Bluetooth IC Market Research Report—Global Forecast till 2030

Bluetooth IC Market Research Report: Information by Type (Bluetooth, Bluetooth Low Energy, and Bluetooth Classic), Application (Smartphones, Beacons, Audi Devices, Human Interface Devices (HID), Health & Fitness, Remote Controls, Automotive, Industrial, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast Till 2030

ID: MRFR/SEM/7171-CR | October 2022 | Region: Global | 110 Pages         

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Bluetooth IC Market

The Bluetooth IC Market is expected to grow at USD 28.2 Billion by 2030, at 14.30% of CAGR between 2022 and 2030.

Segmentation
By Type Bluetooth 4.0 Bluetooth 4.2 Bluetooth 5
By Application Smart Homes Beacons Audio Devices Health & Fitness Human Interface Devices Remote Controls Automotive Industrial
Key Players
Companies Profiled   STMicroelectronics (Netherlands)    Toshiba Corporation (Japan)    Qualcomm Incorporated (US)    Texas Instruments Incorporated (US)    Nordic Semiconductor (Norway)    Dialog Semiconductor (UK)    Cypress Semiconductor (US)    Silicon Laboratories Inc. (US)    Microchip Technology Inc. (US)    NXP Semiconductors NV (Netherlands)
Drivers
Market Driving Forces   Increasing adoption of smart wearables by consumers.    Increasing demand for mobility and growing demand for infotainment services.
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Bluetooth IC Market Overview


The global Bluetooth IC market was valued at USD 3,718.6 million in 2021 and is expected to reach USD 28.2 billion by 2030, with a CAGR rate of 14.30% during 2022–2030.


Bluetooth IC is a standardized protocol for wirelessly exchanging data across a network of communication devices in communications systems. In a nutshell, it is a security approach that is best suited for wireless communication between electrical equipment over short distances while consuming little power and costing little money. The technology is one of the most extensively utilized low-power wireless technologies on the market, and it is well regarded by both wireless device and equipment manufacturers and customers. Bluetooth technology has come a long way in the last two decades, and it is currently Bluetooth version 5. Nodes in a wireless network can interact with one another by acting as transmitters for other nodes, resulting in a more reliable link between nodes. As a result, there is a greater demand for Bluetooth integrated circuits in wireless devices. Consumers' interest in smart wearables has grown in recent years, resulting in an increase in demand for the global Bluetooth IC market. Furthermore, the shrinkage of integrated circuits (ICs) is expected to bring new opportunities in global business. In contrast, the incorporation of intellectual property (IP) blocks for system-on-a-chip (SOC) layout and the ongoing growth of communications technologies may represent a danger to market expansion.


This study on the global Bluetooth IC market provides detailed information on industry trends, market dynamics, market size, competitive landscape, and growth opportunities. This research report categorizes the global Bluetooth IC market by type, application, and region/country.


By type segment, the Bluetooth IC market has been segmented into Bluetooth, Bluetooth low energy, Bluetooth classic, and others. According to MRFR analysis, the bluetooth low energy segment is expected to have the largest market share, followed by the bluetooth classic segment. The bluetooth classic segment is expected to exhibit the highest CAGR during the forecast period.


COVID-19 Analysis


COVID-19 has had a substantial impact on the sector's fundamentals, including customer behaviour, business revenues, and a variety of corporate activities. Many companies' future prospects are uncertain, and some may not survive the crisis. Depending on prospective government initiatives and other difficult-to-predict circumstances, a variety of recovery scenarios are feasible. Semiconductor businesses moved quickly to protect employees, secure supply chains, and address other important concerns in the months following the coronavirus's outbreak. Even though the situation remains critical, and many governments continue to impose physical-distance limitations, semiconductor executives are now looking forward to the time when the pandemic subsides and the new normal begins. They are planning tactics for reinventing and changing their business models in anticipation of that moment. Every component of the company model, including product portfolio composition, capital expenditures (capex), R&D strategy, demand predictions, supply-chain footprints, production decisions, and mergers and acquisitions alternatives, could change (M&A). However, with so much uncertainty in the future, semiconductor businesses may struggle to make strategic decisions.


