Bluetooth IC Market Size, Share & Segmentation By Type (Bluetooth 4.0, Bluetooth 4. X, Bluetooth 5. X, Others), By Application (Cordless Desktop, Beacon, Human Interface Devices, Automatic Synchronization, Multimedia Transfer, Others), By Industry Vertical (IT & Telecommunication, Residential, Aerospace & Defense, Automotive, Industrial, Healthcare, Others) By Region and Global Forecast 2023-2030

Bluetooth IC Market Report Scope & Overview:

The Bluetooth IC Market size was valued at USD 3516.2 million in 2022 and is expected to grow to USD 10606.7 million by 2030 and grow at a CAGR of 14.8 % over the forecast period of 2023-2030.

In communication systems, a standardized protocol known as Bluetooth IC is used to wirelessly exchange data among a network of communication devices. Simply said, it is a security strategy that works well for wireless communication between electrical equipment over small distances, uses minimal power, and is inexpensive. The technology is one of the most widely used low-power wireless technologies available, and both users and producers of wireless equipment and devices highly respect it. In the past two decades, Bluetooth technology has advanced significantly; Bluetooth version 5 is currently in use.

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In a wireless network, nodes can communicate with one another by serving as transmitters for other nodes, strengthening the connection between them. As a result, Bluetooth integrated circuits are in more demand in wireless gadgets. The demand for the global Bluetooth IC market has increased in recent years as a result of consumers' growing interest in smart wearables. Additionally, new opportunities in international trade are anticipated as a result of the shrinkage of integrated circuits (ICs). The incorporation of intellectual property (IP) blocks for system-on-a-chip (SOC) layout and the continued development of communications technologies, on the other hand, can pose a threat to market expansion.

Market Dynamics:

Drivers

• Consistently increasing the demand for smart wearable devices with smart features.

• Use of Bluetooth IC in smart printers, keyboards, and mouses for the transfer of data easily and connect without any obstacle.

Restrains

Opportunities

• Governments are increasing investment in IoT-based device technology globally.

• Design the Bluetooth IC into a smaller size that creates more opportunities.

Challenges

• The incorporation of intellectual property (IP) blocks for system-on-a-chip (SOC) layout and the continued development of communications technologies, on the other hand, can pose a threat to market expansion.

Impact Of covid-19:

The basics of the industry, such as consumer behavior, business revenues, and a variety of corporate operations, have been significantly impacted by COVID-19. Depending on prospective government initiatives and other difficult-to-predict events, a variety of recovery scenarios are feasible. In the months after the coronavirus outbreak, semiconductor companies acted fast to protect workers, secure supply chains, and take care of other crucial issues. Executives in the semiconductor industry are already eagerly anticipating the day when the pandemic ends and the new normal sets in, despite the fact that the situation is still dire and that numerous governments continue to impose physical-distance restrictions.

In preparation for that time, they are developing strategies for recreating and revamping their business models. The makeup of the product portfolio, capital investments, R&D strategy, demand projections, supply-chain footprints, manufacturing choices, and merger and acquisition (M&A) options are all possible changes to the business model. However, semiconductor manufacturers may find it difficult to make strategic decisions given the level of future uncertainty. Millions of individuals around the world have been impacted by the COVID-19 outbreak, which has also had a detrimental effect on the world economy and caused the breakdown of global supply chains. The supply chains for the automotive sector have been impacted by factory closures all around the world.

The global GDP growth and trade volumes have dropped as a result of COVID-19's ongoing spread in the first quarter of 2020 and beyond, which has lowered commodity prices. Cash flow issues have spread over the extended supply chain as a result of supply chain interruptions. SMEs are currently having trouble turning a profit, and businesses with little cash on hand have started to tremble. Large-scale manufacturers, on the other hand, still seem to be in sound financial standing, and they are gradually bringing the supply chain back to its pre-crisis state. The downturn in demand caused a decrease in cash inflow, and most businesses need high working capital to stay in sync. Additionally, it is anticipated that the global market would struggle with cash flow in the next months until economic activity stabilizes.

Impact of Russia’s Ukraine War.

The Russia-Ukraine war is having an impact on the semiconductor industry, and also Global supply chain is affected due to the war. Russia and Ukraine are the major countries that are providing raw materials which are used for the preparation of semiconductor chips or Bluetooth IC chips, so due to the war trade between countries are affected, and that has a negative impact on the Bluetooth IC market.         

Key Market Segmentation

By Type:

• Bluetooth 4.0

• Bluetooth 4. x

• Bluetooth 5. x

• Others

By Application:

• Cordless Desktop

• Beacon

• Human Interface devices

• Automatic Synchronization

• Multimedia Transfer

• Others

By Industry Vertical:

• IT & Telecommunication

• Residential

• Aerospace & Defense

• Automotive

• Industrial

• Healthcare

• Others

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Regional Analysis:

North America held the highest market share, it is anticipated to see a high growth rate over the course of the forecast period.

The three country-level segments of the North American market are the US, Canada, and Mexico. The US holds a commanding position in the North American Bluetooth IC market as a result of the adoption of smart buildings and the rise in wireless device usage, both of which increase the use of Bluetooth IC.  Due to the rising demand for specialized Bluetooth audio devices that can support various needs for business, entertainment, and fitness, the US has the highest adoption of Bluetooth IC. The country is predicted to have the highest CAGR throughout the study period and have the second-largest market share in the North American region due to the increased demand for Bluetooth IC across a range of end-use verticals.

The second-largest region was Asia Pacific, and it is anticipated that it would expand more quickly.

The Bluetooth IC market's third-largest market share belongs to Europe. The United Kingdom, Germany, Italy, and the rest of Europe comprise the division of Europe. The presence of businesses like Microchip Technology Inc., STMicroelectronics, Qualcomm Incorporated, and the explosive growth of the smart devices industry are a few of the elements boosting the Bluetooth IC market in Europe. Countries like Germany, France, the U.K., Poland, and others have experienced significant development in their own regions with regard to new technology and items like TWS Bluetooth headsets and health & fitness equipment.

The growth of the Bluetooth IC market has been fueled by developments in the automotive industry.

The automobile and telecommunications industries are connected through automotive Bluetooth. The demand for Bluetooth in automobiles is anticipated to rise with the integration of smartphones and entertainment systems like Apple car play, Spotify, and android auto. As a result, more automakers are incorporating Bluetooth technology into their automobiles in order to meet the rising demand and hold onto their market share. In the regional analysis study of the regions of North America, Europe, Asia Pacific middle east, and Africa.

REGIONAL COVERAGE:

North America

• USA

• Canada

• Mexico

Europe

• Germany

• UK

• France

• Italy

• Spain

• The Netherlands

• Rest of Europe

Asia-Pacific

• Japan

• South Korea

• China

• India

• Australia

• Rest of Asia-Pacific

The Middle East & Africa

• Israel

• UAE

• South Africa

• Rest of the Middle East & Africa

Latin America

• Brazil

• Argentina

• Rest of Latin America

KEY PLAYERS:

The Major Players are NXP Semiconductors NV (Netherlands), STMicroelectronics (Netherlands), Qualcomm Incorporated (US), Texas Instruments Incorporated (US), Nordic Semiconductor (Norway), Toshiba Corporation (Japan), Dialog Semiconductor (UK), Cypress Semiconductor (US), Silicon Laboratories, Inc. (US), Microchip Technology Inc. (US), Realtek Semiconductor Corp. (Taiwan), Asahi Kasei Microdevices Corporation (Japan), Renesas Electronics (Japan), Telink Semiconductor (China) and other in the final report.

Texas Instruments Incorporated (US)-Company Financial Analysis