooth 5.0 optical components industry. This Bluetooth 5.0 optical components market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The Bluetooth 5.0 market includes revenues earned by entities by provide Bluetooth products and services. The Bluetooth solution consists of antenna/RF components, Bluetooth hardware and firmware, Bluetooth software protocol stack, and the application. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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