The COVID-19 outbreak has affected millions of people across the globe and has negatively impacted the global economy, causing global supply systems to collapse. Factory shutdowns throughout the world have impacted the automotive industry's supply chains. The continuous spread of COVID-19 in the first quarter of 2020 and beyond has decreased the global GDP growth and trade volumes, lowering commodities prices. Supply chain disruptions have further created cash flow implications across the extended supply chain. SMEs are currently struggling for profitability, and the companies which have low cash reserves have become unstable. However, large-scale manufacturers still appear to be in good financial conditions, and they are getting the supply chain to return to the normal condition slowly. A decline in cash inflow resulted from the drop in demand, and most companies require high working capital to remain in sync. Additionally, until the economic activities stabilize, cash flow in the global market is expected to be struggling in the next few months due to the declining availability of components for Bluetooth products. Thus, continued cash flow tightening is likely to have little impact on the market further.


Market Dynamics


Bluetooth is a worldwide wireless technology that uses the IEEE 802.15.1 standard to provide easy, secure, and point-to-point connection. Bluetooth is developing personal area networks as an open standard to promote communication and collaboration across various devices and businesses (PANs). Technology is offering new possibilities for products and, undoubtedly, changing customer behaviour. Bluetooth enables a worldwide vision of connecting items ranging from mobile phones to autos, medical equipment to industrial facilities, wearables to consumer gadgets, and fulfilment centres. The Bluetooth IC market is driven by the factors such as increasing adoption of smart wearables, and the rising demand for specialized bluetooth technology for different needs. Furthermore, the increasing advantages of BLE over bluetooth classic technology, LE audio enhancing the performance and expansion of the market, and miniaturization of IC’s are providing growth opportunities to the market.


Drivers



  • Increasing adoption of smart wearables


In an age of smartwatches, smartphones, and smart televisions, technical developments in digital innovation have brought us to smart wearables. The use of digital gadgets worn by patients to monitor their health has become increasingly prevalent, particularly during a crisis such as the worldwide pandemic. Wearable gadgets such as smartwatches and fitness trackers are the most obvious use of IoT technology. In the consumer electronics market, wearables have exceeded smartphones in popularity. These devices provide unique ways to complete basic chores, such as checking messages and measuring physical activity. The current epidemic has increased the use of smart wearables for tracking and analysing health data. The wearable sector has grown dramatically in response to the increasing need for health evaluations at any given time. IoT is increasingly powering wearables in health care. The Internet of Health Things (IoHT) refers to the interconnection of medical equipment and applications with healthcare information technology. FitBits, Garmin Forerunners, and Apple Watches are some of the popular smart wearables that measure the wearer's health data such as heart rate, step count, sleep pattern, respiration rate, blood pressure, and so on. These devices, which were designed purely for convenience, now have a large following.


Opportunity



  • Miniaturization of IC’S


In electrical devices, miniaturization entails packing more transistor nodes onto a smaller integrated circuit (IC). The IC is subsequently interfaced within its intended system or device, allowing the system to perform the necessary function once complete. Technology is becoming smaller while becoming more powerful. Furthermore, device shrinking corresponds to Gordon Moore's 1965 forecast that "cramming more components into integrated circuits [would] result in such miracles as home computers, automated controls for autos, and personal portable communications devices." His forecast came true, ushering in an age of technology that ranged from portable computers, cellphones, and new medical equipment to the Internet of Things and 5G wireless devices, as well as AR/VR and AI, all of which were enabled by smaller yet more powerful computing systems.


Market Segmentation


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


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


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


Regional Analysis


Globally, the Bluetooth IC market has been categorized into five different regions—North America, Europe, Asia-Pacific, and Rest of the World. North America accounted for the largest market share, with a market value of USD 1,507.9 Million in 2021; it is expected to register a CAGR of 14.30% during the forecast period. Asia Pacific was the second-largest market in 2021, valued at USD 1,075.4 Million; it is projected to register CAGR of 15.0%. 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.


