The Bluetooth IC market in North America is Expected to Witness Significant Growth at a CAGR of 12.41% During the Forecast Period (2024–2032): MRFR

Pune, India, Oct 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Bluetooth Market.

Bluetooth IC Market Overview

The global Bluetooth IC market is projected to grow at a 12.41% CAGR during the forecast period, 2024–2032.

Regional Analysis

The geographic analysis of the Bluetooth IC market has been conducted for North America, Europe, Asia-Pacific, and the Rest of the World.

The North America market has been segmented, by country, into the US, Canada, and Mexico. The US holds a major share in the North American Bluetooth IC market due to the growing use of wireless devices and the implementation of smart buildings, which in turn increases the usages of Bluetooth IC. Due to rising demand for specialized Bluetooth audio devices that support different needs for work, entertainment, and fitness, the US has the largest adoption of Bluetooth IC. The country is expected to be the fastest-growing country in terms of CAGR during the study period and is expected to account for the second-largest market share in the region due to the increasing demand for Bluetooth IC in different end-use verticals. The key players in the market are constantly proving more innovative and productive Bluetooth IC to the masses at a reduced cost. However, during the forecast period, growing awareness regarding building security and product promotions by companies, such as Dialog Semiconductor, Nordic Semiconductor, Texas Instruments Incorporated will contribute to the growth of the market.

Europe accounts for the third-largest market share in the Bluetooth IC market. Europe has been segmented into the UK, Germany, Italy, and the rest of Europe. Some of the factors contributing to the growth of the Bluetooth IC market in Europe include the presence of companies such as Microchip Technology Inc., STMicroelectronics, Qualcomm Incorporated, and the rapid growth of the smart devices industry. Countries such as Germany, France, the U.K., Poland, and others have seen rapid development within their respective regions with respect to both new-age technologies/devices like TWS Bluetooth headset, and health & fitness devices. The development in the Automotive sector has been a driving factor for the increase of the Bluetooth IC market. Automotive Bluetooth acts as a connection between the automotive and telecommunication industry. The synchronization of smartphones and infotainment systems such as apple car play Spotify, and android auto is expected to increase the demand for Bluetooth in automotive. therefore, an increased number of manufacturers are integrating Bluetooth technology in vehicles to fulfill the increasing demand and maintain their position in the market.

The Asia Pacific is projected to grow at a rapid pace owing to the rising adoption of Bluetooth technology in various applications such as consumer electronics, retail, and transportation in this region. China, Japan, and India have a key market for the market. As it is among the densely populated area, the use of smart devices has increased exponentially with the use of Bluetooth IC have also increased. Rising trends of using of smart wearable devices such as watches, fitness bands, etc. have also fueled the growth of the Bluetooth IC market. Furthermore, the Governments and financial institutions investing in IoT system development also facilitate this region's Bluetooth IC market growth over the forecast period.

In the Middle East & Africa region, the market is driven by countries such as Saudi Arabia, the UAE, Oman, South Africa, and Egypt. The demand is mainly driven by countries such as Saudi Arabia and the UAE. Africa is expected to register substantial growth. The Middle East region holds enormous growth opportunities in the Bluetooth IC sector, owing to an increasing focus on developing innovative facilities. Furthermore, increasing adoption of digitalization and growing demand for solutions for quality assurance is expected to drive the growth. The market in South America includes Brazil, Argentina, and the rest of South America. Growing adoption of Bluetooth IC in automotive, smartphones industry during the forecast period is expected to drive the market in this region. This is one of the major factors contributing to the growth of the market. Furthermore, the government in South America has strategized to support smart homes by investing significantly in technological advancements which increases the demand for various smart devices such as devices inside smart homes which includes TV, refrigerator, and security system for the house. The growth of the IT industry over the past few years is another factor responsible for the growth of the market during the assessment period.

Competitive Analysis

The key players of the Bluetooth IC market include STMicroelectronics, Toshiba Corporation, Qualcomm incorporated, Texas Instruments, Nordic Semiconductor, Infineon Technologies AG, Silicon Laboratories, Microchip technology inc, NXP Semiconductors, Realtek Semiconductor Corp, Asahi Kasei corporation, Renesas electronics corporation, and Telink.

Segmental Analysis

The Bluetooth IC Market has been segmented based on type, application, and region.

Based on type, the global market has been segmented into Bluetooth, Bluetooth Low Energy, and Bluetooth Classic.

Based on application, the market has been segmented into Smartphones, Beacons, Audi Devices, Human Interface Devices (HID), Health & Fitness, Remote Controls, Automotive, Industrial, and Others.