GLOBAL BLUETOOTH IC MARKET, BY REGION, 2021 (% SHARE)GLOBAL BLUETOOTH IC MARKET, BY REGION, 2021 (% SHARE)Source: Industry Expert, Secondary Research, and MRFR Analysis


Asia Pacific Region to Bolster the Bluetooth IC 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 Bluetooth IC 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.


Competitive Landscape


The global market for Bluetooth IC has witnessed significant growth over the forecast period due to the growing digital technology. There are several domestic, regional, and global players operating in the Bluetooth IC market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the global Bluetooth IC market who have contributed to the market growth. These 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.


During the study, MRFR has analyzed some of the major players in the global Bluetooth IC market who have contributed to the global market growth.


Key Players



  • Microchip Technology Inc

  • Nordic Semiconductor

  • Qualcomm Incorporated

  • Silicon Laboratories, Inc

  • STMicroelectronics


Recent Developments



  • In December 2021, Realtek and NAGRA announced their collaboration on a Hybrid RDK solution. The solution uses the RDK Video framework and supports NAGRA Connect OTT and CAS, which can be implemented in OTT, IP, and Hybrid Set-Top Box models.

  • In January 2021, Qualcomm announced an agreement to acquire NUVIA for approximately $1.4 billion. NUVIA was a server CPU startup founded in early 2019 by ex-Apple and ex-Google architects. Qualcomm completion of their acquisition of NUVIA, and the first products will be laptop CPUs and would be sampled in the second half of 2022.

  • In August 2022, STMicroelectronics launched a multi-connectivity development kit for indoor and outdoor asset tracking. The STEVAL-ASTRA1B multi-connectivity evaluation platform from STMicroelectronics provides a complete ecosystem for building a complete proof-of-concept for asset tracking systems. Battery-powered and with a small form factor, the evaluation kit also includes firmware to simplify the development of targeted applications such as livestock monitoring, fleet management, and logistics.


Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2022 to 2030. For this analysis, MRFR segmented the global Bluetooth IC Market report based on type, application, and region.


By Type



  • Bluetooth

  • Bluetooth Low Energy

  • Bluetooth Classic


By Application



  • Smartphones

  • Beacons

  • Audi Devices

  • Human Interface Devices (HID)

  • Health & Fitness

  • Remote Controls

  • Automotive

  • Industrial

  • Others



Report Scope:

Report Attribute/Metric Details
  Market Size   28.2 Billion
  CAGR   14.30%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018 - 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   STMicroelectronics (Netherlands), Toshiba Corporation (Japan), Qualcomm Incorporated (US), Texas Instruments Incorporated (US), Nordic Semiconductor (Norway), Dialog Semiconductor (UK), Cypress Semiconductor (US), Silicon Laboratories, Inc. (US), Microchip Technology Inc. (US), and NXP Semiconductors NV (Netherlands), Realtek Semiconductor Corp. (Taiwan), Asahi Kasei Microdevices Corporation (Japan), Renesas Electronics (Japan), Telink Semiconductor (China), Murata Manufacturing Co., Ltd (Japan), Amp'ed RF Wireless Technology (US), MediaTek Inc. (Taiwan), and Maxim Integrated (US)
  Key Market Opportunities   • Miniaturization of ICs • Growing Adoption of BLE over Bluetooth Classic Technology • LE Audio to Enhance Performance and Expand Market Growth
  Key Market Drivers   • Increasing Adoption of Smart Wearables • Rising Demand for Specialized Bluetooth Technology for Different Needs


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Frequently Asked Questions (FAQ) :

At 14.30 CAGR is expected to transform the market.

The North America regional market is projected to be the major driver of the market.

The segments in the market are type and application

The key contenders in the market are 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.

A few significant players in the global bluetooth IC market STMicroelectronics (Netherlands), Toshiba Corporation (Japan), Qualcomm Incorporated (US), Microchip Technology Inc. (US), and NXP Semiconductors NV (Netherlands), among others